ECONOMIC ISSUES – CHAPTER 11 RESOURCES AND RESERVES

( adapted from: Cranstone, McIntosh and Azis, 1978, p.2) Resource: anything that meets people’s needs including natural resources, human-made items, or items appreciated for their aesthetic qualities.

( adapted from: Cranstone, McIntosh and Azis, 1978, p.2) Resource supply: an accumulation of a resource from which a person or place can be provided with the necessary amount of that resource.

( adapted from: Cranstone, McIntosh and Azis, 1978, p.2) Reserves: An estimate of the amount of a resource located in a particular economic region. The resource must have the potential of being extracted using current technology.

( adapted from: Cranstone, McIntosh and Azis, 1978, p.2) Innuitian Mtns; Metallic minerals, coal are present given the geology. Voisey’s Bay (NL); Nickel deposits are present and mapped. World prices are too low at present. Canadian Shield: Diamonds, and gold are all present and can be exploited for profit –exploration. Athbasca Oil Sands: “Canada holds the world's second- largest oil reserves, taking into account Alberta oil sands previously considered too expensive to develop.” “The Oil and Gas Journal that raised Canada's proven oil reserves to 180 billion bbls from 4.9 billion bbls, thanks to inclusion of the oil sands - also known as tar sands - now considered recoverable with existing technology and market conditions.” Rense.com/general37/petrol.htm

( adapted from: Cranstone, McIntosh and Azis, 1978, p.2) The transition to a reserve, and eventually to a resource supply, lies partially in the discovery of the resource. Typically, once a resource is discovered it remains discovered.

However, there are many factors which determine whether it is economically possible to extract a resource and which may prevent it from becoming/remaining a reserve. Some of these factors include; Government subsidies Natural disasters Conflict Scientific discoveries and Technological Innovation Population Growth Monopoly The end

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