Land is a resource that has largely been misused and taken for granted. Land is continually improperly utilized. Obviously, the supply of land is fixed. Because of this fact, economists refer to land as producing economic rent. Under or over allocation of land for less than optimal economic uses has led to economic waste, social injustice, and political turmoil.
Nonrenewable resources (such as oil, natural gas, and coal) or the uses or misuses of these resources have also led to economic waste, environmental damage, and social injustice.
(A) Why is the proper use of land and non renewable resources important to the global economy?
(B) What is the primary benefit of proper land and non renewable resource management and utilization to a business?
(C) If the land and non renewable resource are mismanaged, what is the impact on the business?