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The article discusses the concept of natural resource economics and its focus of study. It shows how the study of concept focuses on the dependency of humans on natural resources to satisfy their wants.
Further, the article offers an insight into the objective of natural resource economics and the significant areas of study in natural resource economics. It also gives information about why economists study natural resource economics.
Natural Resource Economics
Natural Resource Economics in the field of economics which is concerned with the allocation of Earth’s resources to its optimal utilization. This branch of economics studies how the supply of Earth’s scarce resources are affected as a cause of its demand and how these resources are utilized by humans to satisfy their unlimited wants.
Natural resources are used in the production of almost every commodity which makes their demand higher, but due to scarce availability in their supply makes the demand for the resources more competitive. Humans have unlimited wants and in order to satisfy their wants producers use natural resources, which forms the basis of study for natural resource economics.
Economists in the field of natural resource economics tend to find ways to develop sustainable means to satisfy human wants at the present stage and leave resources for future generations as well.
What is the Objective of Natural Resource Economics
The primary aim of natural resource economics is to achieve a deeper knowledge of the crucial role of natural resources in economics.
Economists in the field of natural resource, gain an understanding of natural resources and find means to build better strategies for resource management in order to make sure that their benefits can also be utilized by too coming future generations.
With a goal to achieve an efficient economy, economists study the inter- the dependency of natural resources and an economy.
In the dimension of academic study and research natural resource economics examines the relationship between natural resources and economic actions of humans. The study is focused on finding strategies and ways for efficient functioning of an economy with the scarce availability of natural resources on the planet.
Significant Areas of Study in Natural Resource Economics
Economists study the use of natural resources in commercial and recreational economic activities. Natural resource economics in the past studies areas such as fisheries, minerals, forest resources, and fossil fuels. But with time the study focuses on the global environment, issues related to air and water as well.
Natural Resource Economics covers various areas in the field of study. For example:
- Controlling Pollution
- Theory of Welfare
- Environmental Management
- Resource Extraction- Means and Modes
- Environmental Policy
- Exhaustion of Resources
- Environmental Impact of Agriculture
- Impact of Urbanization and Transportation on Environment
- International Trade
- Use of Land Resource in Poor and Developed Nations; and others
A natural Economist analyzes these areas of study and finds means to develop and implement policies for allocation of Earth’s scarce resources to their fuller utilization in order to meet the present and future demands with the means of sustainable growth.
Why Study Natural Resource Economics
Natural resources form the base of economic activities. In order for economic cycle to build and operate properly, economic variables are dependent on natural resources, which therefore makes it a field of significant importance.
Natural Resource Economics studies the dependence of economic variables on natural resources and how these resources are allocated to satisfy human wants.
An economist analyzes such dependence and the findings of the study are utilized by the government sector and the private sector to understand the means to appropriately allocate resources.
Economists’ theories provide means to deal with issues related to scarce resources and how to allocate them to maximize the output.
Economics offers varied courses to have an insight on to the functioning of a country vis-a-vis the other counterparts in relation to the factor influencing the income, wealth and wellbeing, and how it can be imbibed into the formation of policies.
Economics defines the lifeline of a nation. From production to consumption, economics looks at the usage of resources & the distribution system involved in reaching to the desired market of consumption. This involves studying areas of politics, sociology, law, psychology, geography and history, at local and global levels.
Economics offers varied courses to have an insight on to the functioning of a country vis-a-vis the other counterparts in relation to the factor influencing the income, wealth and wellbeing, and how it can be imbibed into the formation of policies. Economics defines the lifeline of a nation. From production to consumption, economics looks at the usage of resources & the distribution system involved in reaching to the desired market of consumption. This involves studying areas of politics, sociology, law, psychology, geography and history, at local and global levels.
Q1. Using appropriate diagrams, explain the likely impact of drought on macroeconomic equilibrium in Australia. Use evidence drawn from media reports to illustrate you answer. How might government policy response to the drought modify the macroeconomic impact of the drought?