How is the value of resources …

The use of a resource depends on its value. Following are the types of values: (a) Economic Value: Some resources can be bought or sold, or can be used to make things that can be bought or sold. For e.g. Minerals. The economic benefit provided by an environmental good or service is the sum of what all members of society would be willing to pay for it. For resources traded in markets such as oil, land, timber, and crops, the value of small quantities of market goods can be measured by their observed price.

  Value: Value means worth. The use of a resource depends on its value.

(a)     Economic Value:  Some resources can be bought or sold, or can be used to make things that can be bought or sold. For e.g. Minerals.

(b)     Aesthetic Value:  We enjoy the beauty of mountains, waterfalls, sea, landscapes. Thus, they are resources which have "Aesthetic Value".

(c)     Legal Value:  Resources like, Air, Water, Land, etc.. Are essential part of life, thus, it become our responsibility to protect them from pollution. These are "Legal Values" of the resources.

(d)    Ethical Value:  "Ethical Values" of the resources indicates us that we should protect our flora and fauna from intensive cutting of trees and killing of wildlife.