Some regions are very rich in resources, yet they are underdeveloped. What can be the reason? Give an appropriate example of the same. How can resources planning help counter this problem?
Answers
Answer:
Developed nations are generally categorized as countries that are more industrialized and have higher per capita income levels. ... Developing nations are generally categorized as countries that are less industrialized and have lower per capita income levels.
Answer:
Even if some locations have an abundance of resources, they are underdeveloped because they lack an effective plan for using them and an understanding of how important resources are to the development of a region or a nation.
Explanation:
When properly utilised, resource rents can promote economic growth by providing funding for the construction of infrastructure, the advancement of human capital, and the bolstering of state capabilities. They support tax revenue, income, and the fight against poverty. Natural resource-related industries generate employment and frequently form the backbone of poorer towns' economies. Natural resources are fundamentally important, so they must be managed responsibly.
The amount and accessibility of natural resources has an impact on how quickly the economy is growing. the finding of additional natural resources, such oil gives a country's economy a boost by expanding its production capacity.
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