What is meant by the terms environmental cost and social cost what are some eamples?

Environmental cost refers to the negative impacts of economic activities on the natural environment, including pollution, resource depletion, and habitat destruction. Social cost encompasses the broader societal impacts of those activities, including health issues, loss of biodiversity, and community displacement. For example, the environmental cost of a factory may include air and water pollution, while the social cost could involve increased healthcare expenses for nearby residents and loss of livelihoods for local communities. Both costs highlight the need for sustainable practices that account for the true impact of human actions.