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Natural resource economics deals with the supply, demand, and allocation of the Earth's natural resources. One main objective of natural resource economics is to better understand the role of natural resources in the economy in order to develop more sustainable methods of managing those resources to ensure their availability for future generations.
Natural resource management is a discipline in the management of natural resources such as land, water, soil, plants, and animals—with a particular focus on how management affects quality of life for present and future generations. Hence, sustainable development is followed according to the judicious use of resources to supply present and ...
Resource depletion — Exploitation of natural resources • Overdrafting (groundwater) • Overexploitation Consumerism — Consumer capitalism • Planned obsolescence • Over-consumption Fishing — Blast fishing • Bottom trawling • Cyanide fishing • Ghost nets • Illegal, unreported and unregulated fishing • Overfishing • Shark ...
Economic gains from natural resources are mostly beneficial when directed towards initiatives such as job creation, skill enhancement, capacity building, and pursuit of long-term developmental objectives. Thus, reliance on one or more natural resources holds financial risk when aiming for a stable economic growth. [28]
For example, economic paradigms based on neoclassical models of closed economic systems are primarily concerned with resource scarcity and thus prescribe legalizing the environment as an economic externality for an environmental resource management strategy. [6] This approach has often been termed 'Command-and-control'. [6]
The depletion of resources has been an issue since the beginning of the 19th century amidst the First Industrial Revolution.The extraction of both renewable and non-renewable resources increased drastically, much further than thought possible pre-industrialization, due to the technological advancements and economic development that lead to an increased demand for natural resources.
Natural resources are resources that exist without actions of humankind; this includes characteristics such as magnetic, gravitational, and electrical properties and forces. Resources may be classified as renewable or nonrenewable .
Earth minerals and metal ores are examples of non-renewable resources. The metals themselves are present in vast amounts in Earth's crust, and their extraction by humans only occurs where they are concentrated by natural geological processes (such as heat, pressure, organic activity, weathering and other processes) enough to become economically viable to extract.