technology

• FPO

  • Factor: it significantly influences the perception of what is considered a resource
  • Process: it affects the extraction, utilisation and value of various elements from the environment
  • outcome: as technology advances and extraction becomes more cost-effective, more resources are available and can be extracted, leading to an increase in resource availability. This leads to increased consumption and demand of resources 
• Example

  technology influences the cost of extraction of resources. In the 1960s and 1970s, some of the oil and gas identified in the North Sea could not be extracted due to the cost of technology, and the relatively low price of oil and gas. Today, as demand for oil and gas increases, price will rise and provide an incentive to invest in building access to these oil and gas resources and reserves