Today the world population is almost 8 billion about 4 times of what it was a century ago. At the same time many people are enjoying a much higher standard of living than what did their grandparents. A perennial debate concerns whether this growth in population and standard of living can continue in the future. Many commentators have argued that natural resources will eventually limit how much the world economies can grow. At first this argument might seem hard to ignore. If the world had a fixed supply of non-renewable natural resources, how can production, population and standard of living continue to grow over time. Won’t supplies of oil and minerals start to run out? When shortages start to occur, wouldn't they limit economic growth and force standards of living to also fall? 1. Most economists argue that technological advances often yields ways to avoid these limits. Discuss some of these ways. 2. What evidence in the market indicates that natural resources are not limiting economic growth?
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I have an idea for unlimited resources it's astralminig
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Explanation:
Self-sufficiency enables a country to be economically independent and stands on its own feet. In the context of a self-sufficient economy, the factors of production utilize the country’s natural resources and labor to produce goods and services that can satisfy consumer needs, and improve the living standards of the people. Furthermore, a self-sufficient national economy guarantees equality in economic affairs, sovereignty, and stable international relations
One example is the shift of developed countries on renewable sources such as solar and wind to cut down use of natural resources and keeping themselves in growth model
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