How Do Natural Resources Affect The Development Of A Country
The essence of economics is the well being of the people which is formulated as the maximization of social welfare function swf. The discovery of more natural resources such as oil or mineral deposits will give a boost to the economy by increasing a countrys production capacity.
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how do natural resources affect the development of a country
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The principal factor affecting the development of an economy is the natural resources or land.
How do natural resources affect the development of a country. There is an abundance of literature on natural resource extraction and its impact on resource rich countries and a growing body of work that focuses on natural resources governance auty 1993. Land as used in economics includes natural resources such as the fertility of land its situation and composition forest wealth minerals climate water resources and sea resources etc. If a nation has low financial resources than eventually this would lead to a weakening of the currency thereby affecting the interpersonal relations of the countries with the respective one.
The more natural resources a country has the faster it will grow all other things held equal that is assuming that the country does not have an abnormal situation with morale or labor or. The quantity and availability of natural resources affect the rate of economic growth. Natural resource revenues have also been linked to slow economic growth rates inequality and poverty.
Contrary to the developing countries natural resources may not occupy a prominent place in the process of economic development of the developed countries. Resources also provides surplus prices that is utilized in the countrys infrastructure amenities development of education medical and enhancing trade relations. One of the biggest factors in the economic development of a country is the presence or absence of favorable natural resourcesin fact most developed countries make the best use of the natural resources available to them.
Role of natural resources in economic development. Economic activities lead to transformation of natural resources into consumableusable goods and services in other words production of goods and services create income earning job opportunities for achieving best outcomes of swf. In this article we will explore the natural resources in india and their role in the economic process of development of our country.
Developed countries are technologically advanced and hence even if there is a scarcity of some natural resource say cultivable land they can still produce enormous amount of crop using sophisticated technology. Affect the economic growth of a country to a large extent. Natural resources involve resources that are produced by nature either on the land or beneath the land.
Therefore the human resources of a country should be adequate in number with required skills and abilities so that economic growth can be achieved. One culprit may be the so called dutch disease whereby resource revenues raise a country.
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