Question

Explain ways in which ownership of physical/ environmental resources is important in determining how they are used

Answer 1

Answer:

People buy a good, they own the good, they decide how to use it. People own a resource, they have the resource, they decide who can buy it. Combined ownership and control is important to the efficient allocation of resources.

Explanation:

Answer 2

Ownership of physical or environmental resources is important in determining how they are used. This can be explained as follows.

• Physical resources are very much limited in the nature. With the fast growing rate of population the resources are depleting day by day.
• The worse part is that, resources are being misused daily.
• To stop this misuse of resources, we need to own up for our misdeeds and undo the unnecessary use of the environmental resources.
• Ownership of the resources decides how a person wants to use the resources of the environment and go for a sustainable development.