Question

please explain the main economic systems in urban place in the context of sustainability.

Answer 1

Sustainability means maintaining ecological balance.As we know there is shortage of resources hence maximum utilization of resource is necessary.In order to maintaining sustainability we must have to avoid depletion of natural resource.There are 3 type of criteria that must be met .Criteria for renewable resource-renewable resource means those resource which can be regenerated .hence these resorce can be utilize rapidly.criteria for non -renewable resource- non- renewable resource means those resource which can not be generated rapidly.they takes so much time for regeneration hence maimum utilization of those resource is necessary.

when we are talking about main economis systems in urban palce in the context of sustainability.As we know economic system regulate factor of production.Factor of production means land,labour,capital ,physical resources and entrepreneurs.when we talk about land then as we know land is scare hence optimum utilization of land is compulsory because purchasing of land is a huge investment and when huge investment is blocked then we can face lack of money or shortage of funds.In the context of labor we know skilled labour is scare resource hence availability of skilled labour is sometime difficult.If we talk about capital the we know capital is also a scare resource hence optimum utilization is must because capital have opportunity cost. Physical resource is also scare and entrepreneur is also scare.hence in order to ensure sustainability we must have to know about maximum utilization of those resources.