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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.
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]
A scarce good is a good that has more quantity demanded than quantity supplied at a price of $0. The term scarcity refers to the possible existence of conflict over the possession of a finite good. One can say that, for any scarce good, someone's ownership and control excludes someone else's control. [20]
This total available water resource gives an idea of whether a country tend to experience physical water scarcity. [33] This metric has a drawback because it is an average. Precipitation delivers water unevenly across the planet each year. So annual renewable water resources vary from year to year.
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.
India's major mineral resources include coal (4th largest reserves in the world), iron ore, manganese ore (7th largest reserve in the world as in 2013), lithium ore (6th largest reserve in the world as in 2023), [6] mica, bauxite (5th largest reserve in the world as in 2013), [7] chromite, natural gas, diamonds, limestone and thorium.
A resource war is a type of war caused by conflict over resources. In a resource war, there is typically a nation or group that controls the resource and an aggressor ...
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 .