Question

How does the economic condition of a Nation depends on its natural resources?

Answer 1

Answer: The term economic development refers to the kind of advancement made by a particular economy, both qualitatively as well as quantitatively, in a given period of time. Economic growth in terms of rise in market productivity as well as in the overall GDP is an important aspect of economic development, alongside many others. But, the ultimate aim of development of any economy across the world is to ensure the economic and social well-being of the people. There are numerous players determining the economic development of a country or region, the most important of which, alongside the physical capital, is its human capital, or in simple terms, the manpower resources. Apart from these two, economists from across the globe have acknowledged the vital role that is played in the economic development by, what they term as the natural capital, or what we, in simple terms, may refer to as natural resources.                                                                                                    may my answer help you                                        

Answer 2

Answer:

Natural resources such as oil, gas, minerals and timber are expected to continue to play a significant role in resource abundant economies, as demand from rapidly growing economies increases, and as supplies of non-renewable resources decline and renewable resource harvests approach maximum sustained yield levels.