Answer to Question #8160 in Microeconomics for dikshit

Question

what is meant by economies of resources?

Answer 1

Economy of resources means resource-oriented way of running economy and business. Careful usage and big attention to most appropriate way of using limited resources.
As a part of it can be Natural resource economics which deals with the supply, demand, and allocation of the Earth`s natural resources. One main objective of natural resource economics is to better understand the role of natural resources in the economy in order to develop more sustainable methods of managing those resources to ensure their availability to future generations. Resource economists study interactions between economic and natural systems, with the goal of developing a sustainable and efficient economy