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Natural Resources and Economic Growth

Question

Discuss whether or not a country’s economic growth rate depends mostly on the availability of its natural resources.

Category:

Economic Growth and Development

Frequently asked question

Preview Answer

I. 🍃Introduction
- Importance of natural resources in economic growth

II. Reasons why natural resources are important
- Boosting productive capacity
- Negative impact of lack of natural resources on poverty and productivity
- Reliance on other countries for resources
- Importance in agriculture and infrastructure

III. Reasons why natural resources may not be as important
- Other factors of production
- Trade as a means of obtaining resources
- Time-consuming process of finding resources
- Examples of countries with limited resources but high growth rates

IV. 👉Conclusion
- Importance of considering multiple factors in economic growth
- Natural resources as one of many important factors

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