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INTRODUCTION

INTRODUCTION. NATURAL RESOURCES.

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INTRODUCTION

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  1. INTRODUCTION

  2. NATURAL RESOURCES • Natural resources (economically referred to as land or raw materials) are naturally forming substances that are considered valuable in their relatively unmodified (natural) form. A natural resource's value rests in the amount and extractability of the material available and the demand for it. The latter is determined by its usefulness to production. A commodity is generally considered a natural resource when the primary activities associated with it are extraction and purification, as opposed to creation. Thus, mining, petroleumextraction, fishing, hunting, and forestry are generally considered natural-resource industries, while agriculture is not. The term was introduced to a broad audience by E. F. Schumacher in his 1973 book Small is Beautiful. The term is defined by the United States Geological Survey as "The Nation's natural resources include its minerals, energy, land, water, and biota."

  3. PRODUCTION • Productionis quite simply the conversion of inputs into outputs. It is an economic process that uses resources to create a good or service that is suitable for exchange. This can include manufacturing, storing, shipping, and packaging. Some economists define production broadly as all economic activity other than consumption. They see every commercial activity other than the final purchase as some form of production.

  4. CONSUMPTION • Consumption is a common concept in economics, and gives rise to derived concepts such as consumer debt. Generally consumption is defined by opposition to production. But the precise definition can vary because different schools of economists define production quite differently. According to some economists, only the final purchase of goods and services constitutes consumption, and every other commercial activity is some form of production. Other economists define consumption much more broadly, as the aggregate of all economic activity that does not entail the design, production and marketing of goods and services (e.g. "the selection, adoption, use, disposal and recycling of goods and services").

  5. EXAMPLES OF NATURAL RESOURCES • A renewable resource grows again or comes back again after we used it. For example, fish. • A non-renewable resource is a resource that does not grow or come back, or a resource that would take a very long time to come back or grow. For example, coal is a non-renewable resource. When we use coal, there is less coal afterwords. One day, there will be no more a lot of natural resources to make goods. They can use a resource directly (for example, eating the fish or burning the wood to cook the fish), or they can change it by industry into a different thing (for example, they can use wind energy to make electricity to cook the fish).

  6. CONCLUSION

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