What is the difference between a resource and a reserve quizlet?
What is the difference between a resource and a reserve? A resource refers to any mineral concentration that has the potential to be extracted and sold for a profit, while a reserve actually has been identified and is economical.
What is a reserve?
reserve. noun, often attributive. Definition of reserve (Entry 2 of 2) 1 : something reserved or set aside for a particular purpose, use, or reason: such as. a(1) : a military force withheld from action for later decisive use —usually used in plural.
How does a resource become a reserve?
Answer: The resource become a reserve due to the change in its utility and value. It is because the ultimate use of a mineral reserve is either to be physically worked out or made non-viable because of the changing economic, environmental, technological, and social circumstances.
What are geologic resources?
• Geologic resources are valuable materials of. geologic origin that can be extracted from the Earth. – Many geologic resources originate in the hydrosphere. • Petroleum and coal come from organisms that lived and. died in water.
What are the examples of reserve resources?
The resources which are available and accessible but arent yet being used properly and are conserved and used judiciously for the future are called reserve resources. Examples are river water can be used to generate hydroelectric power but till now their use has been limited.
What does Ore mean?
noun. a metal-bearing mineral or rock, or a native metal, that can be mined at a profit. a mineral or natural product serving as a source of some nonmetallic substance, as sulfur.
What are the 3 types of reserves?
Types of Reserves:
- General Reserves: These are those which are generally created without any specific purpose.
- Specific Reserves: These are those which created for some specific purpose and can be used only for those specific purposes. …
- Revenue and Capital Reserves: This classification is done according to the nature of profits.
Is reserve an asset or liability?
In financial accounting, “reserve” always has a credit balance and can refer to a part of shareholders’ equity, a liability for estimated claims, or contra-asset for uncollectible accounts. A reserve can appear in any part of shareholders’ equity except for contributed or basic share capital.
Why can’t a bank lend out all of its reserves?
The volume of excess reserves in the system is what it is, and banks cannot reduce it by lending. They could reduce excess reserves by converting them to physical cash, but that would simply exchange one safe asset (reserves) for another (cash). It would make no difference whatsoever to their ability to lend.
What are the two types of reserves?
There are two main kinds of reserves: revenue reserves and capital reserves. They are taken from different sources of income and are usually set aside for different purposes.
What are the two main characteristics of resources?
Resources characteristics: Resources have three main characteristics namely 1) Utility, 2) Limited availability, 3) Potential for depletion or consumption. Scarcity is the fundamental economic problem of having humans who have unlimited wants and needs in a world of limited resources.
What are the 3 types of mineral resources?
Minerals in general have been categorized into three classes’ fuel, metallic and non-metallic. Fuel minerals like coal, oil and natural gas have been given prime importance as they account for nearly 87% of the value of mineral production whereas metallic and non-metallic constitutes 6 to 7%.
What are 3 renewable resources?
Renewable resources include biomass energy (such as ethanol), hydropower, geothermal power, wind energy, and solar energy. Biomass refers to organic material from plants or animals. This includes wood, sewage, and ethanol (which comes from corn or other plants).31 мая 2019 г.
Is coal a geological resource?
Coal is a combustible sedimentary rock formed from ancient vegetation which has been consolidated between other rock strata and transformed by the combined effects of microbial action, pressure and heat over a considerable time period. Brown coal (lignite) has a low energy and high ash content. …