Definition of a resource

Resource is anything which has some value and is required to accomplish some desired objective. Resource refers to all the materials available in our environment which help us to satisfy our needs and wants. An item becomes a resource with time and developing technology.

Domestic resources can be defined as the economic resources that are present within the territory of any country. These resources, irrespective of their presence and potential are not collectively utilized. This, in turn, leads to a disparity between the estimated potential of those resources and their actual use.

Resources have three common features:

  • Utility: Resources are used to satisfy the consumer.
  • Limited availability: Resources are inadequately available against demand.
  • Potential for depletion: Resources are gradually reduced as they are used.

Resources form the backbone of the economy of a nation. Without land, water, forest, air, mineral one cannot develop agriculture and industry. They constitute natural environment like air, water, forests and various life forms, which are essential for human survival and development. By utilizing natural resources, humans created their own world of houses, buildings, means of transport and communication, industries etc. These are also very useful along with natural resources and these human made resources are essential for development.