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All of these underpin our economy and society, and thus make human life possible. [3] [4] It is an extension of the economic notion of capital (resources which enable the production of more resources) to goods and services provided by the natural environment. For example, a well-maintained forest or river may provide an indefinitely sustainable ...
From the human perspective, resources are non-renewable when their rate of consumption exceeds the rate of replenishment/recovery; a good example of this is fossil fuels, which are in this category because their rate of formation is extremely slow (potentially millions of years), meaning they are considered non-renewable. Some resources ...
Human capital or human assets is a concept used by economists to designate personal attributes considered useful in the production process. It encompasses employee knowledge, skills, know-how, good health, and education. [1] Human capital has a substantial impact on individual earnings. [2]
This glossary of geography terms is a list of definitions of terms and concepts used in geography and related fields, including Earth science, oceanography, cartography, and human geography, as well as those describing spatial dimension, topographical features, natural resources, and the collection, analysis, and visualization of geographic ...
In contrast, many economists today consider "human capital" (skills and education) as the fourth factor of production, with entrepreneurship as a form of human capital. Yet others refer to intellectual capital. More recently, many have begun to see "social capital" as a factor, as contributing to production of goods and services.
A way to embody personal infrastructure is to think of it in terms of human capital. [10] Human capital is defined by the Encyclopædia Britannica as "intangible collective resources possessed by individuals and groups within a given population". [11] The goal of personal infrastructure is to determine the quality of the economic agents' values.
A coal mine in Wyoming, United States. Coal, produced over millions of years, is a finite and non-renewable resource on a human time scale.. A non-renewable resource (also called a finite resource) is a natural resource that cannot be readily replaced by natural means at a pace quick enough to keep up with consumption. [1]
In resource economics, Hartwick's rule defines the amount of investment in human capital that is needed to offset declining stocks of non-renewable resources. Solow [ 4 ] showed that, given a degree of substitutability between human capital and natural capital, one way to design a sustainable consumption program for an economy is to accumulate ...