WHAT ARE THE FACTORS THAT DETERMINE THE UTILITY OF A RESOURCE ?
WHAT ARE THE FACTORS THAT DETERMINE THE UTILITY OF A RESOURCE ?
Utility is determined by the potential of the resource to satisfy our wants. The value of the resource is in turn determined by the utility and availability of the resource. The value can be economic value or otherwise.
Also, time and technology can change a substance to a resource. With the advancement in technology and the requirements of a particular time will necessitate newer innovations and the transformation of a substance to a resource. The technological advancement has resulted the exploitation of naturally occurring substances like coal, iron ore and other minerals. These have now become resources in larger industries.
Thus, time and technology play an important role in changing a substance to a resource.
Utility is determined by the potential of the resource to satisfy our wants. The value of the resource is in turn determined by the utility and availability of the resource. The value can be economic value or otherwise.
Also, time and technology can change a substance to a resource. With the advancement in technology and the requirements of a particular time will necessitate newer innovations and the transformation of a substance to a resource. The technological advancement has resulted the exploitation of naturally occurring substances like coal, iron ore and other minerals. These have now become resources in larger industries.
Thus, time and technology play an important role in changing a substance to a resource.
