Current reserves
A resource that can be extracted profitably at current prices.
Resource taxonomy
Classification system used to distinguish various categories of resource availability.
Potential reserves
Resources potentially available. Depends on wtp
Resource endowment
represents the occurrence of resources in the earth
Choke price
Maximum willingness to pay.
The switch point
Transition point to a renewable substitute.
Population growth is a significant source of what?
Non sustainability
Population growth in U.S.
Going down due to lower birth rates
Stationary population
One that is constant and equal to the death rate
Replacement rate
Level of fertility that is compatible with a stationary population. U.S. = 2.11
If mp is above ap
Ap is rising
If mp is below ap
Ap is falling
If mp is equal to ap
Ap is equal
Induced innovation hypothesis
Increased populations, trigger increased demand for agriculture goods. Land scarcity results I ag innovation and increased sustainability.
Stage 1
Right before industrialization, birth rates are stable and a lil higher than death rates.
Stage 2
Death rates fall dramatically but birth rates stay the same causing large population growth.
Stage 3.
Longer life expectancy and birth rates fall below the declining death rates.
Theory of demographic transition.
Reduction in population growth might cause higher standard of living.
Congestion externalities
One source of market failure.
Subsidized food
Artificially lowers the cost of children.
Identified resources
Specific bodies of mineral bearing material who’s location quality and quantity are known from geological evidence supported by engineering measurements
Measured resource
Material for which quantity and quality estimates are within a margin of error of less than 20% from geologically well-known sample sites
Indicated resources
Material for which quantity and quality have been estimated partly from sample analysis and partly from reasonable geological projections
Inferred resources
Material in unexplored extensions of demonstrated resource based on geological projections
Undiscovered resources
On specific bodies of mineral bearing material surmised to exist on the basis of broad geological knowledge and theory
Hypothetical resources
undiscovered materials reasonably expected to exist in a known mining district under known geological conditions
Speculative resources
Undiscovered materials that may occur in either known types of deposits and favorable geological settings were no discoveries have been made or in yet unknown types of deposit that remain to be recognized
Microeconomic theory of fertility
Begins at the viewpoint…children are consumer durables… and the demand for them will be downward sloping.
Women’s income earning potential can be increased through investments in what
Human capital, physical capital
