ABSTRACT
The utilization of all natural resources is influenced directly by our economic system. Although some individual resource users act from altruistic motives, most private decisions about resource use are influenced by a desire for economic gain. Farmers, ranchers, and private commercial owners make capital investments and carry out year-to-year operations with the prospect of annual income and, in many cases, long-term capital gains. Much of the dissatisfaction with economic policy and the interplay of economic forces is manifested in concern for natural resources, both renewable and nonrenewable. Resource conservation is commonly defined as the use and management of a resource to produce the greatest good for the greatest number over the longest time. The costs and returns faced by a natural resource manager have a direct impact on resource use and production decisions. Price relationships on both sides of the ledger are critical in deciding first, what product to produce, and second, the level of production.
