ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Natural resource valuation is a process of providing of benefits, costs, damage of or to natural and environmental resources. It has a fundamental role in the practice of cost-benefit analysis of health, safety, and environmental issues.

Detailed explanation-2: -Oil, coal, natural gas, metals, stone and sand are natural resources. Other natural resources are air, sunlight, soil and water. Animals, birds, fish and plants are natural resources as well. Natural resources are used to make food, fuel and raw materials for the production of goods.

Detailed explanation-3: -Within the context of economics, natural resources are materials and energy that occur naturally and are used in economic activities. Some examples of natural resources include wind, water, food, timber, and minerals. Natural resource economics focuses on the sustainable use of these resources.