explain the classification of resources on the basis of their economic use?
Answers
A resource is a source or supply from which a benefit is produced. Resources can be broadly classified on the basis upon their availability they are renewable and non renewable resources. They can also be classified as actual and potential on the basis of level of development and use, on the basis of origin they can be classified as biotic and abiotic, and on the bases of their distribution, as ubiquitous and localized( private resources ,community own ,resources ,natural resources ,international resources) .An item becomes a resource with time and developing technology. Typically resources are materials, energy, services, staff, knowledge, or other assets that are transformed to produce benefit and in the process may be consumed or made unavailable. Benefits of resource utilization may include increased wealth or wants, proper functioning of a system, or enhanced well being. From a human perspective a natural resource is anything obtained from the environment to satisfy human needs and wants.[1] From a broader biological or ecological perspective a resource satisfies the needs of a living organism (see biological resource).[2]
The concept of resources has been applied in diverse realms, with respect to economics, biology and ecology, computer science, management, and human resources, and is linked to the concepts of competition, sustainability, conservation, and stewardship. In application within human society, commercial or non-commercial factors require resource allocation through resource management.
Resources have three main characteristics: utility, limited availability, and potential for depletion or consumption. Resources have been variously categorized as biotic versus abiotic, renewable versus non-renewable, and potential versus actual, with more elaborate classification.
i) Potential Resources - These are resources that have been found in a region but not yet been fully utilised.
ii) Developed Resources - These are resources which have been surveyed and their quality and quantity have been determined for utilisation. The development of these resources depends upon technology and feasibility.
iii) Stock- Stock are the materials in the environment which have the potential to satisfy human needs. However, human beings do not have the appropriate technology to access these resources.
iv) Reserves - These are stocks of resources that can be put to use with existing technology. However, their use has not yet been started. They can be used to meet future requirements.