How the values of resources are determined? (Class 8)
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Explanation:
The utility of natural resources are determined by the value of resources, time, technology, human skills and the cost of processing a natural resources.
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Answer:For resources traded in markets such as oil, land, timber, and crops, the value of small quantities of market goods can be measured by their observed price. In competitive markets, prices reflect both the marginal cost of producing the good to suppliers and the marginal value to consumers
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