Natural resources- definition, characteristics and classification of natural resources. Historical development of natural resource economics, major natural resource issues, role of economics in natural resource planning, policy formulation and management. Common property resources. Time and spatial analysis in use of renewable and nonrenewable natural resources. Natural resource accounting. Natural resource scarcity, measures to mitigate resource scarcity, individual utility and the social welfare function. Sources of inefficiency in natural resource use-market behaviour, property rights and government policies. Allocation of renewable and non-renewable resources under various market structures citing examples of fisheries, forests, water resources and land resources. Natural resource planning and management
