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Meaning & nature of resources



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  • 1. Meaning and Nature of Resources Masters In International Business www.StudsPlanet.com
  • 2. Natural Resources • Intangible Resources – Good Health, Knowledge Resource does not refer to a thing or substance, but to a function which a thing or substance may perform to attain an end. Example-Iron Ore (mine) is a resource. Ore resources serve as raw material for Iron & Steel Industry www.StudsPlanet.com
  • 3. What is a resource? (Concept) • May be defined as “a way to achieve a given end” • Resources may be- 1. Tangible – (touchable) 2. Intangible Tangible Resources-(material things) – Ex: Land, Forest, Coal, Machinery www.StudsPlanet.com
  • 4. Dynamic Concept of Resource • Resource is not static • Resource increases in response to 1. Increased Knowledge-Learning curve, improved efficiency 2. Improved Arts-better ways of communication (ex-art of presentation by Power Point) 1. Expanding Sciences – Technological improvements- Ex- Information Technology 2. Changing individual wants-Life style 3. Social Objectives-Conserving Fossil Fuels, Reducing Pollution www.StudsPlanet.com
  • 5. Resource as a result of interaction of Nature-Man-Culture (Natural Resources and Human Resources) • Resources expand and contract in response to human wants and actions • When nature, mankind and culture interact the process leads to the creation of resources. • Nature is the basis of all resources Ex-Coal is found in nature as “neutral stuff” As man discovered more about nature, he converted this to a resource through ingenuity, skill and hard work.www.StudsPlanet.com
  • 6. Interaction of Nature, Man and Culture Nature Man Culture www.StudsPlanet.com
  • 7. Role of man in resource creation (Natural Resources and Human Resources) • Resource satisfy some wants or need Ex- Coal satisfies need for a source of fuel • Resource is functional and is related to man • Resource becomes neutral stuff when man no longer needs the resource • Hence man can create or destroy a resource www.StudsPlanet.com
  • 8. Wild Rubber of Congo & Amazon Basin Rubber Plantations of Malaysia & Indonesia Turned into neutral stuff With the development of www.StudsPlanet.com
  • 9. Culture – created as a result of human resource • “The sum total of all devices produced by man – with the aid, advice and consent of nature, to advise him in the attainment of his objectives” Zimmerman www.StudsPlanet.com
  • 10. Example-Culture • Man’s objective-Reduce toxicity and pollution in environment (Man’s Objective) • Breed varieties resistant to pest and diseases • Grow these varieties as a trail (Natures consent) • Introduce on commercial scale www.StudsPlanet.com
  • 11. Cultures role in over coming resistance from nature – Culture, Human Resource and Natural Resource Interaction Resistance : • barren and unproductive soil • typhoons, hurricanes, floods, • poisonous insects, diseases are all natural resistance Overcoming Resistance: • Improved agricultural practices-fertilizers, water management • Crisis management • Advances in medicine All these overcome resistance www.StudsPlanet.com
  • 12. Need for resource consciousness • Resource is the basis of economic prosperity of a nation • Developed nations have vast resources in the form of : 1. Natural 2. Human 3. Cultural resources 4. A resource conscious person seeks ways to increase the fund of his resources www.StudsPlanet.com
  • 13. Need For Resource Consciousness • Better and more efficient utilization of resources results in the expansion of total fund of resources A ton of coal today is 1/7 the cost of coal seven years back This is due to • Better ways of using coal • Reducing wastage to a minimum Man has always been resource conscious at an individual level. However when society as a whole becomes conscious by taking care of basic resources, it provides a lasting benefit to societywww.StudsPlanet.com
  • 14. Link Between Resources & Trade • Resource is natural where as Trade is a creation of mankind • Resources may be managed efficiently or inefficiently by man • The manner in which the resource is managed results in a country being termed as “resource rich” or “resource poor” The resultant effect is the country being “surplus” or “deficit” in a given resource. • “Surplus” “Deficit” “Consumption” “Production” result in trade www.StudsPlanet.com