Meaning of Environment
The term environment has been derived from a French word “Environia” means to surround. Environment means “all the conditions, circumstances, and influences surrounding and affecting the development of an organism or group of organisms”. It also means that the complex of physical, chemical and biotic factors that act upon an organism or an ecological community ultimately determine its form and survival.
Meaning of Environmental Economics
It is a different branch of economics that recognizes the value of both the environment and economic activity and makes choices based on those values. The goal is to balance the economic activity and the environmental impacts by taking into account all the costs and benefits. In short, Environmental Economics is an area of economics that studies the financial impact of environmental issues and policies.
Environmental Economics involves theoretical and empirical studies of the economic effects of national or local environmental policies around the world.