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Answers
Q.1 How the value of resource is measured?
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.
Q.2 What do you understand by the word utility?
answer- Utility Definition – It is a measure of satisfaction an individual gets from the consumption of the commodities. In other words, it is a measurement of usefulness that a consumer obtains from any good. A utility is a measure of how much one enjoys a movie, favourite food, or other goods.
Q.3 State some of the physical factors affecting the presence of localised resources
answer 3 The factors in the physical environment that are important to health include harmful substances, such as air pollution or proximity to toxic sites (the focus of classic environmental epidemiology); access to various health-related resources (e.g., healthy or unhealthy foods, recreational resources, medical care); and community design and the “built environment” (e.g., land use mix, street connectivity, transportation systems).
Q.4 Define the term patent.
answer 4 Patents. Definition: A form of protection that provides a person or legal entity with exclusive rights for making, using or selling a concept or invention and excludes others from doing the same for the duration of the patent. A patent is a grant of protection for an invention.
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