1.Identify in several cases certain features of the natural environment which were not regarded as natural...
1.Identify in several cases certain features of the natural environment which were not regarded as natural resources in the past, are now thought of in those terms
3. Distinguish between use values and nonuse values in the natural resource economics.
Homework Answers
3.Use value is the value which is derived from the direct use of good .Non use value is the value given to economic goods even if people never have or will never use it.Non use value may be option value,bequest value,existence value and altruistic value.Use value may be direct use value or indirect use value.Use value is divided into market commodities and non-market commodities.Use value is derived from personal goods.Non use values are not derived from personal goods.
1.The features of natural environment are given below:
-It consists of biotic and abiotic natural components. Biotic includes living things and abiotic includes non living resources
-It includes all the biodiversity found on the earth,
-Natural resources include all the things which are non man made.
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