Difference Between Renewable Resources And Non Energy Resources

2. Total revenue falls as the price of a good is raised, if the demand for the good is ( )

The first factor is the availability of substitute goods, which are goods that can be utilized instead of the original good. If there is a substitute good available, the demand is likely to change more because people can buy different products. On the contrary, if an item has few substitute goods, it may not gain or lose customers. In Canada, Nike shoes have lots of substitute goods like Adidas

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.

Supply is the total amount of a specific good that is available to the consumers. The supply of lobsters depends on the ocean temperature and since the ocean temperature is increasing, lobsters may once again come in a couple more weeks earlier than usual. In 2012, this caused the quantity of lobster to increase significantly, thus the supply curve shifted to the right. The shift caused the equilibrium price to decrease and the quantity to increase. On the other hand, if the ocean temperature is too low, then the lobster production rate is lowered. The supply curve will then shift to the left and cause the equilibrium price to increase and the quantity to decrease. The lobsterman cannot control the supply of lobsters since the production depends on the temperature. Another economic topic that came to my mind is the demand of a product. Demand is a consumer’s willingness to pay a price for a specific good. The demand curve would shift to the right if the price of the lobsters decreases due to mass production and vice

Price of other goods: there are two types of other products. First a substitute product which consumer will prefer because it is cheaper. The other type is complementary products which are always bough together (e.g. fish and chips). Example of substitute product is if Nike increased prices, Adidas demand will increase.

Nonrenewable energy sources are sources, such as fossil fuels like coal, which are extracted from the earth and cannot be replenished quickly. Renewable sources of energy are sources that there is a seemingly endless supply and/ or can easily be replenished, such sources are solar, wind and water to name a few. Commercial electric generation came about in the late 19th century and was

The market price of a good is determined by both the supply and demand for it. In the world today supply and demand is perhaps one of the most fundamental principles that exists for economics and the backbone of a market economy. Supply is represented by how much the market can offer. The quantity supplied refers to the amount of a certain good that producers are willing to supply for a certain demand price. What determines this interconnection is how much of a good or service is supplied to the market or otherwise known as the supply relationship or supply schedule which is graphically represented by the supply curve. In demand the schedule is depicted graphically as the demand curve which represents the

For instance, if someone's income grows, then his demand for goods will increase, shifting his demand curve to the right. This will lead to a higher quantity being consumed at a higher price, ceteris paribus. Conversely, there can be a negative effect that shifts the supply curve to the left where a lower quantity is consumed at a lower price, ceteris paribus. This can occur when the price of substitutes falls or consumers begin to lose their taste for the product.

When quantity supplied do not equal quantity demanded the outcome is either excess supply or excess demand, and a tendency for price to change. As this happen the consumers will increase their quantity demanded, and the movement toward equilibrium caused by excess supply is both the supply and demand sides. When the excess supply occur quantity supplied is greater than quantity demanded. While the reverse of excess demand quantity demanded is greater than quantity supplied. The excess demand pushes prices upwards in decreasing the quantity demanded and increasing the quantity supplied. This movement takes place along both the supply curve and the demand curve.

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).

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.

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

Figure 2 demonstrate how any change in one of the other determinants causes demand to rise or to fall by shifting the whole curve to the right or the left. Other factors that determinates of demand

   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