Correct Option
The correct option is (c).
Explanation
A substance or object becomes a resource when it has utility or usability. The term 'value' implies worth. While some resources possess economic worth, others satisfy different human needs, such as aesthetic or environmental well-being. Two important factors that can change substances into resources are time and technology.
Statement-wise Analysis
- Statement 1 is Correct: The value of a resource is not static; it can change with the passage of time. As human needs evolve and technology advances, materials that were previously not considered resources may acquire value.
- Statement 2 is Incorrect: Economic value is not the only type of value a resource can possess. Resources can have aesthetic value (e.g., a beautiful landscape), legal value (e.g., clean air acts), or ethical value. Not all resources are commodities that are bought and sold in the market.
- Statement 3 is Correct: Certain resources that currently have no commercial value can become economically valuable over time. For example, a home remedy may have no economic value today, but if it is patented and sold by a medical firm, it acquires economic value.
Key Takeaway
Time and Technology are the two crucial factors that transform substances into resources. Value is subjective and dynamic, ranging from economic to aesthetic, depending on utility and context.