ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Minerals, forest products, water, and soil are just a few of the natural resources that human beings use to produce energy and make use of things.

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: -Functions of Land production of food, fibre, fuel or other biotic materials for human use. provision of biological habitats for plants, animals and micro-organisms. co-determinant in the global energy balance and the global hydrological cycle, which provides both a source and a sink for greenhouse gases.

Detailed explanation-4: -Raw materials are the input goods or inventory that a company needs to manufacture its products. Examples of raw materials include steel, oil, corn, grain, gasoline, lumber, forest resources, plastic, natural gas, coal, and minerals.

Detailed explanation-5: -Capital Resources-Capital resources are special goods, such as equipment, ma-chines, and buildings, that are used to produce other goods and services. Economics-Economics is the study of how people choose to use scarce resources (natural, human, and capital) to produce and distribute goods and services.