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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
Progressive profit tax
Stepped tax rate linked to prices, volume or profit
26
Resource rent rax
Tax on everything above normal profits or agreed profits
27
Brown tax
Collecction of a constant % of a projects positive net cash flow and reabtes for negative net cash flow
28
Indirect tax instruments (2)
1. Unit based royaliy 2. Value based royalty
29
Refinements of hotellings rule (3)
1. Cumulative increase in extraction costs 2. Durability 3. Exploration
30
Hotellings rule equation
[(P-MCt-1) - (P-MCt)]/(P-MCt) = r
31
energy definition
The ability to do work or produce hear
32
Notion of entropy
Evrything declines/degrades
33
Carbon intensity of energy sources rank order (1-3)
1. Coal 2. Oil 3. Gas
34
1 Joule definition
the amount of work required to raise an apple 1 metre
35
Watt
1 J/second
36
kJ
1 kJ = 1000 J
37
Btu
Energy it takes to raise temperature of 1 pound of water by 1 degree F
38
1 W in Btu
1W = 3.142 Btu
39
1 kW hour definition
Energy consumed in 1 hour by operation of an appliance with 1kW power rating
40
Reserve to production ratio
R/Q - critical level = 10
41
Types of transport types (2)
CIF and FOB
42
CIF
Cost, insurance, freight = seller pays all expenses until ship arrives at destination
43
FOB
Free on board - seller pays up until cargo goes on ship
44
Annuity Formula
P = [ r(1+r)^t / (1+r)^t -1 ] * investment
45
Levelised costs of electrcity
Cost of electricity corrected for capacity factor
46
3 needs of electricity
Clean, affordable, reliable
47
Derived indicators (4)
1. Average load 2. Load factor 3. Demand factor 4. Daily plant factor
48
Average load
Daily load/24
49
Load factorq
Average daily load/peak daily load
50
Demand factor
Peak load/total connected load
51
Daily plant factor
Electical energy produced per day/24*capacity (actual/potential)
52
Types of derivatives (4)
1. Forwards 2. Futures 3. Options 4. Swaps
53
Forwards
Not traded on exchange

BUSS1030 (2 decks)

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