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The perpetual resource concept is a complex one because the concept of resource is complex and changes with the advent of new technology (usually more efficient recovery), new needs, and to a lesser degree with new economics (e.g. changes in prices of the material, changes in energy costs, etc.).
The concept of resources has been developed across many established areas of work, in economics, biology and ecology, computer science, management, and human resources for example - linked to the concepts of competition, sustainability, conservation, and stewardship.
In economics, the field of public finance deals with three broad areas: macroeconomic stabilization, the distribution of income and wealth, and the allocation of resources. . Much of the study of the allocation of resources is devoted to finding the conditions under which particular mechanisms of resource allocation lead to Pareto efficient outcomes, in which no party's situation can be ...
In economics, land comprises all naturally occurring resources as well as geographic land. Examples include particular geographical locations, mineral deposits, forests, fish stocks, atmospheric quality, geostationary orbits, and portions of the electromagnetic spectrum. Supply of these resources is fixed. [1]
[5] Economic theory views absolute and relative scarcity as distinct concepts and is "quick in emphasizing that it is relative scarcity that defines economics." [ 6 ] Current economic theory is derived in large part from the concept of relative scarcity which "states that goods are scarce because there are not enough resources to produce all ...
The concept of a command economy is differentiated from the concepts of a planned economy and economic planning, especially by socialists and Marxists who liken command economies (such as that of the former Soviet Union) to that of a single capitalist firm, organized in a top-down administrative fashion based on bureaucratic organization akin ...
Resources can be owned by (and hence be the property of) individuals, associations, collectives, or governments. [2] Property rights can be viewed as an attribute of an economic good. This attribute has three broad components, [3] [4] [5] and is often referred to as a bundle of rights in the United States: [6] the right to use the good
Neoclassical economics extends the concept of rent to include factors other than natural resource rents. "The excess earnings over the amount necessary to keep the factor in its current occupation." [ 15 ]