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.