"A non-renewable resource (also called a finite resource) is a natural resource that cannot be readily replaced by natural means at a pace quick enough to keep up with consumption."
This subfield studies resource economics constrained by geological depletion, or the extraction of natural resources such as fossil fuels that have a finite amount of supply.
Natural Resource Economics: The study of the use and management of natural resources such as forests, water, minerals, and energy.
Non-renewable Resource Economics: The study of natural resources that cannot be replenished such as fossil fuels, metals, and minerals and their impact on the economy, environment, and society.
Energy Economics: The branch of economics that deals with the production, consumption, and distribution of energy, including fossil fuels such as oil, coal, and natural gas, as well as renewable sources such as wind and solar.
Mineral Economics: The study of the extraction and use of minerals, including their distribution, exploration, and impact on the economy and the environment.
Oil and Gas Economics: The study of the production, distribution, and consumption of oil and gas, including their impact on the global economy, geopolitics, and the environment.
Metals Economics: The study of metal extraction, production, and use, including their economic, social, and environmental impact.
Environmental Economics: The study of the relationship between the environment and the economy, including the costs and benefits of natural resource use, pollution control, and environmental regulation.
Resource Allocation: The process of distributing finite resources among competing uses, which is especially important in non-renewable resource economics.
Resource Depletion: The process of using up non-renewable resources, which raises questions about sustainability, intergenerational equity, and the role of government in regulating resource use.
Resource Dependency: The dependence of economies on non-renewable resources, which can create vulnerability to price shocks, geopolitical instability, and environmental risks.
Resource Nationalism: The political and economic policies that seek to control and protect the domestic ownership and use of natural resources, often leading to nationalization or protectionist trade policies.
Resource Curse: The phenomenon in which abundant natural resources can lead to economic underperformance, political instability, and social inequality, often through corruption, rent-seeking, and Dutch Disease effects.
Peak Resource Theory: The concept that non-renewable resources have a finite limit and will ultimately reach a peak production level, after which the decline in output will lead to higher prices and increased scarcity.
Energy Transitions: The process of shifting from non-renewable to renewable sources of energy, which poses major challenges and opportunities for the economy, the environment, and social equity.
Climate Change Economics: The study of the economic impacts, costs, and benefits of climate change mitigation and adaptation policies, including the transition to low-carbon energy systems and the need to reduce greenhouse gas emissions.
Fossil fuels: These are resources such as coal, oil, and natural gas that are formed from the remains of dead plants and animals. They are widely used for energy production and are finite in quantity.
Minerals: These are natural resources that are found in rocks and the ground. They include resources such as gold, copper, silver, and iron, which are used in a variety of industries.
Metals: These are elements that are characterized by their high density, strength, and conductivity. They include resources such as lead, zinc, and aluminum, which are used in a variety of industries.
Precious metals: These are rare and valuable metals such as gold, silver, and platinum, which are primarily used in jewelry and investment.
Industrial chemicals: These are chemicals that are used in a variety of industrial processes such as manufacturing, mining, and agriculture. They include resources such as sulfuric acid, ammonia, and ethylene.
Rare earth elements: These are a group of 17 minerals that are used in a variety of high-tech applications such as electronics, magnets, and batteries.
Building materials: These are resources such as sand, gravel, and limestone, which are used in construction and infrastructure development.
"An example is carbon-based fossil fuels."
"The original organic matter, with the aid of heat and pressure, becomes a fuel such as oil or gas."
"Earth minerals and metal ores, fossil fuels (coal, petroleum, natural gas) and groundwater in certain aquifers are all considered non-renewable resources."
"Conversely, resources such as timber (when harvested sustainably) and wind (used to power energy conversion systems) are considered renewable resources."
"Because their localized replenishment can occur within time frames meaningful to humans as well."
"Individual elements are always conserved (except in nuclear reactions, nuclear decay or atmospheric escape)."
"An example is carbon-based fossil fuels."
"Earth minerals and metal ores...are all considered non-renewable resources."
"Resources such as timber (when harvested sustainably)...are considered renewable resources."
"The original organic matter, with the aid of heat and pressure, becomes a fuel such as oil or gas."
"Groundwater in certain aquifers is considered a non-renewable resource."
"Fossil fuels (coal, petroleum, natural gas)...are considered non-renewable resources."
"A non-renewable resource (also called a finite resource)...cannot be readily replaced by natural means at a pace quick enough to keep up with consumption."
"The original organic matter, with the aid of heat and pressure, becomes a fuel such as oil or gas."
"Earth minerals and metal ores, fossil fuels (coal, petroleum, natural gas) and groundwater in certain aquifers are all considered non-renewable resources."
"Because their localized replenishment can occur within time frames meaningful to humans as well."
"Individual elements are always conserved (except in nuclear reactions, nuclear decay or atmospheric escape)."
"A non-renewable resource...cannot be readily replaced by natural means at a pace quick enough to keep up with consumption."
"Resources such as timber (when harvested sustainably) and wind (used to power energy conversion systems) are considered renewable resources."