Environmental and Nat Resources (3)

Environmental and Nat Resources (3) - Natural Resources...

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Natural Resources Renewable Resources Resources that can be replenished over time through natural or human efforts Fish, forests, wildlife Non-Renewable Resources Resources where the overall stock cannot replenish itself within the human time frame
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Categories of Resources Stock Resources Minerals, Oil Taken through extraction Flow Resources Water Captured or Intercepted Fund Resources Water in Dams Taken by withdrawal “True” Renewables Forests and Fisheries Taken by harvesting
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Role of Property Rights Private Property Rights Provides incentives to husband resources The individual will manage the resources in a manner to bring about greatest benefit Must have a normal rate of return When there are no Private Property Rights Results in a public or common good Individuals try to get everything they can get out of a resource before someone else does Leads to over fishing, destruction of the rain forests, etc
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This note was uploaded on 04/08/2008 for the course ECON 101 taught by Professor Thompson during the Spring '06 term at Mines.

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Environmental and Nat Resources (3) - Natural Resources...

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