Final answer:
A nonrenewable mineral resource supply that is economically feasible for extraction is the amount of the resource that can be profitably used given current technology and market conditions. This includes finite resources like fossil fuels and nuclear power, which are being consumed faster than they can be replenished and become increasingly difficult to extract as easily accessible deposits are depleted.
Step-by-step explanation:
The supply of a nonrenewable mineral resource that is economically feasible for extraction refers to the amount of a natural resource that can be accessed and used profitably, given the current technology and market conditions. Nonrenewable resources, such as fossil fuels (petroleum, coal, natural gas) and nuclear power (using uranium), exist in finite quantities and are being consumed much faster than they are formed by natural processes. For example, the reserves of oil might only be sufficient to meet our needs until around the year 2055, with natural gas and coal following in depletion.
Due to the finite nature of these resources, the extraction process becomes more difficult and expensive as the easier-to-access deposits are depleted, pushing us towards exploiting more challenging and less accessible reserves. Furthermore, the limited availability of extraction machinery and technological factors, like the depth at which oil can be feasibly extracted without it turning into gas, also limit how quickly these resources can be brought to the surface.
The concept of the R/P ratio, which stands for reserves to production, is often used to forecast how long a nonrenewable resource will last. However, we may encounter physical limits to extraction rates, or supply-rate limitations, before the R/P ratio suggests depletion. It is also crucial for society to explore alternative energy sources and enhance the efficiency of resource use to prolong the lifetime of these nonrenewable resources and prepare for a future where renewable energy plays a primary role in meeting our energy needs.