Final answer:
Natural resources can be classified as renewable or nonrenewable from the human point of view. Renewable resources can regenerate or are continuously available, whereas nonrenewable resources are finite and do not replenish in a human timescale. Both types of resources are essential for producing goods and services.
Step-by-step explanation:
From the human point of view, natural resources can be classified as renewable or nonrenewable. Renewable resources are those like trees, solar energy, and cattle, which can replenish themselves over time or are continuously available.
Nonrenewable resources, such as fossil fuels and precious metals, exist in finite quantities and do not regenerate in a human timescale.
Natural resources form an essential part of the 'land' factor in production, which also includes the items humans get from nature. These resources must be found in nature without alteration by human effort and be capable of being used to produce goods and services.
For instance, oil became a natural resource once we discovered how to refine it into kerosene and use it for energy. Similarly, biodiversity, ecosystems, and the services they provide are natural resources that support life.
The expansion of natural resources could occur through the discovery of new resources, new uses for existing resources, or new extraction methods, thus making them usable.