3. What is your understanding of economic valuation of natural resources? Briefly describe the instrumental and...

3. What is your understanding of economic valuation of natural resources? Briefly describe the instrumental and intrinsic values as typologies of economic valuation.

Expert Solution

striving to put environmental goods and services and the natural goods, resources at monetary terms.it is an indicator which supplies the information about the different values of environmental goods and environmental services.the five economic values which are taken into consideration are:1) efficiency 2) speed 3) reliability 4) case of use 5) flexibility 6) status
7) emotions 8)cost
Instrumental value means such value of environmental resources which have a valuable end.these include a wide range of values ranging directly from use of food and use of timber species till the unuse of different values of cultural and spiritual.it includes estimates of damages of natural resources and assessment of the same.Intrinsic values refer to the values for ownself despite of the utility for anyone else.environmental resources existed structure and process compose the intrinsic properties.humanism is an important environmental resources having intrinsic values

Rahul Sunny answered 2 years ago

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