Define Sustainable Development and Explain Its Significance

question 63

Essay

Define sustainable development and explain its significance.

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Definitions:

Output Effect

The Output Effect describes how changes in price levels affect the quantity of goods and services produced in an economy, influencing overall economic output.

Substitute Resources

Alternative means or materials that can be used to achieve the same function or production goal in the absence of preferred resources.

Price of Capital

The cost of using capital assets for production, including interest rates on loans or opportunity costs of using own capital.

Wage Rate

The amount of money paid to an employee by an employer in exchange for work performed, typically expressed on an hourly, daily, or piecework basis.