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Natural Resource Economics
Economics in its broader sense deals in the distribution, production and consumption of goods and services in the most efficient way. It tries to explain how goods and services can be distributed or allocated to effectively meet the needs and demands of the market. Natural resource economics is slightly similar to this broader economic perspective, in that it seeks to efficiently allocate the earth’s ‘goods and services’ to meet the needs and demands of the economy. These ‘goods and services’ are the earth’s natural resources. The only difference between economics and natural resource economics is that natural resource economics tries to allocate earth’s natural resources, as compared to the goods and services, which economics tries to allot (Prato 1998, p. 19). This paper discusses natural resource economics, its importance, its rules and its benefits.
Natural Resource Economics Overview
Natural resource economics in actual sense is a subset of the economics’ theory, concerned with the demand, supply, allocation and economic use of the earth’s natural r…
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