Question

Define resources. Classify resources on the basis of ownership.

Answer 1

Instructions:

Define resources
Explain classification on the basis of ownership

Solution:
Resources are the things on which humans are dependent and they have the physical and intellectual capacity to utilize them.

Resources classified on the basis of ownership:

• Individual resource: Owned by individual or family. For example land, buildings, and more.
• National resource: Owned by country/ region. For example army, international trade, and more.
• Global resource: Owned by all nations of the world. For example international water.