Economic costs refer to the total expenses associated with the production and consumption of goods and services, including both direct financial expenditures and indirect costs such as lost opportunities. In the context of climate change, these costs encompass the financial burdens placed on societies due to environmental impacts, such as damage from extreme weather events, healthcare costs related to pollution, and economic losses in agriculture and infrastructure. Understanding these costs is crucial for policymakers and stakeholders when assessing the overall impact of climate change on economies and making informed decisions for mitigation and adaptation strategies.
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