A resource is any physical or virtual entity of limited availability, or anything used to help one earn a living.fact: date=February 2008 In most cases, commercial or even ethic factors require resource allocation through resource management.

Types of values attached to resources

Characteristics of resources

Resources have three main characteristics: utility, quantity (often in terms of availability), and use in producing other resources. However, this definition is not accepted by some, for example deep ecologists who believe that non-human elements are independent of human values.

The quantity of a resource refers to the total amount of a given raw material, rather than reserve which is an economic term.fact: date=August 2008 Bottlenecks may form, making some resources unavailable, producing supply shocks. Resource prices are prone to increases as speculators add commodity value to a resource or when risk, such as from geopolitical issues, are seen as an influencing factor in relation to the security of resource supply.

Resources are those things that can be physically combined to produce goods.

Value of a resource

The value or the importance of the gifts of nature depends upon several factors:

The needs of the people

Human needs are not uniform all over the world. Over the years, they have grown and become more complex with the progress of human society. In very developed societies, people use a variety of products which are highly processed. On the other hand, in developing countries, the consumption of processed items is much less; while primitive communities like the Pygmies in Africa hardly use any processed items.

The level of technology possessed by the people

The level of technology also influences the utilization of resources. For example, the Prairies of North America were inhabited by the American Indians who used the Prairies as hunting grounds. Later when the European settlers arrived, they used the Prairies for agriculture. Today the Prairies are famous for the cultivation of wheat and the rearing of animals on a commercial basis.

Time

The value of the resource changes with time . For example, water was used by early man purely for his personal needs. As time went on, water was used by humans for agricultural purposes namely irrigation. Later, water was also used as a means of transportation and humans built boats to travel on water. Nowadays, water is also used to generate electricity.

According to Walter Youngquist, during periods of economic growth supply demands on a resource will typically rise due to increasing consumption from not only population growth but also higher living standards and the increased uses found for a given resource.fact: date=August 2008