Asked by Alexandria Russell on Jun 05, 2024
Verified
What can we do when a resource is economically depleted?
A) find new reserves of the resource
B) develop substitutes for that resource
C) increase the price of the resource
D) use a common-property approach
Economically Depleted
A situation where a resource becomes scarce or costly to extract or harvest, making it no longer viable or profitable.
Common-Property Approach
A management principle treating resources as collective assets to be shared and used by a community or society rather than privately owned.
Develop Substitutes
Involves creating alternative solutions or products to replace existing ones, enhancing sustainability or addressing scarcity.
- Explore strategies for managing resource depletion.
Verified Answer
JC
Jaelle CassaraJun 10, 2024
Final Answer :
B
Explanation :
When a resource is economically depleted, finding new reserves of the resource is not always possible or feasible. Increasing the price of the resource may temporarily decrease demand but it also makes the resource more expensive and less accessible to those who cannot afford it. Using a common-property approach can be difficult to implement and often results in overuse and depletion of the resource. Developing substitutes for the resource is the best option because it encourages the use of alternative resources and reduces demand for the depleted resource. This can lead to the development of new technologies and industries that are not dependent on the depleted resource.
Learning Objectives
- Explore strategies for managing resource depletion.