The correct option is (a).
Explanation
In geography and economics, a "resource" is defined as anything that can be used to satisfy a human need. The concept relies heavily on the interaction between nature, technology, and institutions.- Statement 1 is Correct: Utility or usability is the primary criterion that identifies an object or substance as a resource. An object becomes a resource only when its utility is recognized to satisfy a specific need. Without utility, a substance remains neutral stuff.
- Statement 2 is Incorrect: While all resources have "value" (worth), this value is not necessarily "economic" in nature. Some resources, like minerals or crops, have economic value. Others, such as a beautiful landscape, clean air, or family affection, possess aesthetic or social value but may not have a direct economic price tag at the time of use.
- Statement 3 is Incorrect: Resources are dynamic, not static. Time and technology are crucial factors that can transform substances into resources or alter their value. A resource that has no economic value today can acquire it over time. For example, traditional home remedies may have no commercial value initially, but if patented and sold by a pharmaceutical firm, they acquire economic value.
Key Takeaway: The defining characteristic of a resource is its utility. Value is subjective and variable; it can be economic, aesthetic, or ethical, and can change with time and technological advancement.