World3 Nonrenewable Resource Sector

The world3 nonrenewable resource sector is the portion of the world3 model that simulates the nonrenewable resources. The World3 model was a simulation of human interaction with the environment designed in the 1970s to predict population and living standards over the course of the next 100 years. The nonrenewable resource sector of the world3 model was used to calculate the cost and usage rates of nonrenewable resources. In the context of this model, nonrenewable resources were resources that there is a finite amount of on Earth, such as iron ore, oil, or coal. This model assumes that regardless of how much money is spent on extraction, there is a finite limit for the amount of nonrenewable resources that can be extracted.