Final answer:
Mineral resource reserves are economically and legally extractable materials from the earth's crust, with supply determined by the reserve size and consumption rate. Key factors include technology, which impacts extraction efficiency, and economics, which affects extraction costs.
Step-by-step explanation:
The reserves of a mineral resource refer to the identified and undiscovered materials in the earth's crust that are economically viable and legally extractable with current technology. The supply of a nonrenewable mineral resource, such as fossil fuels or precious metals, is primarily determined by two factors: the amount available in reserves and the rate at which we consume these resources.
Technology is a critical factor in determining supply, as advancements can lead to more efficient extraction methods or the discovery of new reserves. Furthermore, economic factors influence supply by impacting the cost of extraction and processing, which can either encourage or discourage mining activities and the development of alternatives.
To recapitulate, nonrenewable resources like fossil fuels and nuclear power are consumed at a rate quicker than their natural replenishment, emphasizing the need for alternative energy sources. Petroleum, for instance, could run out by the year 2055, and coal could last until approximately 2250, demonstrating the critical nature of exploring and adopting sustainable energy solutions.