How Does Resources Affect The Development Process?

Why resources are very important for development?

Resources are important for the development of any country.

For example, to generate energy, one need fossil fuels; and for industrial development, we require mineral resources.

Natural resources are getting scarce with the increasing population, so it is essential to conserve them..

What are the means and resources needed for development?

Means and resources of infrastructure are raw materials, labour-power, capital, and power sources. The infrastructure of development are communication, education, health, power, market, commerce, irrigation and leisure facilities.

Are Natural Resources good or bad for development?

Despite volatile commodity prices, natural resource rents thus seem to advance economic development. The negative indirect effect shows that, over the long term, natural resources undermine the development of institutions.

What kind of resources are needed for development?

For example, coal and iron are required for the growth and development of the iron and steel industry which is vital for the development of any country. Further, there are many other minerals which are of economic importance. Also, mineral fuels like petroleum, coal thorium and uranium are of national importance.

What are the four key factors that influence economic growth?

Economic growth only comes from increasing the quality and quantity of the factors of production, which consist of four broad types: land, labor, capital, and entrepreneurship.

What is sustainable development in resources?

Sustainable development is the management of renewable resources for the good of the entire human and natural community. Built into this concept is an awareness of the animal and plant life of the surrounding environment, as well as inorganic components such as water and the atmosphere.

How do natural resources help development?

Natural resources, both renewable and non-renewable, and ecosystem services are a part of the real wealth of nations. They are the natural capital out of which other forms of capital are made. They contribute towards fiscal revenue, income, and poverty reduction.

How natural resources affect the development process?

Natural resources, economic growth, and sustainable development. … Natural resources have a double-edge effect on economic growth, in that the intensity of its use raises output, but increases its depletion rate. Natural resource is a key input in the production process that stimulates economic growth.

Do you agree with this statement resources are important for development?

Ans. Resources are important for the development of any country. For example, fossil fuels are essential to generate energy, mineral resources are important for industrial development, etc. … (iii) Natural resources are available in fixed quantity and they are non – renewable.

How do resources affect the development of a country?

The quantity and availability of natural resources affect the rate of economic growth. The discovery of more natural resources, such as oil or mineral deposits, will give a boost to the economy by increasing a country’s production capacity.

What is the richest country in resources?

Democratic Republic of the CongoThe Democratic Republic of Congo is widely considered to be the richest country in the world regarding natural resources; its untapped deposits of raw minerals are estimated to be worth in excess of U.S. $24 trillion.

What do you think would be the effect of degradation of natural resources to the economy?

The natural resources contribute at large to the economic development of a nation. Consumption pattern if not addressed will lead to irreversible climate change and declined economic growth, as a result of increased social, economic, and environmental costs and decreased productivity.

What is the relationship between resources and development?

The relationship between resources and development is a complex one for many reasons. Resources are naturally occurring things that a country needs either to trade or survive. For example: building space, arable land, water, coal, oil, gold, etc. Definitions of development vary greatly.

What is resource and development?

What Do You Mean By Resource Development? Resource development means the development of natural resources effectively and efficiently without harming the environment or human existence. The benefits of resource development are not only for the present but also for future generations.

How does financial resources affect the development process?

Explanation: Financial resources affect the development of a country in the following way: a) Development of economy – Financial resources lead to development of economy of the country, leading to generation of employment opportunities, reduction in poverty and overall nation’s development.

How does financial resource increase the speed of development?

Financial system promotes capital market. A dynamic capital market is capable of attracting funds both from domestic and abroad. With more capital, investment will expand and this will speed up the economic development of a country.

How are resources and economic development linked?

This means that strong economic growth leads to excessive use of resources. Granted this strong link between GDP and resource use globally, we have two options to ensure our sustainable existence: consume less and curb economic growth, or find a way to decouple resource use from the economy.

Why are resource rich countries poor?

Discoveries of natural resources rarely bring the wealth one would expect to a poor country. … On average, resource-rich countries have done even more poorly than countries without resources. They have grown more slowly and with greater inequality—just the opposite of what one would expect.