Question

Difference between potential and actual resources

Answer 1

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Answer 2

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WHAT IS RESOURCES ?

• Any substance, living being or service that has utility ( i.e. can help us in any possible way ) is said to be a resource.

• A resource has some value. The value can be associated with money 9 i.e. you have to pay money to get it 0 , or just mental satisfaction ( eg: when you look at a beautiful painting or scenery or any drawing, it feels pleasant, so the painting and scenery and drawing has utility ).
• Examples of resources includes books, stationary material, clothes, utensils, school, water, river, electricity and so on.
• The economic value of a resource may change with time.

{ Utility means :  A substance has utility if it can be used in any possible way to satisfy our needs. }

DIFFERENCE BETWEEN POTENTIAL AND ACTUAL RESOURCES  :

$\huge{\boxed{\mathcal{POTENTIAL\:RESOURCES}}}$

1. A potential resource is not being used currently.

2. A potential resource can prove useful and become an actual resource in the future.

3. Examples : uranium deposits in Ladakh.

4. The entire quantity of a potential resource may not be known.

$\huge{\boxed{\mathcal{ACTUAL\:RESOURCES}}}$

1. An actual resource is one which we use currently.

2. An actual resource might have been a potential resource in the past. It may end up in the future.

3. Examples : Coal deposits.

4. The actual quantity of an actual resource is known.