The nature of resources
Natural resources are substances that are used to meet a human need. Resources that are traded internationally are called commodities.
Resources may be finite and in limited supply or replenish themselves over a very long timeframe. Or they might be renewable and able to replenish themselves within human lifetimes. Regardless, finite or renewable resources must both be managed wisely so they are not exhausted.
The value of resources changes over time and as new technologies emerge. For example crude oil has long been available but was not of great value until the internal combustion engine was developed. Similarly whale oil was a commercial industry of great value until whaling was stopped, as were slaves.
The value of resources is often determined by the abundance of its supply and the extent to which it is in demand.
Resources may be finite and in limited supply or replenish themselves over a very long timeframe. Or they might be renewable and able to replenish themselves within human lifetimes. Regardless, finite or renewable resources must both be managed wisely so they are not exhausted.
The value of resources changes over time and as new technologies emerge. For example crude oil has long been available but was not of great value until the internal combustion engine was developed. Similarly whale oil was a commercial industry of great value until whaling was stopped, as were slaves.
The value of resources is often determined by the abundance of its supply and the extent to which it is in demand.
Spatial patterns of distribution and consumption of resources
The spatial pattern of distribution of natural resources is often quite different from the patterns of consumption. Natural resources of great wealth paradoxically often generate great misery for the society where they are found.
Traditional non non renewable energy resources, like oil are a good illustration.
conversely, emerging resources such as Lithium and the renewable energies of wind, solar and wave power offer a potentially different scenario.
Traditional non non renewable energy resources, like oil are a good illustration.
conversely, emerging resources such as Lithium and the renewable energies of wind, solar and wave power offer a potentially different scenario.
