Basic Problems of An Economy — Flashcards

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Resources refer to all the materials available in our environment which help us to satisfy our needs and wants. Anything that helps meet human wants can be treated as a resource.

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A thing can be a resource if it satisfies wants, even if it has no economic value. For example, some things may be useful for comfort or beauty, not only for earning money.

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A thing has economic value when it can help people earn income, produce goods, or satisfy wants in a useful way. Utility gives a thing worth and can turn it into a resource.

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Resources are generally classified into natural resources, man-made resources, and human resources. Natural resources come from nature, man-made resources are developed by humans, and human resources …

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Natural resources are the contribution of nature. Whatever exists in nature and is usable by humans is a natural resource, such as air, water, plants, animals, land, rocks, and minerals.

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On the basis of origin, natural resources are classified into biotic resources and abiotic resources. Biotic resources come from living beings, while abiotic resources are non-living things.

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Biotic resources are substances obtained from living beings. They include vegetation, birds, domestic animals, wildlife, and humans. Biotic resources are renewable because they can multiply and are re…

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Man is a biotic resource because human beings are living beings. Humans also use intelligence to transform natural substances into usable resources, so human resource is very important.