Paper: Economics of Natural Resources and

Transcript:Paper: Economics of Natural Resources and:
Paper: Economics of Natural Resources and Sustainable Development Topic: Characteristics of Natural Resources Presented by Bhargab Das Assistant Professor, Department of Economics, Dr. B.K.B. College What is Natural Resource? Natural resource are materials from the earth that are used to support life and meet people’s needs. Any natural substance that human use can be considered as a natural resource. Examples of natural resources are air, water, sunlight, forest, wild life, natural gas, crude oil etc. Characteristics of natural resources: Feasibility of Exclusion: It is a term used to indicate whether it is easy or difficult to control access to a good or service. If anyone can easily access the commodity providing restrictions for others to consume that commodity the higher feasibility of exclusion are reflected and vice versa. Feasibility of exclusion is an important characteristic of natural resources which varies depending on the nature of the natural resources. In case of wind, sunlight, air etc. The feasibility of exclusion is zero. Nature of consumption: The nature of consumption refers to whether the consumption of the good is subtractive or joint. Consumption is subtractive when one person consumes a good for a particular purpose, with the result that another person can not use the good. When two or more people can benefit from the goods and services at the same time without reducing the amount available for others, consumption of such goods and services are joint. Another characteristic of natural resource is the existence of market of commercial value . Assigning property rights some natural resources have been changed to a marketed commodity and maintain the efficient level of extraction. Further, some natural resources are in biotic and some are abiotic. Considering the renewability some natural resources are renewable and some are non renewable. THANKYOU