resource

(noun)

Something that one uses to achieve an objective, e.g. raw materials or personnel.

Related Terms

Examples of resource in the following topics:

  • Basic Economics of Natural Resources

    • Natural resource economics focuses on the supply, demand, and allocation of the Earth's natural resources to create a more efficient economy.
    • Natural resource economics focuses on the supply, demand, and allocation of the Earth's natural resources.
    • The main objective of natural resource economics is to gain a better understanding of the role of natural resources in the economy.
    • Extraction: the process of withdrawing resources from nature.
    • Natural resource economics focuses on the demand, supply, and allocation of natural resources to increase sustainability.

  • Types of Natural Resources

    • Natural resource economics focuses on the supply, demand, and allocation of the Earth's natural resources.
    • Natural resource economics focuses on the supply, demand, and allocation of the Earth's natural resources.
    • Renewable natural resources: these are resources that can be replenished.
    • Natural resource economics aims to study resources in order to prevent depletion.
    • Analyze natural resource economics and explain the types of natural resources that exist.

  • Externalities and Impacts on Resource Allocation

    • Production and use of resources can have a positive or negative effect on the allocation of the natural resources.
    • In regards to natural resources, production and use of resources can have a positive or negative effect on the allocation of the resources.
    • In other words, society and the natural resources involved would have been better off if the natural resources had not been used at all.
    • Developed countries use more natural resources and must enact sustainable development plan for the use of resources.
    • Examine externalities and how they the impact resource allocation of natural resources.

  • Marginal Productivity and Resource Demand

    • Firms will demand more of a resource if the marginal product of the resource is greater than the marginal cost.
    • The marginal product of a given resource is the additional revenue generated by employing one more unit of the resource.
    • Since firms will seek to use additional resources if the net marginal product is positive, they can affect the demand for the resources.
    • Some resources, though, are public goods and therefore are not regulated by normal market forces.
    • Oil is a natural resource that is traded in markets.

  • Resource Control

    • Single ownership over a resource gives the owner of the resource the power to raise the market price of a good over marginal cost without losing customers to competitors.
    • In other words, resource control allows the controller to charge economic rent.
    • A classic example of a monopoly based on resource control is De Beers .
    • In practice, monopolies rarely arise because of control over natural resources.
    • Economies are large, usually with multiple people owning resources.

  • Scarcity Leads to Tradeoffs and Choice

    • When scarce resources are used, actors are forced to make choices that have an opportunity cost.
    • Most resources are scarce in most situations.
    • Since resources tend to be scarce, anyone that uses the resource has to make a decision about how to use it.
    • Your scarce resources force you to make a choice and a trade-off producing one product or another.
    • When scarce resources are used (and just about everything is a scarce resource), people and firms are forced to make choices that have an opportunity cost.

  • Natural Resource Market

    • Below are some methods of acquiring different natural resources for production.
    • Not all commodities are natural resources, and not all natural resources are commodities, but commodity markets remain an important source for many resources.
    • Not all natural resources can be acquired on commodity markets.
    • The challenge of this process is that for these closed deals, the producer has to find the resource that they need, determine who owns it, and then negotiate with that person to obtain the resource.
    • These costs can make these natural resources more expensive.

  • Economics as a Study of the Allocation of Scarce Resources

    • The domain of economics is the study of processes by which scarce resources are allocated to satisfy unlimited wants.
    • Ideally, the resources are allocated to their highest valued uses.
    • Supply, demand, preferences, costs, benefits, production relationships and exchange are tools that are used to describe and analyze the market processes by which individuals allocate scarce resources to satisfy as many wants as possible.

  • Why Governments Intervene In Markets

    • In an optimally efficient market, resources are perfectly allocated to those that need them in the amounts they need.
    • In inefficient markets that is not the case; some may have too much of a resource while others do not have enough.
    • This all leads to diminished resources, stifled innovation, and minimized trade and its corresponding benefits.
    • Governments intervene to ensure those resources are not depleted.
    • Government often try, through taxation and welfare programs, to reallocate financial resources from the wealthy to those that are most in need.

  • Economic Activities

    • These inputs are often referred to as resources or "factors of production. " Typically, these resources are classified as labour, capital, land, and entrepreneurial ability.
    • Some resources, like solar or wind, are referred to as "flow resources. " If the resource is used for one purpose, there is no significant impact on the availability of the resource for other uses.
    • Other land resources are called "renewable. " A forest, fishery, herd of buffalo, whales, water quality and the like are renewable resources.
    • Other resources are called exhaustible resources.
    • Coal and oil are examples of these resources.