Introduction to Resource Economics

Question 1

Resource Endowment

Answer 1

the quantity of a resource in the Earth’s crust (entire quantity is unknown!)

Question 2

Economic Reserve

Answer 2

the quantity of a resource that is identified as economically feasible to extract given prices, both of the resource and of extraction, and technology

Question 3

Static Reserve Index

Answer 3

Economic Reserves / Annual Consumption = Expected Resource Lifetim

Question 4

Exponential Reserve Index

Answer 4

Economic Reserves / Consumption (allowing for exponential growth)