ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Any natural substance that humans use can be considered a natural resource. 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.

Detailed explanation-2: -Natural resources are all those things that come directly from the environment and are used to make the things that people need for food, shelter, and energy. Natural resources include things like plants, soil, sunshine, water, fossil fuels, wildlife, metals, and minerals.

Detailed explanation-3: -Gems like diamonds, rubies, emeralds, turquoise. Electronic Appliances (TV’s, computers, DVD players, cell phones, etc.) Many different metals, like copper, mercury, gold. Soil to grow fibers such as cotton.

Detailed explanation-4: -The natural environment gives us a wealth of services that are difficult to measure in dollars. Natural areas help clean our air, purify our water, produce food and medicines, reduce chemical and noise pollution, slow floodwaters, and cool our streets. We call this work ‘ecosystem services’.

Detailed explanation-5: -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.