Resources refer to all the materials available in our environment which are technologically accessible, economically feasible, and culturally sustainable and help us to satisfy our needs and wants. Resources can be classified in different ways, including:
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Renewable and non-renewable: Renewable resources can replenish themselves at the rate they are used, while non-renewable resources have a limited supply.
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Actual and potential: Actual resources refer to those whose quantity is known to us and which are used at present, while potential resources have enough potential but not adequate knowledge available to use or develop them.
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Biotic and abiotic: Resources can be classified based on their origin as biotic (living) or abiotic (non-living) .
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Ubiquitous and localized: Resources can be classified based on their distribution as ubiquitous (found everywhere) or localized (private, community-owned, national, and international resources) .
Resources are essential elements of a business, including land, capital, material, machines, time, energy, manpower, management, knowledge, expertise, and information. However, not everything in our environment can be considered a resource. To be a resource, it must be technologically accessible, economically feasible, and culturally sustainable.
