Question

some resource have economic value , while some don't ? explain
Answer fast

Answer 1

yeah ! its right some resources have economic value while some do not like gold ,diamond, and many other are used for economic purposes and also increase economic strength of country whereas some resources like mountain, rivers ,water flow are also resources but they don't have any economic value

Answer 2

Some resources have economic value owing to their demand and scarcity, whereas, some other resources do not have economic value owing to their abundance and negligible demand.

Explanation:

• Resources like crude oils, precious metals, Valuable minerals, etc., have a great demand from all over the world.

• These resources are fast depleting and have a limited availability. The reason these resources have high economic value is that these resources have a very high demand to supply ratio.

• Some other resources do not have much economic value because these resources are easily available and the amount of their availability is very high.

To know more:

Give two examples of resources that have economic value

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What do you understand by resources that have no economic value give an example

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