natural resources are the economic barometer of nation
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Role of Natural Resources in Economic Development!
The principal factor affecting the development of an economy is the natural resources or land. “Land” as used in economics includes natural resources such as the fertility of land, its situation and composition, forest wealth, minerals, climate, water resources and sea resources etc.
For economic growth, the existence of natural resources in abundance is essential. A country which is deficient in natural resources will not be in a position to develop rapidly. As pointed out by Lewis, “Other things being equal, men can make better use of rich resources than they can of poor,”
The principal factor affecting the development of an economy is the natural resources or land. “Land” as used in economics includes natural resources such as the fertility of land, its situation and composition, forest wealth, minerals, climate, water resources and sea resources etc.
For economic growth, the existence of natural resources in abundance is essential. A country which is deficient in natural resources will not be in a position to develop rapidly. As pointed out by Lewis, “Other things being equal, men can make better use of rich resources than they can of poor,”
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Answer:
Natural resources are important for the nation and utilizing them in the proper manner is necessary for the economic growth and revenue for the nation.
Explanation:
The economic growth of the country is dependent on the effective use of natural resources. Countries which lack natural resources are not in a position to grow economically.
People can use these resources for their survival. The land is an important natural resource and its value increase with its effective utilization.
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