Question

What are the factors that determine the utility of any natural resource?

Answer 1

factors that determine the utility of any natural resource are
1.the state in which it occurs
2.the place where it occurs
3.the efforts needed to process it
4.the cost of processing it.

Answer 2

Factors of Natural resources:

Natural resources (first used by E.F. Schumacher in his book “small is beautiful in 1973”) are material that is readily available in its raw state on the earth’s surface or its interior- mantle/core that are of use to mankind.

Example of natural resources includes water and oil. Minerals and ores like gold, silver, bauxite, etc. Utility is what distinguishes a substance as a resource that is of benefit. The state in which the subject is available in, the place that it occurs in terms of its accessibility, the human efforts or the labour that is put in and the costs of processing it are factors that determine a factors utility.