Question

12. All economic activities that directly involve conversion of natural resources are
classified under
(a) secondary sector
(b) primary sector
(c) tertiary sector
(d) government sector
​

Answer 1

Answer:

Natural resource economics focuses on the supply, demand, and allocation of the Earth’s natural resources.

Every man-made product in an economy is composed of natural resources to some degree.

Natural resources can be classified as potential, actual, reserve, or stock resources based on their stage of development.

Natural resources are either renewable or non-renewable depending on whether or not they replenish naturally.

Natural resource utilization is regulated through the use of taxes and permits. The government and individual states determine how resources must be used and they monitor the availability and status of the resources.