8.2 Resource Use in Society

Question 1

Sustainability

Answer 1

The use and management of resources that allows full natural replacement of the resources exploited and full recovery of the ecosystems affected by their extraction and use.

Question 2

Natural Capital

Answer 2

the natural resources and environmental features in a given area, regarded as having economic value or providing a service to humankind.

Question 3

Natural Income

Answer 3

Natural income is the value of the natural capital that humans consume. For something to be a sustainable practice, the amount of natural income has to stay at an amount that allows the natural capital to renew itself in time to be used again.

Question 4

Renewable Resource

Answer 4

a natural resource which will replenish to replace the portion depleted by usage and consumption in a finite amount of time.

Question 5

Non-renewable Resource

Answer 5

a natural resource that cannot be readily replaced by natural means at a pace quick enough to keep up with consumption.

Question 6

Use valuation of natural resources

Answer 6

the process of determining the economic value of the goods and services derived from the utilization of natural resources to inform resource management and policy decisions.

Distinct from non-use valuation, which is about valuing intrinsic value.

Question 7

Non-use valuation of natural resources

Answer 7

the process of determining the economic value of natural resources based on their bequest and intrinsic values.

Distinct from use valuation, which is about attaching an economic value to the goods and services provided by an environment.

Question 8

Dynamic

Answer 8

Characterized by constant change or activity.

The way we value certain goods and commodities is dynamic