Environmental economics is referred to as a sub- field related to economics that shows concern towards the issues of environment. This particular sub- field is known to be undertaking empirical or theoretical studies of the economic impacts of local or national environmental policies across the globe (White 2007). Certain issues are known to be including the benefits and costs of alternate policies of the environment for dealing with quality of water, toxic elements, pollution of air, solid items of waste as well as global warming.
In the most brief and concise manner, economics is referred to as a science related to choices being made in a constrained manner. When any individual is supposed to be taking certain decision, two basic facts are supposed to be considered. These two basic facts are: 1) the availability of resources are restricted, and 2) their wants are infinite (Bergh 2009). In consideration with these arguments, the decision makers seek on looking for the way that is most efficient for the allocation of resources that are scarce for the satisfaction of infinite wants.
The study related to economics also tends to be focusing on the concepts related to balance. The concept of balance is highly relevant and is known to be discussed in several other fields such as accountancy, physics, and chemistry (Salvatore 2012). In terms of economics, supply and demand are considered as the two forces of market being exerted by the producers and the consumers, respectively. In terms of market, it is extremely important for bringing balance in supply and demand for paving the way related to the stability of prices.