Natural Resources from an Economic Point-of-View
Natural resources have significant values in a country's economic growth. In general, the economic prosperity of a country depends on the optimal effort of the country to utilize its natural resources properly and convert them into multiple profits. Commonly a country benefits from the natural resources from the diversity and maximum exploitation of the resources. Natural resources provide the country with direct benefit from raw and processed materials used as trade commodities, the utilization of the resources to be the medium of economic activities, and from leasing the resources to other parties, which will collect additional income for the country such as from taxes, lease and service fees.
Even if a country gets an extraordinary supply of natural resources every year, it is important that the society has the ability to maintain the sustainability of the resources. In the appropriate maintenance, the resources can give people a living space for the community, high-quality environment and at the same time fulfills the need of the country citizens for generations in unlimited time span.
The UK government has brought the issue to surface and seriously implement the sustainable development concept in the decision-making process. Economic calculation of the commercial value of a kind of natural resources material is not the only factor to determine how people should make the most of the material and gain profit from it. The resources have exclusive values that interrelate with other factors such as economic, political and ethical value. During the process of development, such values often collide with each other, causing inconsistency in the system and endangering the nature...
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