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Conservation of natural resources requires investments of money, time, and effort by the government, businesses, landowners, conservation organizations, and the general public. Policies to conserve and manage natural resources should be based on a careful accounting of both the benefits and costs of conserving these resources. In a prior EDIS document, cost-benefit analysis and the role it plays in natural resources management and policy was discussed. This document extends that previous discussion by presenting more detailed information about how economists categorize the benefits of natural resources. This 4-page fact sheet was written by Elizabeth Pienaar and published by the UF Department of Wildlife Ecology and Conservation, December 2013.