how the resource is effected the development?
Answers
Explanation:
Natural resources, economic growth, and sustainable development. ... Natural resources have a double-edge effect on economic growth, in that the intensity of its use raises output, but increases its depletion rate. Natural resource is a key input in the production process that stimulates economic growth.
Answer:
Economics, which has evolved into set of principles that define rational behavior of various stakeholders, is the fountain for achieving sustainable development-appreciable level of social and economic well-being of the people that is inter-generationally balanced. Effective governance, resource endowments, and demography are complementary factors that need to be properly coordinated based on sound economic principles to underpin the process of sustainable development. The division of economics into microeconomics and macroeconomics has gained prominence in economic theory, but the distinction is mainly about whether analysis and economic decision-making focus on individual economic agents such as households and firms (microeconomics) or activities of the overall economy relating to such indicators as national income, employment, and government policies (macroeconomics). In practice, the microeconomics and macroeconomics intertwine such that the conditions of the overall economy influence the decisions of individual economic agents and in turn, the performance of the economy depends on the activities of individual economic agents. Essentially, all economic agents, at both micro and macro level of economic analysis, act in accordance with rational economic principles to optimize outcomes that collectively provide the basis for attaining economic growth and sustainable development.