Consider the following statements about 'Value' in the context of resources: 1. In the context of resources, 'value' refers strictly to the price paid in the market. 2. Some resources must have economic value to be traded commercially. 3. A grandmother's home remedy has no commercial value today but can acquire it if patented. Which of the statements given above is/are correct?

The correct option is (c) 2 and 3 only. Explanation In economic geography, the term 'resource' refers to any substance that has utility and satisfies a human need. The concept of 'Value' in this context implies 'worth'. While all resources have worth (utility), not all resources possess 'economic value' (market price) immediately. Statement-wise Analysis: - Statement 1 is Incorrect. In the context of resources, 'value' means worth, but it does not strictly refer to market price. Some resources have economic value (e.g., minerals, crops), while others have aesthetic or ecological value (e.g., a beautiful landscape, clean air) but may not have a price tag. Both are considered resources because they satisfy human needs. - Statement 2 is Correct. Commercial trade involves the exchange of goods for money. Therefore, for a resource to be traded commercially in the market, it must possess economic value. Resources without economic value (like a public park or home remedy) are generally not traded commercially until they are commodified. - Statement 3 is Correct. Traditional knowledge, such as a grandmother's home remedy, possesses utility (use value) but may not have commercial value initially. However, if such knowledge is patented and sold by a medical firm, it acquires economic value and becomes a commercially tradable resource. Key Takeaway: All resources have utility (worth), but only those with a market price have economic value. Intellectual property rights, such as patents, can transform non-economic resources (traditional knowledge) into economically valuable ones.

NCERT Class 8 Geography — Chapter 1: Resources

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Consider the following statements about 'Value' in the context of resources:

In the context of resources, 'value' refers strictly to the price paid in the market.
Some resources must have economic value to be traded commercially.
A grandmother's home remedy has no commercial value today but can acquire it if patented.

Which of the statements given above is/are correct?

Official previous-year question

Verified 1 Aug 2026.

Options

A1 and 2 only
B2 only
C2 and 3 only
D1, 2 and 3

Did you get this right?

Solution

The correct option is (c) 2 and 3 only.

Explanation

In economic geography, the term 'resource' refers to any substance that has utility and satisfies a human need. The concept of 'Value' in this context implies 'worth'. While all resources have worth (utility), not all resources possess 'economic value' (market price) immediately.

Statement-wise Analysis:

Statement 1 is Incorrect. In the context of resources, 'value' means worth, but it does not strictly refer to market price. Some resources have economic value (e.g., minerals, crops), while others have aesthetic or ecological value (e.g., a beautiful landscape, clean air) but may not have a price tag. Both are considered resources because they satisfy human needs.
Statement 2 is Correct. Commercial trade involves the exchange of goods for money. Therefore, for a resource to be traded commercially in the market, it must possess economic value. Resources without economic value (like a public park or home remedy) are generally not traded commercially until they are commodified.
Statement 3 is Correct. Traditional knowledge, such as a grandmother's home remedy, possesses utility (use value) but may not have commercial value initially. However, if such knowledge is patented and sold by a medical firm, it acquires economic value and becomes a commercially tradable resource.

Key Takeaway:

All resources have utility (worth), but only those with a market price have economic value. Intellectual property rights, such as patents, can transform non-economic resources (traditional knowledge) into economically valuable ones.

Your note

More from Chapter 1: Resources

With reference to the concept of 'Resources', consider the following statements: 1. Utility or usability is the primary criterion that makes an object a resource. 2. All resources possess economic value at the time of their use. 3. Resources cannot acquire economic value with the passage of time. Which of the statements given above is/are correct?

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Which of the following factors are primarily responsible for changing substances into resources? 1. Time 2. Technology is unrelated to the transformation of substances into resources. 3. Needs of the people Select the correct answer using the code given below:

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With reference to the distribution of natural resources, consider the following statements: 1. The distribution is unequal across the earth. 2. It depends solely on the level of technological development of a region. 3. Physical factors like terrain, climate, and altitude play a major role in distribution. Which of the statements given above is/are correct?

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Consider the following statements regarding 'Human Resource Development' (HRD): 1. It refers to increasing the population to ensure more workforce. 2. It involves improving the quality of people's skills. 3. Education and health are critical components of HRD. Which of the statements given above is/are correct?

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Which one of the following best defines the concept of 'Sustainable Development'?

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Keep practising Chapter 1: Resources

Work through every question from this NCERT chapter.

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The correct option is (c) 2 and 3 only.

Explanation

Statement-wise Analysis:

Statement 1 is Incorrect. In the context of resources, 'value' means worth, but it does not strictly refer to market price. Some resources have economic value (e.g., minerals, crops), while others have aesthetic or ecological value (e.g., a beautiful landscape, clean air) but may not have a price tag. Both are considered resources because they satisfy human needs.
Statement 2 is Correct. Commercial trade involves the exchange of goods for money. Therefore, for a resource to be traded commercially in the market, it must possess economic value. Resources without economic value (like a public park or home remedy) are generally not traded commercially until they are commodified.
Statement 3 is Correct. Traditional knowledge, such as a grandmother's home remedy, possesses utility (use value) but may not have commercial value initially. However, if such knowledge is patented and sold by a medical firm, it acquires economic value and becomes a commercially tradable resource.

Key Takeaway: