Differentiate between a resource and a reserve. Provide an example of the economic importance of this difference
A resource is a naturally occurring concentration of solid, liquid, or gaseous material in or on Earth's crust in such form and amount that economic extraction of a commodity is currently or potentially feasible. In other words, this is the total amount of a commodity whether discovered or not. A reserve is that part of the resource base that can be economically recovered.
One example of the economic importance of this difference is in the price of gold. The price of gold is now more than $1,400 per ounce, making it profitable to open mines that were closed when the price was lower. Higher profits due to higher prices make the higher extraction costs practical. Another example is that of sand and gravel, which are essential to the construction industry. But supplies must be nearby because shipping them very far is too expensive and, therefore, not economically feasible.
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