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Acknowledging how economics can help us conceptualise some general problems in the allocation of resources involving the biosphere and the environment is gradually becoming essential in the present world. The area of the Earth not modified by the activities of humans is now extremely small and continues to shrink so that the reduced availability of natural areas is now a global concern. This paper discusses the ideas and economics of conservation, utilisation and management of natural biological resources while dealing with economic factors that should be considered in devising appropriate policies for the same. Such factors become increasingly important as our biological resources become scarcer from an economic point of view. Human welfare and its continuing existence invariably depend upon the living environment as, apart from anything else, other species are biologically essential for human existence, for example, via the food chain. As such, biological resources should be taken into account in socio-economic planning and evaluation of economic systems.
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