Explain resources with its characteristics and explain dynamic nature of resources.
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Two characteristics of outputs are important in creating incentives for how a resource is managed. The first characteristic is the feasibility of exclusion and the second characteristic is the nature of consumption
THE FUNCTIONAL THEORY OF RESOURCES (A Dynamic Concept) There is great controversy about the meaning and definition of resources. The exponent of old and static school hold that naturalphenomena are all resources. They are already in the realm of nature and are fixed or static. Resources are not made or created.
THE FUNCTIONAL THEORY OF RESOURCES (A Dynamic Concept) There is great controversy about the meaning and definition of resources. The exponent of old and static school hold that naturalphenomena are all resources. They are already in the realm of nature and are fixed or static. Resources are not made or created.
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At chemical equilibrium state, the rates of the forward and the backward reactions are equal and the concentrations of the reactants and the products reach constant values. At chemical equilibrium the reaction still continues to take place in both the directions with the same rates. The reactants continue to form the products while the products also continue to form the.reactants. Because of such a situation at the equilibrium state in the reaction system, the chemical equilibrium is called a dynamic equilibrium
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