1. What do you understand by the term
resource'?
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Answer:
A resource is a source or supply from which a benefit is produced and that has some utility. Resources canbroadly be classified upon their availability — they are classified into renewable and non-renewableresources. ... An item becomes aresource with time and developing technology.
Answer:
A resource is a source or supply from which a benefit is produced and that has some utility. Resources can broadly be classified upon their availability — they are classified into renewable and non-renewable resources. ... An item becomes a resource with time and developing technology.The following are the four basic types of economics resources: Land – natural resources such as iron ore, gold, diamonds, oil, etc. Labor – human resources such as wage-earning workers.
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