How does the economic. condition of a nation depend on its natural resources
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ᵗʰᵉ ʷᵉᵃˡᵗʰ ᵉᵐᵇᵒᵈⁱᵉᵈ ⁱⁿ ⁿᵃᵗᵘʳᵃˡ ʳᵉˢᵒᵘʳᶜᵉˢ ᵐᵃᵏᵉˢ ᵘᵖ ᵃ ˢⁱᵍⁿⁱᶠⁱᶜᵃⁿᵗ ᵖʳᵒᵖᵒʳᵗⁱᵒⁿ ᵒᶠ ᵗʰᵉ ʷᵉᵃˡᵗʰ ᵒᶠ ᵐᵒˢᵗ ⁿᵃᵗⁱᵒⁿˢ, ᵒᶠᵗᵉⁿ ᵐᵒʳᵉ ᵗʰᵃⁿ ᵗʰᵉ ʷᵉᵃˡᵗʰ ᵉᵐᵇᵒᵈⁱᵉᵈ ⁱⁿ ᵖʳᵒᵈᵘᶜᵉᵈ ᶜᵃᵖⁱᵗᵃˡ, ᵗʰᵉʳᵉᶠᵒʳᵉ ᵐᵃᵏⁱⁿᵍ ⁿᵃᵗᵘʳᵃˡ ʳᵉˢᵒᵘʳᶜᵉˢ ᵐᵃⁿᵃᵍᵉᵐᵉⁿᵗ ᵃ ᵏᵉʸ ᵃˢᵖᵉᶜᵗ ᵒᶠ ᵉᶜᵒⁿᵒᵐⁱᶜ ᵈᵉᵛᵉˡᵒᵖᵐᵉⁿᵗ (ʷᵒʳˡᵈ ᵇᵃⁿᵏ, 2006).
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Explanation:
The wealth embodied in natural resources makes up a significant proportion of the wealth of most nations, often more than the wealth embodied in produced capital, therefore making natural resources management a key aspect of economic development (World Bank, 2006).
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