ECON 6008 Natural Resources Economics

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Natural resource economics as per the course ECON 6008 Natural Resources Economics focuses on the supply, demand, and allocation of the Earth's natural resources. Every hand made thing in an economy is composed of natural resources to some degree. Natural resources can be classified as:

• Potential
• Actual
• Reserve, or stock resources based on their stage of development

Following are the 4 types of natural resources under course ECON 6008 Natural Resources Economics:

• Renewable
• Living
• Non renewable
• Fossil fuels

The resources have three main characteristics as per the course ECON 6008 Natural Resources Economics, namely:

1) Utility

2) Limited availability

3) Potential for depletion or consumption

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