what is the role of resources in economic development
Answers
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,”
Answer:
The role of resources in economic development:
By natural resources we refer to resources readily available in the natural world or nature. This means that we get water from flowing rivers and seas, wood and timber we get from trees, oil we get from the deep reserves of our planet, plants we get from every corner of our earth, among many others.
Whether we live in rural or urban areas, whether we live in wealth or poverty, whether we are daily wage laborers or CEOs of world-renowned companies, natural resources have a place in every life.
In its essence, a natural resource is a resource that is found in abundance in nature and is put to good use by humans. Here is a list to understand what we call natural resources:
- oil
- Coal or natural gas
- Solar energy or sunlight
- Metals like silver, gold, copper, aluminium, iron etc.
- Salt wood or wood
- All plants, medicinal and common
- Natural resources in India
Now that we know what natural resources are, let's explore together: Is India rich in natural resources?
India is incredibly rich in natural resources, as our country is so vast and has so many different types of land and scenery. Now, we will explain the most important natural resources of India and where they are found in the country.
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