Briefly discuss about the necessities of resources with examples
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Resources are helpful in many way such as natural resources are added value and used as efficient products that help human in surviving. Natural resources are helpful for other living organisms in surviving. Without resources such as land, water ,air one cannot develop agriculture and industry. They also increase the socio-economic development of any area or country.
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Resources such as fossil fuels and minerals are considered “non-renewable resources” since they are irreversibly depleted as they are extracted for use. Other resources, such as fish and timber, are “renewable resources” and will be replenished if managed well.
Some natural resources, such as oil and natural gas reserves, may be associated with particular properties. Other resources, such as whales , migratory birds or fish, or clean air are not fixed to particular properties. According to economic theory, the private ownership of natural resources tends to produce more efficient extraction and consumption because of the profit motive, which leads to realistic pricing and careful management. On the other hand, when natural resources are not privately owned, there is a greater tendency for their being over-exploited, as individual parties compete for them. This overuse, sometimes to the point of destruction, has been termed the “tragedy of the commons.” However, in both cases, there is danger of inefficiency and over-harvesting of the natural resources when individual parties, in their exploitation or use of the natural resources, fail to consider the broader needs of others in society or the needs of future generations.
A well-known paradox is the fact that abundant natural resources, under some defined circumstances, may actually correlate with poor state development, such as seen in the Democratic Republic of Congo or Nigeria.
hope it helps you
Here is ur answer,
Resources such as fossil fuels and minerals are considered “non-renewable resources” since they are irreversibly depleted as they are extracted for use. Other resources, such as fish and timber, are “renewable resources” and will be replenished if managed well.
Some natural resources, such as oil and natural gas reserves, may be associated with particular properties. Other resources, such as whales , migratory birds or fish, or clean air are not fixed to particular properties. According to economic theory, the private ownership of natural resources tends to produce more efficient extraction and consumption because of the profit motive, which leads to realistic pricing and careful management. On the other hand, when natural resources are not privately owned, there is a greater tendency for their being over-exploited, as individual parties compete for them. This overuse, sometimes to the point of destruction, has been termed the “tragedy of the commons.” However, in both cases, there is danger of inefficiency and over-harvesting of the natural resources when individual parties, in their exploitation or use of the natural resources, fail to consider the broader needs of others in society or the needs of future generations.
A well-known paradox is the fact that abundant natural resources, under some defined circumstances, may actually correlate with poor state development, such as seen in the Democratic Republic of Congo or Nigeria.
hope it helps you
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