USA HISTORY

Detailed explanation-1: -It comes under the primary sector of the economy since these economic activities involve the extraction of resources directly from the earth.

Detailed explanation-2: -Natural resources can be classified as potential, actual, reserve, or stock resources based on their stage of development. Natural resources are either renewable or non-renewable depending on whether or not they replenish naturally. Natural resource utilization is regulated through the use of taxes and permits.

Detailed explanation-3: -Within the context of economics, natural resources are materials and energy that occur naturally and are used in economic activities. Some examples of natural resources include wind, water, food, timber, and minerals. Natural resource economics focuses on the sustainable use of these resources.

Detailed explanation-4: -They contribute towards fiscal revenue, income, and poverty reduction. Sectors related to natural resources use provide jobs and are often the basis of livelihoods in poorer communities. Owing to this fundamental importance of natural resources, they must be managed sustainably.

Detailed explanation-5: -Natural resources fall into three categories: perpetual renewable resources; intermediate renewable resources and non-renewable resources.