Envs

Front 1

Physical Reserves

Back 1

Physical supply is in the Earth's crust: it is finite and not precisely known.

Amount of resource that is available without taking the economic feasibility of extraction into account

Front 2

Physical- Identified

Back 2

quantity and quality known; they are extracted over time and diminish reserves

Front 3

Physical- undiscovered

Back 3

Increases reserves when discovered. Not counted toward economic reserves since uncertain.

Front 4

Economic

Back 4

High enough quality to be profitably extracted. Market price and technology make extraction viable.

Front 5

Subeconomic

Back 5

Resources whose cost of extraction are too high to make production worthwhile. Market price and technology make extraction unviable.

Front 6

Technology

Back 6

Makes previously uneconomic reserves accessible

Front 7

Factors that affect physical and economic reserves

Back 7

Technology- makes previously uneconomic reserves accessible

Market price- make uneconomic reserves accessible

new discoveries- change identified reserve amounts

Front 8

What do we mean by economically viable reserves of different minerals?

Front 9

how do expectations regarding future prices influence the present rate of nonrenewable resource extraction?

Back 9

Economic growth- demand increases, price increases

Technological improvements- supply increases, price decreases

Front 10

How do interest rates influence the present rate of non renewable resource extraction?

Back 10

Higher interest rate= more production, firms have incentive to make immediate profits and invest at high rates

Extraction increases, supply increases, price decrease

Future reserves are depleted, future prices will increase

Front 11

What are the potential policies to address extraction of nonrenewable resources?

Back 11

Pigovian tax on mining policy reform

Environmental bond

Recycling

Front 12

Pigovian Tax on mining policy reform

Back 12

Tax on pollution would be difficult due to problems with accurately measuring mining pollution. A Tax on output could be proposed, but a firm would have no clear incentive to reduce its pollution for any level of output, and it would be taxed the same amount.

Front 13

Environmental Bond

Back 13

(Money placed in bank to compensate future generations for pollution damage or natural capital depletion)

Would provide public with compensation in case of environmental damage. Bond has to be large enough to cover potential cleanup costs of that damages caused.

Front 14

Technology & performance standard vs recycling

Back 14

Choke price occurs later, if at all

Front 15

Price and cost-related factors that influence the decision to use recycled materials

Back 15

Recycling is low because virgin materials are easily accessible and cheap. As time goes on, extraction of virgin materials increase, and demand rises, total supply is met from recycled materials.

Eventually, most of total supply is met from recycled materials.

Recycling allows us to continue to use virgin resources for a longer period at lower rates

Front 16

Resource use profile

Back 16

Consumption rates for a resource over time, typically applied to non renewable resources

Front 17

How does recycling affect the resource use profile

Back 17

Recycling affects this because virgin resources are still extracted but at a lesser amount and lower rate due to supply increasing from recycled materials

Front 18

Explain how including environmental costs of virgin material production can increase recycling rates

Back 18

A tax based on the environmental externality would increase the advantage of recycled materials over the virgin materials. Ex. Obtaining aluminum from recycled cans requires less energy than extracting virgin aluminum.

Front 19

5 concepts of energy resources

Back 19

1. net energy

2. sustainability

3. availability

4. price

5. environmental impacts

Front 20

Net energy

Back 20

Takes energy to get energy

ex. energy required to extract and process oil should be deducted from energy obtained to determine the actual net energy available.

Net ratio= energy available/ energy energy required to produce

Front 21

suitability

Back 21

Different energy best suited with certain sectors

Oil- transportation

natural gas- residential and commercial sectors

Front 22

Availability

Back 22

Fossil fuels are limited in supply. Renewable energy cannot be depleted but have geographic availability that may change daily or seasonally.

Front 23

Price

Back 23

Consider average price of a particular energy source and its variability throughout time. Everything is driven by price considerations.

Front 24

Environmental impacts

Back 24

Impacts of different energy sources should be considered in full life cycle impacts.

ex- coal impacts with mining, air pollution, displosal, and decommissioning power plants.

Front 25

Future of energy consumption look in developed vs less developed countries

Back 25

In less developed countries- dependence is more evident. NEed for food requires energy input on their agriculture.

As countries develop, need for energy increases.

Biomass> hydropower> coal> oil > natural gas

Front 26

From economic perspective, why are fossil fuels still prevalent?

Back 26

Costs are the reason it is not implemented since the cost of investing in energy infrastrcuture and day to day energy supply is expensive. Barriers- social and political.

Front 27

How is the issue of renewable resources vs fossil fuels expected to change

Back 27

Economic factors already moving us in renewable energy direction due to renewable being able to compete with fossil fuels in terms of financial terms. Costs are expected to decline.

Front 28

What is a demand side policy to reduce consumption of fossil fuels?

Back 28

Demand side policy- decrease demand for "bad" energy sources and switching to more efficient options. Ex. LEED certified buildings

Front 29

What is a supply side policy?

Back 29

Decrease production of "Bad" energy sources and increase production of the "good" ones. Ex. Tax consumption of fossil fuels set and enforce renewable energy targets.

Front 30

What are current trends in global fisheries in terms of exploitation?

Back 30

13% fish stocks classified as non-fully exploited- harvest levels below MSY

57% were fully exploited- harvest levels are at or near MSY

30% overexploited catch levels above MSY

Front 31

Why are fisheries being depleted so rapidly?

Back 31

Due to overfishing creating a higher death rate. Depletion of one species can lead to irreversible change in ocean ecology affecting ecological niche.

Front 32

What are key challenges for establishing a sustainable fishery

Back 32

-Precautionary principle: policies should account for uncertainty by taking steps to avoid or control problems before occurring. (limit total catch, establish data collection and reporting systems, minimizing bycatch)

-Ecolabelling, certification, subsidies

Front 33

Mean annual increment?

Back 33

MAI. Average growth rate of a forest= total weight of timber/age of forest.

Front 34

How does MAI influence harvest decisions

Back 34

finding out how to maximize full potential of harvesting and highest annual revenue over time and balance out effective management.

Front 35

Why would forest harvest time decrease when we include discounting in the planning process?

Back 35

?

Front 36

WHat are supply side policies to reduce deforestation?

Back 36

-secure property rights: incentivize for conservation & sustainable managing

- positive externalities: soil erosion prevention, water quality protection, carbon sequestation, maintaining biodiversity

-Full pricing of forest concessions

-Reconsider lower cost of sale of timber resources by govt subsidies

-account for negative externalities (Social costs)

-account for total economic value of forest

Front 37

What demand side policies can reduce deforestation?

Back 37

-Reduce demand for virgin resources

-increase the price for virgin products

-reduce the price of recycled products

-consumer education: sustainable/eco-friendly certification programs FSC

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Front 38

Pros of privatized water management?

Back 38

access to portable/piped water supplies and increase in community sanitation in low income areas, could establish customer facilities to encourage communities to discuss and participate to resolve their conerns

Front 39

Cons of privatized water management

Back 39

Private company able t