What Is Difference Between Actual And Potential Resources?

What do you mean by potential and actual resources?

Potential resources are known to exist and may be used in the future.

Actual resources are those that have been surveyed, their quantity and quality determined, and are being used in present times.

For example, petroleum and natural gas is actively being obtained from the Mumbai High Fields..

What are Localised resources?

localised resources are resources are those which are unevenly distributed among the world and are only concentrated in some areas. gold, diamonds and silver are some examples.

Which one of the following is an actual resource?

Actual resources are those resources whose quantity is known. These resources are being used in the present. The uranium found in Ladakh is an example of potential resource that could be used in the future. The rich deposits of coal in Ruhr region of Germany is an actual resource.

What are your personal resources?

They are your personal resources—the techniques and skills that you use to express yourself emotionally, intellectually, socially, and physically. Your personal resources are essential to you as an actor.

What is the example of potential resources?

Some examples of these resources are natural oil reserves of the Middle East, the hydroelectric power of Niagara Falls, iron ore deposits of Madhya Pradesh, petroleum and natural gas in West Asia and India’s Mumbai High, dark soils in Deccan plateau and rich coal deposits in Germany.

What are the 5 types of resources?

Earth Science, Geography, Biology, Ecology The Earth’s natural resources include air, water, soil, minerals, plants, and animals.

What is the main purpose of resources?

resource. An economic or productive factor required to accomplish an activity, or as means to undertake an enterprise and achieve desired outcome. Three most basic resources are land, labor, and capital; other resources include energy, entrepreneurship, information, expertise, management, and time.

What are the 7 factors of production?

Factors of ProductionLand/Natural Resources.Labor.Capital.Entrepreneurship.

What do you mean by economizing of resources?

Economising the use of resources means that resources are to be used in a manner, such that maximum output is realised per unit of input. (It also means optimum utilisation of resources)

What is potential resources give two examples?

Potential resources are known to exist and may be used in the future. For example, petroleum may exist in many parts of India and Kuwait that have sedimentary rocks, but until the time it is actually drilled out and put into use, it remains apotential resource.

What is difference between ubiquitous and Localised resources?

Ubiquitous resources are found everywhere. Eg-Air we breathe,Sunlight etc. Whereas localised resources are found only in ceretain places. Eg-Gold ,Uranium etc.

What are 4 types of resources?

Transcript. The factors of production are resources that are the building blocks of the economy; they are what people use to produce goods and services. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.

What are common property resources?

Definition: Common property resources (environmental) are natural resources owned and managed collectively by a community or society rather than by individuals.

What are abiotic resources?

Abiotic resources are resources that are non living. … Examples of abiotic factors are air, water, sunlight, soil, and minerals. Biotic factors live or once-living organisms within the ecosystem. Abiotic factors are everything which belongs to the non-living things in an ecosystem.

What is the different types of resources?

These resources, called productive resources, are often classified into three groups: natural resources, human resources, and capital resources. Natural resources (often called land) refer to resources such as coal, water, trees, and land itself. Raw materials used in production come from natural resources.

What are the examples of stock resources?

Examples of stock resources include fossil fuels (coal, oil, gas) as well as minerals such as gold, copper, tin, uranium etc. In contrast to stock resources, flow resources are renewed within a short timescale, either through natural physical systems or biotic reproduction.

What are the two main types of resources?

Let us take a look at the two broad types of resources – natural resources and man-made resources.