Key definitions Flashcards
Resource
A natural material that can be exploited for personal use and gain
Resource security
The ability to maintain a steady flow of resources to maintain living standards, while ensuring economic and social development
Can be national or global
Stock resource
Non-renewable
Can be permanently expended
Expressed in absolute amounts
Flow resource
Renewable and replaceable resource
Expressed in annual rates of regeneration
Measured reserves
Physical characteristics help estimate reserves with confidence
If proved correct - a proven reserve
Indicated reserves
Physical characteristics help estimate future viability
Can turn into a probable reserve
Inferred resource
Reserves can be estimated only on samples
Can turn into a possible reserve
Possible resource
Based on broad knowledge
Could be a hypothetical resource - so expected to be there
Could be a speculative resource - so no evidence of actually being there
Exploration
Searching an area with intention of finding natural resources
Exploitation
Using natural resources to the fullest or most profitable use
Sustainable development
Controlled resource management to ensure current level of exploitation doesn’t compromise future generations’ ability
Resource frontier
An area where resources are brought into production for the first time
Resource frontier model
Friedman - Core periphery model
Core
Attracts wealth and investment due to location to resources (the capital)
Upward - transitional area
Many natural resources and agricultural spreading from the core
