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A McKelvey diagram or McKelvey box is a visual representation used to describe a natural resource such as a mineral or fossil fuel, based on the geologic certainty of its presence and its economic potential for recovery. The diagram is used to estimate the uncertainty and risk associated with availability of a natural resource.
Resource competition can vary from completely symmetric (all individuals receive the same amount of resources, irrespective of their size, known also as scramble competition) to perfectly size symmetric (all individuals exploit the same amount of resource per unit biomass) to absolutely size asymmetric (the largest individuals exploit all the available resource).
Erich Walter Zimmermann (July 31, 1888 – February 16, 1961) was a resource economist. He was an economist at the University of North Carolina and later the University of Texas. Zimmermann of the Institutional school of economics [1] called his real world theory the functional theory of mineral resources.
Natural resources can be a substantial part of a country's wealth; [7] however, a sudden inflow of money caused by a resource extraction boom can create social problems including inflation harming other industries ("Dutch disease") and corruption, leading to inequality and underdevelopment, this is known as the "resource curse".
Within the open educational resources movement, the concept of OER is active. [175] Consider, for example, the conceptions of gratis versus libre knowledge as found in the discourse about massive open online courses , which may offer free courses but charge for end-of-course awards or course verification certificates from commercial entities.
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The procurement of external resources is an important tenet of both the strategic and tactical management of any company. Nevertheless, a theory of the consequences of this importance was not formalized until the 1970s, with the publication of The External Control of Organizations: A Resource Dependence Perspective (Pfeffer and Salancik 1978 ...
[The Ultimate Resource 2, 1996, footnote, page 62]) development of economic equivalents, e.g., optic fibre in the case of copper for telecommunications The ever-decreasing prices, in wage-adjusted terms , indicate decreasing scarcity, in that it takes less time for the average worker to earn the money required to purchase a set amount of some ...