Resources

A resource is any material that can be extracted from the Earth and used by humans or holds value. They can be categorized as renewable or nonrenewable resources. Resources sustain human civilizations and are exhausted by the rate at which they can be renewed when compared to the rate of human consumption.

• Renewable Resources - Renewable resources can be replenished after use once they are used sustainably. For example, water, sunlight, and wood.
• Non-renewable Resources - These types of resources cannot be replenished or replaced once they are used out for example oil and gas or metals.

Where Natural Resources Used For Commercial Purposes Are Located

Areas within the Caribbean with natural resources used for commercial purposes are shown below.

• Agricultural Land - All countries, however Guyana has the most.
• Bauxite - Guyana Jamaica and Haiti
• Fish - All countries, however, Belize produces the most on a commercial level.
• Forests - All countries, except Haiti.
• Gold - Guyana
• Limestone -  Cuba, Jamaica and Trinidad & Tobago
• Oil & Gas - Trinidad & Tobago, however in recent years Guyana has discovered oil and is beginning to produce on a commercial scale.

In the diagram above red represents gas and green represents oil

Importance of Natural Resources

• Gross Domestic Product (GDP) - All natural resources hold value and can be sold or used for commercial purposes adding to the total GDP of countries .
• Employment - Natural resources provide the raw materials for industries that employ people. This creates employment for citizens and improved standard of living for citizens while reducing poverty and unemployment.
• Tourism - Natural resources such as sea, sun and sand provide a base for tourism in the Caribbean which dominates the economies of many islands.
• Infrastructure - Natural resources such as limestone and water are used in construction for vital infrastructure throughout countries such as buildings and bridges.
• Trade & Exports - Natural resources can be sold and exported creating foreign exchange for the economy and earning income for the country.
• Pharmaceuticals - Natural resources in the form of biodiversity in plants and animal species contribute to the development of new drugs and treatments for medical conditions.
• Manufacturing - Natural resources are the raw materials for industries which can refine them into new products adding value to the original resource then sold, for example, food processing.
• Investment - Natural resources make countries attractive for investments from foreign companies or countries in varying fields, for example, tourism or oil and gas extraction.