“Exploring molecular, genetic and species-level diversity for products of economic importance” is called: 

The correct answer is Bioprospecting.

Key Points

• Bioprospecting involves exploring natural sources such as plants, animals, and microorganisms to discover new compounds that can be used for medicinal, agricultural, or industrial purposes.
• This practice is crucial for identifying bioactive compounds that can lead to the development of new drugs, antibiotics, and other therapeutics.
• Bioprospecting supports the sustainable use of biodiversity by encouraging the conservation and sustainable management of ecosystems.
• It helps in understanding the genetic diversity and ecological interactions within ecosystems, which is essential for preserving biodiversity.
• Countries rich in biodiversity often implement regulations to ensure that bioprospecting activities benefit both the local communities and the environment.

Additional Information

• Biopiracy:
  • Biopiracy refers to the unethical or unauthorized use of biological resources and indigenous knowledge without compensating the native communities.
  • It often involves exploiting traditional knowledge for commercial gain without sharing benefits or profits with the original knowledge holders.
• Ecopiracy:
  • Ecopiracy is a term sometimes used to describe large-scale environmental exploitation or damage caused by corporations or countries, often in developing regions.
  • This can include activities like illegal logging, overfishing, and other practices that harm ecosystems and biodiversity.
• Conservation:
  • Conservation is the sustainable management of natural resources to prevent exploitation, destruction, or neglect.
  • It aims to protect species, their habitats, and ecosystems from excessive disturbance and degradation.
• Sustainable Use:
  • Sustainable use refers to utilizing natural resources in a way that maintains their availability for future generations.
  • It involves managing resource use to balance ecological, economic, and social needs.