how resources help us to develop the country
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If the institutions provide good protection of property rights and are favorable to productive and entrepreneurial activities, natural resources are likely to benefit the economy by being a source of income, new investment opportunities, and of potential positive spillovers to the rest of the economy.
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Explanation:
If the institutions provide good protection of property rights and are favorable to productive and entrepreneurial activities, natural resources are likely to benefit the economy by being a source of income, new investment opportunities, and of potential positive spillovers to the rest of the economy.
To simply define, resources are everything available in our environment which satisfy our needs. In fact, human beings themselves are a part of the natural resources. They develop the available natural elements and transform them into ‘resources’ for use. These are the different types of resources based on various factors:
Based on their Origin: Biotic & Abiotic Resources
Biotic resources comprise any life form that lives in nature. Like us-human beings, other animals, plants, and all flora and fauna.
Whereas, abiotic resources are available in nature too, but have no life. Like metals, rocks, and stones.
Based on their Exhaustibility: Renewable & Non-renewable
Renewable resources are elements of nature which renew themselves. Solar energy, wind, water, forests etc.
On the other hand, non-renewable resources, as the name suggests are limited for use by humans. Like fossil fuels and minerals. Though they would take millions of years to form, eventually, they would get over with continuous use.
Based on Ownership: Individual, Community, National and International
Individual resources mostly refer to land, property, plantations, farms etc. that people own. The resources that all community members use are Community-owned resources. Like farmlands, properties, pastures, public parks, playgrounds, burial grounds, picnic spots etc.
National resources are simply everything in nature or man-made that belong to the country. This includes the territory of oceans and seas. The government of the country has the right to keep, develop or utilize any or all of these resources according to their requirements.
On the other hand, institutions control and regulate the international resources. For using any resource beyond a country’s own, the respective government would need to take permission from these institutions.
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