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The Application of Project Analysis to Natural Resource Decisions

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Type: Working Paper
Author: Easter, K. William
Date: 1980
Agency: University of Minnesota, Minneapolis, MN
Series: WRRC Bulletin 103
URI: https://hdl.handle.net/10535/3991
Sector: General & Multiple Resources
Subject(s): natural resources
resource management
Abstract: "A resource is said to be 'scarce' if there are competing uses for it. That is, if there is enough of a resource that one use does not preclude any other use, then there is no scarcity problem. Therefore most resources have some degree of scarcity and, hence, decisions must be made regarding their use. "A resource which is available in such abundance that it is available in unlimited quantity for any use is known as a free resource. It is difficult to think of examples of 'free resources'. Certain 'gifts of nature', such as sunshine are sometimes thought of as free goods. However, even most 'gifts of nature', are scarce relative to demand for them."

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