why some countries have natural resources but they cannot utilise them . explain with example
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It's a bit complicated sometimes they don't utilize them due to lack of the means of production, other times due to economic reasons it may be easier to buy the products than to produce them, then there's the human resources issue; lack of trained manpower.
Russia has an enormous amount of natural resources. But due to its size and geographical location has limitations on the efficiency of its process of extraction and distribution within the country. The marginal efficiency of capital is a large factor explaining your question. Countries and economies need to develop certain capacities first so that benefits outweigh costs of their ventures.
Russia has an enormous amount of natural resources. But due to its size and geographical location has limitations on the efficiency of its process of extraction and distribution within the country. The marginal efficiency of capital is a large factor explaining your question. Countries and economies need to develop certain capacities first so that benefits outweigh costs of their ventures.
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