Ans. Biological resources are the basis of life forms on this planet. The countries with maximum biodiversity possess better potential to compete with the rest of the world. Biodiversity has great economic importance to mankind due to its many uses, some of, which with consumptive value are following

Food is obtained from biodiversity sources like livestock, forestry, and fish. Biodiversity in modern agriculture is beneficial due to a source of new crops. e.g., just three cereals crops like wheat, rice, and maize account for about 55% of protein and 60% of calories in humans.

Drugs such as morphine (Papaver somniferum), quinine (Cinchona ledgeriana), reserpine (Rauwolfia vomitoria), belladonna (Atropa belladonna), aconite (Aconitum, napellus), wintergreen, and birth bark (Gaultheria procumbens) are derived from plants.

About 70-80% of the entire population is dependent on plants or its extract for medicine. penicillin (Penicillium notatum), tetracycline (bacteria), digitalin (Digitalis) are some examples of medicinal plants.

Plant-like Chorchorus, Gossypium are sources of fiber while Jatropha is a source of biofuels. Fossils fuels (e.g., petroleum) are obtained from fossils of organisms.