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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] An example is carbon-based fossil fuels.
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.
Hotelling's rule defines the net price path as a function of time while maximizing economic rent in the time of fully extracting a non-renewable natural resource.The maximum rent is also known as Hotelling rent or scarcity rent and is the maximum rent that could be obtained while emptying the stock resource.
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The increase in food production has allowed world population to grow dramatically over the last 50 years. Pesticides rely upon oil as a critical ingredient, and fertilizers require natural gas. Farm machinery also requires oil. Most or all of the uses of fossil fuels in agriculture can be replaced with alternatives.
The interconnectedness of economies and the proliferation of multinational corporations have led to increased competition for access to natural resources, such as minerals, fossil fuels, timber, and agricultural products, in diverse regions around the world.
The origin of fossil fuels is the anaerobic decomposition of buried dead organisms. The conversion from these organic materials to high-carbon fossil fuels typically requires a geological process of millions of years. [4] Due to the length of time it takes nature to form them, fossil fuels are considered non-renewable resources.
Once they're made, experts say, biofuels have advantages over pure fossil fuels by contributing little to no emissions at the tailpipe. The same can't be said of the gasoline and diesel they are ...