A major supermarket chain sought permission to construct on land situated in an area of natural beauty. The local authority approved the development, although the area’s natural beauty would be damaged, because many jobs would be created and much-needed income would be provided to the local community. Which economic ideas cannot be found in the above statement?
- Aexternal cost and private enterprise
- Bfree market and the conservation of resources
- Copportunity cost and improved standards of living
- Dpublic sector and external benefit