ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -This concept focuses on rational use of natural resource wealth of a country and accordingly, on the improvement of quality of environment and quality of life.

Detailed explanation-2: -The concept of sustainable development nowadays has a focus on economic development, social development and environmental protection for future generations.

Detailed explanation-3: -Sustainable Economic Development is a national initiative built on local economies’ unique assets to address their individual challenges and provide quantifiable real-world benefits. It is a practical, implementable toolkit that tailors strategies to work for local people, businesses, and institutions.

Detailed explanation-4: -Economic development often (but not always) depends on utilization of natural resources like oil or timber, which is not sustainable. By contrast, sustainable development might involve renewable resources, like wind power, or controlled harvests of wildlife.

Detailed explanation-5: -Sustainability focusses on equal economic growth, that generates wealth for all, without harming the environment. Investment and an equal distribution of the economic resources will strengthen the other pillars of sustainability for a complete development.