Difference Between Renewable Resources And Non Energy Resources

Independent: the demand for the item is independent for the demand for any other item in inventory (EOQ)

Demand refers to the quantity of products people are willing and able to purchase during some specific time period, all other relevant factors being held constant. Price and quantity demanded stand in a negative (inverse) relationship: as price rises, consumers buy fewer units; and as price falls, consumers buy more units (Stone 75).

(Click Slide). Renewable resources are those that be replenished naturally and over a short period of time. Examples of these include wood and water. Non-renewable resources are those that are available in limited supply. Common non-renewable resources are crude oil and coal. If resources are over-consumed and not managed sustainably, they will be depleted.

Nonrenewable resources are more scarce because there is only limited supplies. An example of nonrenewable resource

To Conserve natural recourses means to use them wisely. We need to conserve our natural resources, therefore we can’t use too much of them. Many of the natural resources we use in our everyday life are non-renewable. I’m talking about things like coal, oils, and natural gases. Non-renewable means that they take a long time to form, but we are using them very quickly.

Scarcity shows us the basic economic problem, where humans have unlimited wants, yet there are only finite amount of resources. Therefore, there are not enough resources to fulfill these unlimited needs. One real world example of a scarce resource is coal. Coal is a resource used for fossil fuel and is a combustible rock. Coal is used for “electricity generation, steel production, cement manufacturing and as a liquid fuel”. As you can see there are many uses for coal, thus there will be companies needing as much coal as they can get, however there is only a finite amount for everyone, therefore it must be allocated correctly in order to satisfy those needing coal for self interest and their own objectives.

1. A resource is a substance in the environment that is useful to people, is economically and technologically feasible to access, and is socially acceptable to use.

History has explained the fact that at one point in time, the earth's natural resources had no limit. Raw materials were plenty, because of the fact that there were plenty of natural resources to go around. Natural resources can be identified as the raw materials that comes from the earth and are useful. Natural resources can never be made by humans. Athough, these raw materials can be modified, or altered to benefit corporations and businesses. For example, natural resources are fossil fuels like petroleum, natural gas, and coal. Minerals like diamonds, gold, and copper are natural resources that come from the earth. Other resources are known as natural vegetation, like forests and timber. Animals are our earth's natural resources as well, like salmon, deer, whales, chickens, etc. The air we breathe, and the wind are all also natural resources. Water, like lakes, rivers and

Energy comes in the form of renewable or non-renewable energy. Renewable energy resources include wind, solar, water, biomass and geothermal. These resources are some of which will not run out because they are natural resources of the earth. Solar energy comes from the sun, wind energy from the wind geothermal from deep within the earth and so on. Non-renewable resources are fossil fuels such as coal, oil and natural gases. These cannot be replaced so eventually we will run out and have to rely on renewable energy. Non-renewable energy makes up 86 percent of Australia’s energy with the other 14 percent being renewable energy. 73 percent of Australia’s energy is using coal while, 13 percent is natural gases, 7 percent is hydropower, 4 percent is wind, 2 percent is rooftop solar and 1 percent is biomass.

Supply and demand is a fundamental element of economics; it is the main support system of a market economy. Demand can be interpreted by the quantity of a product or service a consumer is desired to acquire at a given time period. Quantity demanded is the amount of product consumers are willing to purchase at a given price; the relationship between price and quantity demanded is commonly known as the demand relationship. Supply however, accounts for how much a market produces for consumers. The quantity supplied refers to the actual amount of a certain good firms are willing to supply to consumers when receiving a certain price. Having limited resources we all have to

The amount of a natural resource that a region or deposit has is classified either as a reserve or as a resource. Reserves of natural resources are the volume of natural resource that is economically and commercially exploitable with available technology. Resources are the total volume of natural resources present in the system or region, but may not be exploitable with current technology or economic evaluations. Resources may turn into reserves and reserves may turn into resources, dependent upon current market prices. (Owen, Inderwildi & King, 2010).

   We can view the renewability of natural resources as a continuum (Figure 1.1). Some renewable resources may turn nonrenewable if we overuse them. For example, overpumping groundwater can deplete underground aquifers and turn a lush landscape into a desert. Populations of animals and plants we harvest from the wild may be renewable if

Supply and demand is perhaps one of the most fundamental concepts of economics and it is the backbone of a market economy. Demand refers to how much (quantity) of a product or service is desired by buyers. The quantity demanded is the amount of a product people are willing to buy at a certain price; the relationship between price and quantity demanded is known as the demand relationship. Supply represents how much the market can offer. The quantity supplied refers to the amount of a certain good producers are willing to supply when receiving a certain price. The correlation between price and how much of a good or service is supplied to the market is known as the supply relationship. Price, therefore, is a reflection of supply and demand.

Scarcity is where the human want for a resource outweighs the supply available. This can be related to economic resources as the level of scarcity will manifest in a resources price. Scarcity affects everyone, and the study of economics is based upon how to satisfy the unlimited wants of society by deciding how to best allocate the limited resources.

Renewable resources are also known as alternative energy sources. Alternative Energy is any source of energy that can be renewed (Issit). Renewable Energies include hydrogen fuel, biomass fuel, hydropower, solar power, geothermic energy, and nuclear power. Hydrogen fuel is an amalgamation of hydrogen and oxygen which is used to produce electricity (Issit). Biomass fuel is made from materials which have already been used, such as compost, and can be used to generate electricity (Issit). Hydropower can be created through moving water or wind to generate electricity (Issit). Using sunlight to produce electricity is called solar power (Issit). Geothermic energy is energy made by the heat under the earth’s mantle (Issit). Nuclear power is