Canvas International  College   resource any physical or virtual entity of limited availability that needs to be consumed to obtain a benefit from it. In most cases, commercial or even non-commercial factors require resource allocation through resource management. There are two types of resources; renewable and non-renewable.

Value of a resource

The purely economic value of a resource is controlled by supply and demand. This is, however, a narrow perspective on resources as there are many things that cannot be measured in money.

Natural resources like forests, mountains etc. are considered beautiful so they have aesthetic value. Resources also have an ethical value as well, because it is widely recognized that it is our moral duty to protect and conserve them for the future generations (see sustainable development).