ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Apart from abiotic and biotic raw materials, we use water, soil, air, biodiversity and land as habitats and for recreational purposes; and for energy we use wind power, solar power and tidal flows.

Detailed explanation-2: -Air, water, food, plants, animals, minerals, metals, and everything else that exists in nature and has utility to mankind is a ‘Resource’.

Detailed explanation-3: -All the naturally occurring substances which we use can be considered natural resources. These are the materials from the earth which support life on earth and help fulfilling the needs of human beings. Humans require air, water, food from plants and animals, sunlight, minerals, land, soil and fossil fuels to exist.

Detailed explanation-4: -Every technological system makes use of seven types of resources: people, information, materials, tools and machines, energy, capital and time. Since there is limited amount of certain resources on the earth, we must use these resources wisely.