Economics of Resources

What is the main characteristic of natural resources?

What is the result of the invention of the wheel?

What is the term for the exclusive right over any idea or invention?

What is the primary difference between renewable and non-renewable resources?

What is the role of technology in creating resources?

What is the classification of resources that get renewed or replenished quickly?

What is the term for the application of latest knowledge and skill in doing or making things?

What is the most important resource?

Which of the following resources is an example of a renewable resource that can be affected by human activities?

What is the result of the discovery of fire?

What is the main reason why coal, petroleum, and natural gas are considered non-renewable resources?

What is the common characteristic of resources like affection from friends and family, and beautiful scenery?

What is the term for resources that are created by humans?

Which of the following statements is true about water?

Value refers to the worth or importance of something.
Resources can have economic value, but not all resources are economically valuable.
Some resources may become economically valuable over time.

Resources can be classified into natural, human-made, and human resources.
Natural resources are drawn from nature and used with minimal modification.
Examples of natural resources include air, water, soil, minerals, and solar and wind energy.
Natural resources can be further categorized into renewable and non-renewable resources.

Renewable resources are those that can be replenished quickly.
Examples of renewable resources include solar and wind energy, water, soil, and forests.
However, careless use of renewable resources can affect their availability.

Non-renewable resources are those with a limited stock that can take thousands of years to replenish.
Examples of non-renewable resources include coal, petroleum, and natural gas.

Human resources refer to the skills, knowledge, and ideas of people.
People are the most important resource, as they lead to the creation of more resources.
Examples of human resources include intelligence, medical knowledge, affection, and resourcefulness.

Technology refers to the application of the latest knowledge and skills in doing or making things.
Technology can change substances into resources, and is related to the needs of people.