what are the four charteristics of resources
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Answer:
1. Natural resources are valuable things found in nature. May be renewable (e.g. wind, sunlight, timber) or non-renewable (oil, coal, gold).
2. Resource development refers to improving the ability to harvest resources. For example, building mines or oil wells. May also refer to improving the infrastructure needed to harvest natural resources, such as by building roads to distant farmland.
3. Fallow land is undeveloped land. In farming this refers to land where no crops have been planted. It can be converted to cultivatable land via plowing and farming or via the other methods of resource development discussed above.
4. Technology has increased our ability to harvest natural resources - e.g. complicated oil rigs on the ocean. Economic growth has massively increased demand for natural resources and also provided trade and distribution routes for the resources.
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All resources have certain basic characteristics. All resources are similar in that they are useful. Some may be more useful than the other in a particular management situation. But there are certain basic characteristics of these resources.
1. Resources are limited both qualitatively and quantitatively:
Limitation is one of the main characteristics of resources. The limitation is quantitative as well as qualitative. Some resources are more scarce than others. The challenge of management lies in the scarcity of resources and still being able to achieve the family goals, e.g. Time and energy are limited. Time is a limited resource since no one can have more than 24 hours per day. We cannot save time from each day for future use.
Energy is also limited and it varies from person to person. One is able to do the job within his energy limitations. Attitude of a person towards an object or idea might be favourable or unfavourable which give indication to the limits one can stretch in making decisions for completion of a task. Money which is an important resource, is quantitatively limited compared to other resources.2. Resources are Useful:
All resources have utility or want satisfying power depending upon the goal to be achieved. According to Gross and Crandall, “the usefulness or value of a given element may be recognized only in relation to a specific goal.” Though all resources are useful, they vary according to the problems to be solved or for different goals, e.g. Money is the valuable resource for building a house or buying furniture’s, but knowledge is essential for getting a job or intellectual ability counts most to do well in examination. Other resources can support in each management situation to certain extent which become the secondary resource.
3. Resources are interrelated and interdependent:
Usually in almost all managerial process, many resources are used at a time. The resources are interrelated and interdependent. People often have to use a “resource-mix” or a combination of resources to achieve the family goals, e.g. for interior decoration, money, time, energy, knowledge, skill and other resources are combined together to purchase furniture and furnishing. Some of the inherited and gifted furniture’s may be taken for decoration.4. Resources have alternative uses:
All resources have alterative uses. For e.g. Energy as a resource can be used for doing household activities and some other work outside the home. Money has alternative uses as it has the purchasing power Goods like vegetables from the kitchen garden may be used for cooking inside the house or can be sold in the market to get money.
A gift of Rs. 500/- may be spent on picnic or for purchasing utensils for the family, knowledge may be utilized for teaching, purchasing equipment for the house or for saving and investing money. However when a resource is used for one purpose, it is not available for another use. So proper decision may be taken for the perfect utilization of resources in-order to get maximum satisfaction.
5. One resource may be substituted for another:
One resource may also be substituted for another resource in solving a problem, e.g. a full time home maker may have enough time and skill to sew the dresses for her family members by herself if there are other demands on her time. She may purchase labour saving equipment which will shorten the time spent on sewing or cooking or both.
She thus combines her time with another material resource to achieve her goals. If the same homemaker is working outside her home. She may not find time for sewing. But may have more money to give her sewing to a tailor. Here money is used as a substitute for time. Extra resource for you