In the economics sense, environment is define as the external condition and resources which influence human life and development.
Environmental economics: This is the study of economics effect of national or local environmental policies. An example is the cost benefit analysis of alternative environmental policies dealing with issues like air pollution, global warning, in general usage, environment means our surrounding so that the environment is all things around us. However, the term "environment" is predominantly used in economics, means all the living and non living things.
The factors that affect an organism including man in the place (habitat) where it leaves and the ways these factors are themselves affected by man's activities and natural phenomena. This two effects interacts and contributes to determine the development of socially environment e.g employment level, health, housing, education and many more.
This involves system of governance and the physical environment e.g availability of farm or arable lands energy resources like fuel, wood, fossil fuel.
The study of environmental economics, therefore is justified by the theory of externalities.
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