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Utility and value of a resource varies from time to time and place to place. Time and technology are the two factors that change the value of substances and make them resources.
Time: With new technology, the resources hitherto available can gain new utility and hence value. For example, in the case of solar power - though sunlight was freely available, sunlight had no utility in terms of generating power, before the advents in solar technology. However, with the development in solar power technology, sunlight now has much higher utility
Place: The value of resources varies from place to place. The resources that are plentifully available in a region are consumed abundantly, and people of the region may attach lower value to such resources. The same resource are consumed scarcely in places where they are not found amply. The value of the same resource in two such places will be different. For example, the price and the value of oil in UAE are much lower than that of India since UAE has much higher reserves of the resource.
hi mate ❤
ques.
Utility and value of resource vary from time to time and place to place.
ans;
time to time
as right now we have adequate amount of resources and we can utilize them..
but after some years we may face some problems regarding the amount of resources.
Place to place.
jharkhand and chattisgarh have adequate facilities of coal but haryana and punjab do not have coal mines.
hope this helps ❤