Question

how the value of resources is measured?​

Answer 1

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• Use Value – Can be split into Direct and Indirect use values: Direct use value: Obtained through a removable product in nature (i.e. timber, fish, water). Indirect use value: Obtained through a non-removable product in nature (i.e. sunset, waterfall). Non-use value – Values for existence of the natural resource.

Answer 2

Answer:

For resources traded in markets such as oil, land, timber, and crops, the value of small quantities of market goods can be measured by their observed price. In competitive markets, prices reflect both the marginal cost of producing the good to suppliers and the marginal value to consumers.