The correct option is 2 and 3 only.
Explanation
Natural resources, classified under the factor of production known as "Land," are categorized into renewable and non-renewable resources based on their exhaustibility and rate of replenishment.
- Statement 1 is Incorrect: Resources that are formed over geological time scales (millions of years) and cannot be easily replenished by nature are non-renewable resources (e.g., coal, petroleum, natural gas). Renewable resources are those which get replenished or reproduced by physical, chemical, or mechanical processes within a reasonable human time frame.
- Statement 2 is Correct: Solar energy is a quintessential example of a flow resource or an inexhaustible renewable resource. Unlike biological resources, the stock of solar energy is not depleted by human consumption, and it cannot be "overused" in terms of reducing the total availability of the sun's energy.
- Statement 3 is Correct: Groundwater is classified as a renewable resource because it is replenished through the hydrological cycle (precipitation and seepage). However, unlike solar energy, it is a critical resource that can be depleted if the rate of extraction exceeds the rate of natural recharge.
Key Takeaway:
Renewable resources are those that can be replenished naturally (e.g., water, forests, solar energy), whereas non-renewable resources have a fixed stock formed over geological eras (e.g., fossil fuels). Some renewable resources (like groundwater) can face scarcity if overexploited, while others (like solar) are inexhaustible.