Answer to Question #162794 in Economics for Victoria

Question

As a rule population grows so will the demand for more resources and consumer goods what do you think will happen to the price resources are limited supplies such as gasoline or some type of metal what my individuals businesses and government do to try to raise people standards of living while keeping prices are reasonable levels

Answer 1

Natural resources are valued by promoting goods and services that will be provided to society. Ecosystems are valued for the movement of services they provide, allowing, in addition to

other things, to continue the movement of natural resources. The value of resources such as wood, fish, and mineral resources can be quantified in monetary terms, while social transformations that cannot be marketable, such as nutrient cycling and water filtration, cannot be directly quantified in monetary terms. However, even estimating resource resources requires complex judgments, since current market prices may not reflect losses of natural capital due to ecosystem degradation or the reproduction of non-renewable resources. Moreover, different stakeholders may place competing importance on resources and ecosystems, which further complicates their assessment.