What Gave Resources Value?

Legal Value: Resources like, Air, Water, Land, etc.

Are essential part of life, thus, it become our responsibility to protect them from pollution.

These are “Legal Values” of the resources..

What types of values are attached to resources?

The four types of values associated with resources are :Economic values.Legal values.Ethical values.Aesthetic values.

What are ethical resource values?

Ethical Value: “Ethical Values” of the resources indicates us that we should protect our flora and fauna from intensive cutting of trees and killing of wildlife. NATURAL RESOURCES. Resources that we find in nature and are used without much modification are called “Natural Resources!

How is value of resources measured?

For resources traded in markets such as oil, land, timber, and crops, the value of small quantities of market goods can be measured by their observed price. In competitive markets, prices reflect both the marginal cost of producing the good to suppliers and the marginal value to consumers.

What resources have aesthetic value?

(b) Aesthetic Value: We enjoy the beauty of mountains, waterfalls, sea, landscapes. Thus, they are resources which have “Aesthetic Value”. (c) Legal Value: Resources like, Air, Water, Land, etc.. Are essential part of life, thus, it become our responsibility to protect them from pollution.

Do resources discuss value?

Value means the worth of a resource. Some resources have economic value, while some do not. Metals for example, may have an economic value. … But both are important and satisfy human needs and so have value.

What value is associated with resources?

Answer: Answer: The four types of values that are associated with resource are functional value, monetary value, social value and psychological value.

Why do resources have value?

Answer. Resources have value because they are scarce and because some people want them. … … But for instance something like iron is both scarce and valued by people. Because it’s valued by someone that means they are willing to give something up for it.

What do you mean by value of resources?

Resources are anything that has utility and adds value to your life. … The value of each such resource depends on its utility and other factors. For example, metals are gold, silver, copper or bronze have economic value; i.e. they can be exchanged for money.