Match the following costs to the correct classification of environmental cost. Cost Cleaning up a river after a hazardous material leak Hire of equipment used for clean up of toxic waste in the factory Performing contamination tests Forming environmental policies Environmental prevention cost Environmental internal failure cost Environmental detection cost Environmental external failure cost

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
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Match the following costs to the correct classification of environmental cost.
Cost
Cleaning up a river after a
hazardous material leak
Hire of equipment used for clean
up of toxic waste in the factory
Performing contamination tests
Forming environmental policies
Environmental prevention cost
Environmental internal failure
cost
Environmental detection cost
Environmental external failure
cost
Transcribed Image Text:Match the following costs to the correct classification of environmental cost. Cost Cleaning up a river after a hazardous material leak Hire of equipment used for clean up of toxic waste in the factory Performing contamination tests Forming environmental policies Environmental prevention cost Environmental internal failure cost Environmental detection cost Environmental external failure cost
Expert Solution
Step 1: Define Environmental Costs

The term environmental cost refers to the expenditures made in relation to environmental effects. These expenses cover everything related to preventing, minimizing, and correcting environmental problems. They cover costs associated with reducing pollution, conserving resources, conducting clean-up operations, sticking to environmental laws, and creating sustainable practices. 


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