Question

How are resources classified on the basis of ownership?

Answer 1

Hint: Resources are substances that are available from the environment that fulfil human needs. When humans value natural resources, they become resources. Resources are used and valued differently in different cultures and over time. Resources are dispersed across space and vary in quantity and quality.

Complete answer:
We shall observe the classification of resources on the basis of ownership as follows:
i) Individual resources: Individual resources are resources that are owned by private individuals.
For example, Individuals own plots, dwellings, plantations, pasture areas, and ponds
ii) Community-owned resources: Community-owned resources are resources that are available to all members of the community. For example village pond, public parks, Grazing grounds
iii) National resources: The nation owns all minerals, water resources, forests, wildlife, and land within political limits, as well as the oceanic region up to 12 nautical miles from the coast.
For example, all mineral resources, like water, minerals etc.
iv) International resources: Some resources are regulated by international authorities. Beyond 200 kilometres beyond the Exclusive Economic Zone, the maritime resources belong to the entire ocean, and no single person owns them.

With the gradual increase in the world’s population, there has been a constant increase in people's demand. Between areas or countries, there are significant inequalities in resource distribution and accompanying economic inequality, with developed countries utilising more resources.

Note: It is a well-known fact that we have limited resources. It is therefore important for us to make the ideal use of these resources. Individuals are the dominant resource components. They transform and use environmentally friendly materials into resources. It is recommended that resources be put to wise use. The benefits of this are:
- Prosperity in the economy.
- Sustainable Development.
- Consumption Ethics.
- Economic growth.