ECONOMICS
ECONOMIC GROWTH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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service
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free enterprise
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good
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natural resource
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Detailed explanation-1: -A natural resource is a substance/commodity that is a gift of nature which is very useful to mankind.
Detailed explanation-2: -As we already know that fossil fuels, water, wind, sunlight, forests, animals, minerals, valuable metals and even tides are the gifts of nature that we use as resources.
Detailed explanation-3: -Gifts of nature can become resources in future if humans recognize its importance. Subsequently, the development of technology can transform gifts into resources.
Detailed explanation-4: -Answer: Natural resources are gifts of nature since they are available free of cost without any expenses. They can be used further by humans in various forms without paying to the nature in any form.
Detailed explanation-5: -Among the 4 factors of production, land is a free gift of nature to human beings, its quantity supplied is unlimited and fixed.