Theory:

Resource: Anything that fulfils human need and has a value.
The value can be commercial or non-commercial.
Commercial resources have a great economic value.— e.g., petroleum, coal, gold, etc.
Non-commercial resources are abundant in nature but are very important for survival.— e.g., air, sunlight
Commercial resource - Coal
Non-commercial resource - Sunlight
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  • Anything becomes a resource when humans find out its value, in other words, when its use is discovered.
  • With a change in need, resources keep changing.
Time and Technology are two crucial factors that determine whether a substance is a resource or not.
    Example:
  • Sun’s energy to generate electricity using solar panels - Technology
  • Receding of coal and petroleum was in need of an inexhaustible resource - Time
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