Natural resources & commodities Flashcards
Describe resource scarcity/subsitutton cycle
resource -> rising demand -> exhausted reserves -> scarcity -> price rises -> substitution -> new resource
Key point of non-renewable resources?
Fixed stock
Key expression for renewable resources?
“Grow or Flow”
What was the simulation result for Limits to Growth?
Population peak around 2050
What is the Malthusian view on population & resources?
Food supply limits population
What is the Marxian view on population & resources? (2 points)
1 - Distribution is issue
2 - technological change transcends limits
What is the Ultimate Resource view?
humans are ultimate resource -> drive innovation
Are energy and economic growth related?
Energy correlates with GDP
Top 3 energy consumers per capita globally?
Iceland
Trinidad & Tobago
Qatar
Top 3 countries with largest oil reserves
Saudi Arabia, Iran, Iraq
Top 2 largest oil users
USA, China
Which country is projected to be the largest energy consumer?
China
What is the difference for non-fossil fuels in OECD/non-OECD countries?
OECD has larger production, gradual rise.
Non-OECD will have sharp rise
