ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Natural resources are materials from the Earth that are used to support life and meet people’s needs. 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.

Detailed explanation-2: -Natural resource services include services to other natural resources, such as providing food, shelter or nesting, as well as services directly benefiting humans and the human use of those services, such as fishing and other recreational activities.

Detailed explanation-3: -This includes materials like metals and minerals that are used to create products such as steel for buildings, aluminium for cars, copper for electrical products and many other rare-earth minerals that go into making electronics such as smartphones.

Detailed explanation-4: -These resources, called productive resources, can be classified into three groups: natural resources, human resources, and capital resources. Natural resources (often called land) refer to resources such as minerals, water, trees, and land itself. Raw materials used in production come from natural resources.

Detailed explanation-5: -Renewable & Non-renewable Renewable resources are almost all elements of nature which can renew themselves. For e.g. sunlight, wind, water, forests and likewise. While, non-renewable resources, are limited in their quantity. Like fossil fuels and minerals.