Describe Three Ways Development Can Be Measured (Other Than Economic

question 8

Essay

Describe three ways development can be measured (other than economic indicators), and list merits and flaws of each tool.

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Definitions:

Licenses

Official permissions or permits to do, use, or own something.

Pollution

The introduction of harmful substances or products into the environment, causing adverse effects on living organisms and ecosystems.

Tradable Emissions Permit

A market-based mechanism that provides economic incentives for achieving reductions in the emissions of pollutants, allowing companies to buy or sell emission rights.

Opportunity Cost

The importance of the next preferred option sacrificed by deciding on a course of action.