Renewable Resources Ch 12 Flashcards
Renewable resources
are resources that are regenerated over time through ecological processes, such as forests and fisheries, but can be depleted through over-exploitation.
Nonexcludable
a good that is available to all users, under conditions in which it is impossible, or at least difficult, to exclude potential users.
Rival
a good whose use by one person diminishes the quantity or quality of the good available to others.
Open-access fisheries
is a common property resource that is available to everyone (nonexcludable), but the use of the resource may diminish the quantity or quality available to others (rivalrous). For example ocean fisheries.
Closed-access fisheries
a private property resource that is excludable and rivalrous. For example, inland and coastal fisheries are often governed by private, traditional, or government management systems.
Carrying capacity
is the level of population that can be sustained by the available natural resource base.
Maximum sustainable yield (MSY)
the maximum quantity of a natural resource that can be harvested annually and the population will remain constant.
Harvest levels above the graph?
will decrease population levels.
Harvest levels below the graph?
will increase population levels.
Harvest level on the graph?
will leave the population (stock) constant.
Closed-access fisheries
a private property resource that is excludable and rivalrous. For example, inland and coastal fisheries are often governed by private, traditional, or government management systems.
Fishery profits
= total revenue β total costs.
Marginal revenue
ππ = (β πππ‘ππ π ππ£πππ’π)/(β ππ’ππππ ππ π‘ππππ )
Marginal cost
ππΆ= (β πππ‘ππ πΆππ π‘)/(β ππ’ππππ ππ π‘ππππ )
Average revenue
π΄π = (πππ‘ππ π ππ£πππ’π)/(πππ‘ππ ππ’ππππ ππ π‘ππππ )
