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Chapter 11 Market Failures and Abiotic Resources • 209BIG IDEAS to remember■Classification of eight naturalgoods and services: fossilfuels (nonrenewable stock),minerals (partially recyclable,nonrenewable stock), water(nonrenewable stock, recyclable),solar energy (indestructiblefund), Ricardian land(indestructible fund), renewableresources (renewablestock), ecosystem services(renewable fund), waste absorptioncapacity (renewablefund)■■■■■■■■■■Stocks (depletion), funds(depreciation)Renewable, nonrenewableRival, nonrival, excludable,nonexcludableExtraction cost, marginalextraction costExternal costs, marginalexternal costsUser cost, marginal user costRoyaltyHotelling rulePrice as problematic measureof resource scarcityHenry George

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