The correct option is 1 and 3 only.
Explanation
In economics, natural resources constitute the factor of production termed 'Land'. These resources are classified based on their exhaustibility and rate of regeneration into renewable and non-renewable categories.
Statement-wise Analysis:
- Statement 1 is Correct: Non-renewable resources exist in a fixed geological stock on Earth. They are formed over geological timescales (millions of years), meaning they cannot be replenished or regenerated within a human timeframe once consumed.
- Statement 2 is Incorrect: While the absolute geological stock is finite, the known reserves available for economic use are not static. New resources are frequently discovered through exploration and technological advancements (e.g., the discovery of new oil fields or shale gas reserves). Therefore, it is incorrect to state that new resources are never discovered.
- Statement 3 is Correct: Crude oil is a fossil fuel formed from organic remains over millions of years. Since its rate of consumption far exceeds its rate of natural formation, it is classified as a non-renewable resource.
Key Takeaway:
Non-renewable resources are characterized by a fixed total stock and a regeneration rate that is negligible relative to consumption. However, the discovery of new reserves through exploration remains an ongoing economic activity.