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Microeconomics Of Coal

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Coal is a vital and important resource all over the world. The main use of coal is to generate electricity to homes, buildings, and industries; steel production and cement manufacturing are big parts of coal mining as well. Just five countries: Japan, USA, India, Russia, and China, use up 76% of coal use. There are many different types of coal such as: Steam Coal, which is known as thermal coal is used for power generating and Coking Coal, which is known as “metallurgical coal”, is used in steel production. Those are just two of the individual coals. If you are looking to mine for coal, Asia is your spot, having 67% of the total global coal manufacturing. (Uses of Coal | Coal Use | World Coal Association, no date) Spodumene is a fairly …show more content…

World demand for minerals will be affected by three general factors—uses for mineral commodities, the level of population that will consume these mineral commodities, and the standard of living that will determine just how much each person consumes. In the late 20th, and early 21st century, Turkey, Chile, Taiwan, United States, and Korea had the biggest changes per capita in mining around the world. This causes cost to rise, depending on where the metal or minerals are mined from. For example mining Europe, if the cost is going to be cheaper, than in the United States or Turkey. This causes countries to mine in foreign places to get cheaper products-to sell for more, therefore making a profit and keeping the economy going uphill. (Kesler, no date) Here is an insight on local mining history in Missouri. Native Americans were the first to mine, but the French were the first white men. For the next sixty years, only desultory mining was done in Missouri. In the late eighteenth century, Moses Austin reached Missouri. He established his family, and worked the rest of the years of his life to lead mining in Missouri. Austin constantly found new and better methods of mining and its development. (Mining History in Missouri with Missouri Industry Council of Missouri, no

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The Role of Coal in Creating our Modern World Throughout history coal has been a valuable resource that many people have depended on. For centuries people have been exploiting coal’s most evident and beneficial property-the ability for it to burn. Though the entire world has felt the impact that coal has had on our current ways of life, the role that it played in shaping the United States is especially important. For many years coal has been used as a reliable power source to provide electricity to millions of electronic devices from the cell phones in people’s pockets to the subway systems buried beneath our large cities.

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