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 & 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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