This is the 36th most frequent Icelandic word.
okkar
"Our"
The word 'okkar' is a possessive pronoun here, indicating ownership or association with 'resources' in the context of 'our resources' for the pronoun 'we'.
Það er mikilvægt að við verndum auðlindir okkar.
It is important that we protect our resources.
In this case, 'okkar' refers to 'our' and it shows the possessive relation for the noun 'friends', indicating belonging or association of the friends to the subjects.
Okkrar vinir eru mjög skemmtilegir.
Our friends are very fun.
Here, 'okkar' serves as a possessive adjective describing the noun 'family', indicating to whom the family belongs in the context of the discussion.