Any naturally occurring parts of the environment that can be used by people to meet their needs.
Can be physical materials or flows of energy.
What are the two types of resources?
Stock or flow
Resources that can run out and can't be replaced in the foreseeable future.
Resources that can be replenished, including resources:
- That will never run out and don't rely on human input to manage them.
- That may require careful management by humans to ensure they are replenished.
Critical flow resources
Resources that may require careful management by humans to ensure they are replenished.
Why do companies have to evaluate resources to see if they are economically viable?
Stock resources can be expensive to extract and transport, but they can also be extremely valuable.
The entire supply of a material (including the parts that haven't been found yet or aren't economically viable to extract).
The amount of the resource that it is economically viable to extract.
Resources that are thought to exist (eg. based on knowledge of local geology), but haven't been sampled.
Resources that have been identified (eg. from limited samples of local geology) but haven't been measured.
The size of the reserve has been partly measured, and the measurements have been used to estimate the actual extent.
The size of the reserve has been measured and is known accurately.
The extraction and sale of resources is mostly controlled by what?
Undiscovered materials that are reasonably expected to exist in known mining regions under known geological conditions.
Undiscovered materials that may occur in known types of deposits in geological settings where no previous discoveries have yet been made.
What are the two types of possible resources?
Hypothetical resources and speculative resources.
What are stock resources also known as?
What are flow resources also known as?
State and define the two types of renewable/flow resources:
Critical = resources that require careful management by humans to ensure they are replenished.
Non-critical = ‘everlasting’ resources such as tides, waves, running water, wind and solar power.
Non-renewable energy resources
Finite resources whose rate of formation is so slow that they cannot be replenished during a human lifespan.
Renewable energy resources.
Resources that yield a continuous flow that can be consumed within any given period of time without endangering future consumption.
The ability of a country to safeguard a reliable and sustainable flow of resources to maintain living standards of its population, while ensuring ongoing economic and social development.
What are the stages of resource development?
Locating a potential new resource and evaluating whether it is viable to extract.
Extracting the resource, preparing it for use and transporting it to where it will be used.
Resource begins to run out.
Yield decreases and new methods of extraction may be developed to prolong the life of the resource.
Resource becomes so limited that it is not physcially possible or economically viable.
A place with abundant natural resources that are being exploited for the first time
Why do resource frontiers develop?
More accessible resources are depleted and increasing demand it economically viable to exploit new areas.