Question

What is resources write there classification with ex

Answer 1

The factors of production are resources that are the building blocks of the economy; they are what people use to produce goods and services. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.

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Answer 2

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Resources can be classified in the following ways:

(a) On the basis of origin – biotic and abiotic

(b) On the basis of exhaustibility – renewable and non-renewable

(c) On the basis of ownership – individual, community, national and international

(d) On the basis of the status of development – potential, developed stock and reserves

(a) On the Basis of Origin – Biotic and Abiotic

Biotic Resources are obtained from the biosphere and have life.

Eg: Human beings, flora and fauna, fisheries, livestock etc.

Abiotic Resources: All those things which are composed of non-living things are called abiotic resources.

Eg: rocks and metals.

(b) On the Basis of Exhaustibility – Renewable and Non-Renewable

The resources which can be renewed or reproduced by physical, chemical or mechanical processes are known as Renewable or Replenishable Resources. The renewable resource may further be divided into continuous or flow.

Eg: Solar and wind energy, water, forests and wildlife, etc.

Non-Renewable Resources occur over a very long geological time. These resources take millions of years in their formation. Some of the resources like metals are recyclable and some like fossil fuels cannot be recycled and get exhausted with their use.

Eg: Minerals and fossil fuels.

(c) On the Basis of Ownership – Individual, Community, National and International

Individual Resources are owned privately by individuals. In villages people own lands whereas in urban areas people own plots, houses and other properties.

Eg: Plantation, pasture lands, ponds, water in wells etc.

Community Owned Resources are accessible to all the members of the community.

Eg: Grazing grounds, burial grounds, public parks, picnic spots, playgrounds etc.

National Resources are owned by a nation or country. All the minerals, water resources, forests, wildlife, land within the political boundaries and oceanic area up to 12 nautical miles (22.2 km) from the coast termed as territorial water and resources therein belong to the nation.

Eg: Roads, canals, railways etc.

International Resources are regulated by international institutions. The oceanic resources beyond 200 nautical miles of the Exclusive Economic Zone belong to open ocean and no individual country can utilise these without the concurrence of international institutions.

(d) On the Basis of the Status of Development – Potential, Developed Stock and Reserves

Potential Resources are the resources which are found in a region but have not been utilised.

Eg: Rajasthan and Gujarat have enormous potential for the development of wind and solar energy, but so far these have not been developed properly.

Developed Resources: Resources which are surveyed and their quality and quantity have been determined for utilisation. The development of resources depends on technology and level of their feasibility.

Materials in the environment which have the potential to satisfy human needs but human beings do not have the appropriate technology to access these, are called Stock.

Eg: Hydrogen can be used as a rich source of energy. But we do not have advanced technology to use it.

Reserves are the subset of the stock, which can be put into use with the help of existing technical ‘know-how’ but their use has not been started. These can be used for meeting future requirements.

Eg: Water in the dams, forests etc. is a reserve which can be used in the future.