Economics is the study of the allocation of scarce resources. Note that the theories of economics can be applied to any scarce resource, not just traditional commodities. Economics is not simply about profits or money. It applies anywhere constraints are faced, so that choices must be made.
Economists study how incentives affect peoples behavior. Environmental and natural resource economics is the application of the principles of economics to the study of how environmental and natural resources are developed and managed. Natural resources resources provided by nature that can be divided into increasingly smaller units and allocated at the margin. Environmental resources resources provided by nature that are indivisible. Natural resources serve as inputs to the economic system. Environmental resources are affected by the system (e.g. pollution). Innovations are new idea, device or process. Innovations are the application of better solutions that meet new requirements, inarticulated needs or existing market needs. It is proficient through more effective products, processes, services, technologies, or new ideas that are readily available to markets, governments and society. Innovations are something original and novel, as a significant, new that breaks into the market or society.
Last date updated on July, 2014