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Micro Chapter 19
| Term | Definition |
|---|---|
| Resource Supplies are being rapidly consumed because: | -Standard of living is 12 times higher -Consumption of resources is much higher |
| Population Growth (Tomas Mathus (1798) predictions) | Replacement rate Total fertility rate Demographers Demographic transition |
| Modernization leads to which kinds of rates to fall: | -Death rates fall -Fertility rate falls below replacement rate |
| The demographic transition: | 1) high death & high birth rates ā¬ 2) low death & high birth rates ā¬ 3) low death & low birth rates |
| Resource Consumption | Increased commodity demand Pop. Growth Rising consumption per person |
| Will resource supplies be sustainable in the future? Prospects are hopeful that demand for resources will reach a peak and: | decline with falling birthrates. |
| Will resource supplies be sustainable in the future? Prospects are hopeful that resource consumption per capita will level off (become stable) or: | be decreasing |
| Resource Consumption per Person (rich countries vs poor countries) | -is stable in the rich countries -demand will increase in poorer countries |
| It is a challenge to move resource supplies: | from their place of origin to places in need |
| Energy Economics We cannot rely on: | one source of energy to fulfill our needs -Energy is a highly variable demand -Optimal solution is to combine different types of generation technologies |
| Running Out of Energy? | No, but we may run out of š¤š©š¦š¢š± energy |
| Natural Resource Economics are policies for extracting resources to maximize: | net benefits. Renewable vs. Nonrenewable natural resources |
| Resource Management: If the resource(s) are privately owned, it makes more sense to... | use only a percentage of them each year rather than using them all at once |
| Present vs Future consumption: (Resource consumption) | Present value -Extraction strategy to maximize profits -User cost -Extraction costs -Conflict minerals |
| Renewable Resources | -Elephant preservation -Forest management -Optimal forest harvesting -Differences in property rights |
| Fisheries Management | -no singular person/firm can own the ocean -policies to limit fish catching sizes |
| Is Economic Growth Bad for the Environment? Richer countries: | -Produce and consume more. -Spend more to maintain the environment. |
Created by:
Phillies55
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