What exactly is Balanced resources? How does it differ from standard?

I think it makes sure that every player has access to most strategic resources.

Either way, you can always use the world builder to change things according to the strategy you wanted to play. One thing i was thinking of doing next is to eliminate all strategic recources in the game except perhaps horses and either copper or iron, and see how it plays out?

Yeah I'm playing one right now. The terrain seems to be a little off but I do have all the strategic resources in my empire (minus marble, idk about modern).

A game without strategic resources would be very odd indeed. All the warmongers would come out in full force come rifling and those with resourceless UU's (Holkans) would dominate the early game.

It is interesting to see how it plays out. I am in a game now that is like that. Isabella, Washington (my vassel), and I (FDR) are the only ones with oil. Saladin, Sitting Bull and Suryavarman are sucking pond water. I have modern armor, bombers, jet fighters, and the full array of navel assests. Elizabeth WAS running a close second to me but with no oil her ships of the line could not break the blockade of my destroyers, nor could her airships stand up to my jet fighters. I usually build the Pentagon but when she beat me to it by 3 turns I decided to take it from her. I also took her vassel Victoria!