The correct option is (c).
Explanation
A substance qualifies as a resource based on its utility and usability. The transformation of a physical substance into a valuable resource is primarily driven by human interaction, specifically through the dimensions of time and technology.
Statement-wise Analysis:
- Statement 1 is Correct: Time is a critical factor in resource formation. Substances that are not currently resources may become valuable over time as societal needs evolve and knowledge expands.
- Statement 2 is Incorrect: Technology is the application of the latest knowledge and skills to create or improve things. It is a fundamental factor in converting naturally occurring substances into usable resources (e.g., technology converting flowing water into hydroelectricity). It is directly related to this transformation.
- Statement 3 is Correct: The needs of the people determine the value of a substance. It is human demand, ideas, knowledge, and invention that ultimately recognize and utilize materials as resources.
Key Takeaway:
Time and Technology are the two most significant factors responsible for changing substances into resources, as they allow humans to utilize nature to satisfy their needs.