ABSTRACT
The study of natural resources involves theories and concepts that are continually evolving with the passage of time and with our improved understanding of the natural environment. For example, the pre-classical or Physiocratic school (1756-78) and classical economists (1776-1890) typically used land as a generic term to describe natural resources or the natural environment (air, water and landmass), in general.To these economists, land represented one of the three major categories of basic resources essential to the production of goods and servicesthe other two being labor and capital.
