What is resources?
A resource is a naturally occurring exploitable material that a society perceives to be useful to its economic and material wellbeing. Willing, healthy and skilled workers also constitute a valuable resource, but without access to materials such as fertile soil or petroleum, human resources are limited in their eff ectiveness. Resources are the basis of the economic development of any nation. Diff erent countries are at diff erent levels of economic development primarily because of the variation in the availability of natural resources. Th e US and west European countries are economically prosperous because they possess vast natural and human resources and technology. On the other hand, in most parts of Africa and Asia, though they are naturally rich in resources, due to their lack of knowledge, the resources are unutilised and they are not used in the service of man.