Natural Resources
Natural resource
Natural resources (economically referred to as land or raw materials) are naturally forming substances that are considered valuable in their relatively unmodified (natural) form. A natural resource's value rests in the amount and extractability of the material available and the demand for it. The latter is determined by its usefulness to production. A commodity is generally considered a natural resource when the primary activities associated with it are extraction and purification, as opposed to creation. Thus, mining, petroleum extraction, fishing, hunting, and forestry are generally considered natural-resource industries, while agriculture is not. The term was introduced to a broad audience by E. F. Schumacher in his 1973 book Small is Beautiful.[1] The term is defined by the United States Geological Survey as "The Nation's natural resources include its minerals, energy, land, water, and biota."[2]
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Classification of natural forms
Natural resources are mostly classified into renewable and non-renewable resources. Sometimes resources are classified as non-renewable even if they are technically renewable, just not easily renewed within a reasonable amount of time, such as fossil fuels.
Non-renewable resources
Main article: Non-renewable resource
Some non-renewable resources can be renewable but take an extremely long time to renew. Fossil fuels, for example, take millions of years to form and so are not practically considered 'renewable'. Different non-renewable resources like oil, coal, natural gas etc. have different levels of demand from different sectors like transportation and residences with each resource specializing for each sector.[3] Many environmentalists propose a tax on consumption of non renewable resources. Non-renewable resources cannot be replaced or can only be replaced over thousands or millions of years.
Natural capital
Natural resources are natural capital converted to commodity inputs to infrastructural capital
Natural resources (economically referred to as land or raw materials) are naturally forming substances that are considered valuable in their relatively unmodified (natural) form. A natural resource's value rests in the amount and extractability of the material available and the demand for it. The latter is determined by its usefulness to production. A commodity is generally considered a natural resource when the primary activities associated with it are extraction and purification, as opposed to creation. Thus, mining, petroleum extraction, fishing, hunting, and forestry are generally considered natural-resource industries, while agriculture is not. The term was introduced to a broad audience by E. F. Schumacher in his 1973 book Small is Beautiful.[1] The term is defined by the United States Geological Survey as "The Nation's natural resources include its minerals, energy, land, water, and biota."[2]
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Classification of natural forms
Natural resources are mostly classified into renewable and non-renewable resources. Sometimes resources are classified as non-renewable even if they are technically renewable, just not easily renewed within a reasonable amount of time, such as fossil fuels.
Non-renewable resources
Main article: Non-renewable resource
Some non-renewable resources can be renewable but take an extremely long time to renew. Fossil fuels, for example, take millions of years to form and so are not practically considered 'renewable'. Different non-renewable resources like oil, coal, natural gas etc. have different levels of demand from different sectors like transportation and residences with each resource specializing for each sector.[3] Many environmentalists propose a tax on consumption of non renewable resources. Non-renewable resources cannot be replaced or can only be replaced over thousands or millions of years.
Natural capital
Natural resources are natural capital converted to commodity inputs to infrastructural capital