List and describe with examples economic resources available to the society?

Question

List and describe with examples economic resources available to the society?

Answer 1

All natural resources and factors of production that have limited supply at any given price is an economic resiurce.Data from member countries and existing statistical resources would allow the UNCRS to coordinate a global assessment of the quantity and types of emergency provisions required and an analysis of where they are required. In most cases these will be food, water and medicine:

Food: The United Nations World Food Program (WFP) food basket or ration usually consists of a variety of basic food items (cereals, oil and pulses, sugar and salt), and possibly additional ‘complementary’ food items (meat or fish, vegetables and fruit, fortified cereal blends, sugar, condiments) which enhance nutritional adequacy and palatability.

Equipment and energy supplies for cooking food are also essential.

Medicine: Medication to prevent and treat diseases such as malaria and HIV/Aids, and other basic medical supplies. Basic health centers and trained medical personnel to administer medication and provide basic health services.

These resources would be country specific and should be determined by the World Health Organization (WHO) and similar agencies.

Water: Water pumping, treatment, storage and distribution equipment. The international standard for emergency water provision is 15 litres a day per person, approximately four gallons.

All of the above essentials require infrastructure in the form of roads and transportation to ensure that supplies can reach those who need them. Given the lack of this infrastructure in some of the least developed countries, the provision of transportation vehicles, fuel, personnel and the building of necessary roads and infrastructure also would be necessary.

Better to learn from an example. Consider Pensylvania in the US:

Economic resources are naturally occurring earth materials that are indemand for one or more specific uses. Economic resources include not only rocks and minerals, but also materials associated with them as a result of the geologic conditions under which the rocks and minerals formed. For this reason, the nature and distribution of economic resources are necessarily related to the geologic history of an area. Pennsylvania has a rich and diverse geologic history, and as a result, a wealth of economic resources. As shown in the graphic above, the Commonwealth has many economic resources, some of which satisfy our need for fuel (like coal, oil, and gas) and others that satisfy the needs of construction, manufacturing, agriculture, and other industries (such as metals, aggregate, brick, and cement).

Pennsylvania’s economic resources were being used long before the modern era. In fact, the search for and mining of these resources occurred as early as 11,000 years ago, when Native Americans harvested metamorphic rocks in Adams and Franklin Counties to make hammers and other tools. Native Americans also utilized crude oil found in seeps along Oil Creek in Crawford and Venango Counties for medicinal purposes over 500 years ago. By the late 1600’s, Quaker settlers were using local shales and clays to make bricks to build their homes. During the 1700’s, the mining of iron, lead, copper, and other metal ores met the needs of a burgeoning colonial society, which required cannons and ammunition, not to mention nails, stoves, and other household items. The mining of Pennsylvania coal dates back to at least 1761, and completion of Drake’s oil well in Titusville, Pennsylvania in 1859 spawned the modern petroleum industry. These economic resources have proven to be particularly valuable sources of fuel, even to the present day. In the 1950’s, uranium and thorium were mined in Pennsylvania as potential source materials to build nuclear weapons. And although originally considered a nuisance in the early 1900’s, methane produced as a by-product of coal mining activities is now being researched as a promising fuel source for the future. Certainly, history shows us that both necessity and convenience have a role to play in the utilization of economic resources.

The future of Pennsylvania’s economic resources remains bright. The fact is that modern society relies on certain materials that only come from the earth. Several things contribute to the Commonwealth’s promising future, including our oil, gas, and mineral reserves; advancements in technology used to harvest these resources; and development of new and alternative uses for the state’s economic resources.

"Colonel" Edwin L. Drake's successful oil well in Titusville, PA in 1859 initiated an industry upon which most of our modern lives depend. Oil and natural gas have become essential commodities. While the earliest uses were for sources of light and heat, modern uses also include lubricating oils, fuels for everything from jets to manufacturing facilities, plastics, vinyl, paint, and synthetic fabric just to name a few. Some of the world's largest corporations are concerned with the various aspects of the oil and gas in