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BUSS1030 > AREC > Flashcards

AREC Flashcards

1
Q

Resources and energy exports record

A

$459b

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2
Q

Resource curse

A

Paradox where resource rich countries have low economic growth

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3
Q

Minerals definition

A

Natural compounds formed through geological processes over time that are extracted to undergo technological progress for human use

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4
Q

Energy definition

A

The capacity of a physical system to work and the amount of useful work extracted from natural matierals

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5
Q

Energy intensity

A

Amount of energy consumption to GDP growth

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6
Q

Mining sector contribution

A

13.7%

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7
Q

Top 3 export markets for Australia

A
  1. China
  2. Japan
  3. South Korea
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8
Q

Top mining companies

A
  1. Glencore
  2. Jiangxi Copper
  3. Rio Tinto
  4. BHP
  5. Anglo American
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9
Q

Determinants of market sstructure

A
  1. Freedom/barriers to entry/exit
  2. Nature of product eg. homogenous
  3. Control over supply
  4. Control over prices
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10
Q

Market concentration

A

Function of the the number of firms in a market and their market share (measured using concentration ratios)

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11
Q

Firm concentration ratio

A

total sales or total revenue of top X firms/total sales or total revenue of market

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12
Q

Herfindahl Hirshmark Index formula

A

sum of squared market shares from all market participants

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13
Q

HHI index values

A
  1. below 1000 = low concentration
  2. 1000-1800 = moderate concentration
  3. over 1800 = high concentraiton
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14
Q

Minerals deposits v ore deposits

A

Mineral deposits are concentrations of elements/minerals formed by geo processes but are not economically viable for exploitatiom. Ore deposits are mineral deposits that can be extracted at profit.

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15
Q

Economic./current reserves

A

Quantity of known reserves that can be extracted at current prices and with current technology

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16
Q

REserve base

A

Economic reserves + non-economic reserves

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17
Q

Total resources

A

Geo concept

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18
Q

Static index of reserves

A

Current reserves/current consumption

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19
Q

Limitations of reserve indexes (3)

A
  1. Does not capture impact of higher prices on Q reserves
  2. Does not capture impact of higher prices on tech
  3. Possibility of substitutes
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20
Q

User cost definition

A

THe discounted value of future profits foregone as a result of the use of an additional resource in the time period

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21
Q

User cost equation

A

MR - MC (marginal profit) OR P-MC

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22
Q

Neutrality

A

Idea that tax shouldnt impact investment decisions

23
Q

Direct tax instruments (4)

A
  1. Corporate tax
  2. Progressive profit tax
  3. Resource rent tax
  4. Brown tax
24
Q

Corporate tax

A

Fixed % tax rate on profit

25
Q

Progressive profit tax

A

Stepped tax rate linked to prices, volume or profit

26
Q

Resource rent rax

A

Tax on everything above normal profits or agreed profits

27
Q

Brown tax

A

Collecction of a constant % of a projects positive net cash flow and reabtes for negative net cash flow

28
Q

Indirect tax instruments (2)

A
  1. Unit based royaliy
  2. Value based royalty
29
Q

Refinements of hotellings rule (3)

A
  1. Cumulative increase in extraction costs
  2. Durability
  3. Exploration
30
Q

Hotellings rule equation

A

[(P-MCt-1) - (P-MCt)]/(P-MCt) = r

31
Q

energy definition

A

The ability to do work or produce hear

32
Q

Notion of entropy

A

Evrything declines/degrades

33
Q

Carbon intensity of energy sources rank order (1-3)

A
  1. Coal
  2. Oil
  3. Gas
34
Q

1 Joule definition

A

the amount of work required to raise an apple 1 metre

35
Q

Watt

A

1 J/second

36
Q

kJ

A

1 kJ = 1000 J

37
Q

Btu

A

Energy it takes to raise temperature of 1 pound of water by 1 degree F

38
Q

1 W in Btu

A

1W = 3.142 Btu

39
Q

1 kW hour definition

A

Energy consumed in 1 hour by operation of an appliance with 1kW power rating

40
Q

Reserve to production ratio

A

R/Q - critical level = 10

41
Q

Types of transport types (2)

A

CIF and FOB

42
Q

CIF

A

Cost, insurance, freight = seller pays all expenses until ship arrives at destination

43
Q

FOB

A

Free on board - seller pays up until cargo goes on ship

44
Q

Annuity Formula

A

P = [ r(1+r)^t / (1+r)^t -1 ] * investment

45
Q

Levelised costs of electrcity

A

Cost of electricity corrected for capacity factor

46
Q

3 needs of electricity

A

Clean, affordable, reliable

47
Q

Derived indicators (4)

A
  1. Average load
  2. Load factor
  3. Demand factor
  4. Daily plant factor
48
Q

Average load

A

Daily load/24

49
Q

Load factorq

A

Average daily load/peak daily load

50
Q

Demand factor

A

Peak load/total connected load

51
Q

Daily plant factor

A

Electical energy produced per day/24*capacity (actual/potential)

52
Q

Types of derivatives (4)

A
  1. Forwards
  2. Futures
  3. Options
  4. Swaps
53
Q

Forwards

A

Not traded on exchange

BUSS1030 (2 decks)

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