Natural resources are all production inputs that are useful in their natural states, including agricultural land, building sites, forests, and mineral deposits. Natural resources are the basic inputs required in any economic system.
Natural resources consist of standing timber and underground deposits of oil, gas and minerals. These long-lived productive assets have two distinguishing characteristics: (1) They are physically extracted in operations (such a mining, cutting, or pumping). (2) They are replaceable only by an act of nature.
The acquisition cost of a natural resource is the price needed to acquire the resource and prepare it for its intended use. For an already-discovered resource, such as an existing coal mine, cost is the price paid for the property.
Natural Resources are resources that nature provides in limited amounts, including crude oil, natural gas, minerals, timber, and water.