GEOG 1000 Lecture Notes - Lecture 20: Externality, Magnesium
10 Oct 2018
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Document Summary
Anything that is created through a natural process that is beneficial to humans. Proved reserve: a natural resource that has been identified as economically developable. Resources defined by 3 elements of society: A society"s cultural values that impact the use of the resource. A society"s technological advancement (can we use the resource with our technology) A society"s economic standing that effects the affordability of the resource. New technologies permit the use of new materials for the same purpose. New technologies permit make the use of the resources more efficient and get more out of the resource. Price of natural resources comes from the supply and demand for them. Harder to extract resources are more expensive. Resources in limited supply are more expensive. Consumers want the use of natural resources, not the resources themselves. There is generally substitutability among resources (different resources can meet the same need)
