Definition of a Resource: In our quest to achieve goals, we often rely on valuable items that become essential resources. Resources, in this context, encompass everything in our environment that aids in fulfilling our needs and desires. As time progresses and technology advances, ordinary objects transform into valuable resources. When it comes to domestic resources, we’re talking about economic assets within a country’s borders. Despite their abundance or potential, these resources often remain underutilized, creating a gap between their anticipated capabilities and their real-world application.
There are three characteristics that all resources have in common:
Consumer satisfaction: This is particularly achieved through the use of resources.
Limited availability: Resources are insufficient to meet the demand.
Depletion risk: Resources gradually deplete as they are consumed.
The economy of a country is built on resources. Agriculture and manufacturing cannot be developed without land, water, forest, air, and mineral resources. They make up the natural environment, which includes air, water, forests, and a variety of life forms, all of which are necessary for the survival of the human race and development. Humans developed their world of dwellings, buildings, modes of transportation and communication, industries, and so on by harnessing natural resources. These, together with natural resources, are very beneficial, and these human-made resources are necessary for progress.
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