Explain four types of resources based on ownership and give example of each type.
On the basis of ownership, there are four types of resources:
- Individual Resources: Resources, which are owned privately by individuals, e.g., farmers own pieces of land or houses. Plantation, pasture lands, water in wells are some resources owned by individuals.
- Community Owned Resources: These resources are accessible to all the members of the community, e.g., village ponds, public parks, playgrounds in urban areas are accessible to all the residents of that area.
- National Resources: All the resources within the political boundary of a nation including the territorial water (oceanic area upto 12 nautical miles from the coast) extending into the ocean and resources therein belong to the nation, e.g., all minerals, forests, wildlife, water resources, land etc.
- International Resources: There are international institutions which own and regulate some resources, e.g., The oceanic resources beyond 200 km of the Exclusive Economic Zone belong to the open ocean and no individual country can utilize these without the concurrence of international institutions.