Question: How Do Natural Resources Affect Development?

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..

How can resources contribute to development?

Answer: The natural resources of a country can contribute significantly to its economic development through increasing production and manufacturing, securing energy supply, increasing export revenues and reducing costs for local businesses and households.

Why are natural resources important to a country?

Animals, birds, fish and plants are natural resources as well. Natural resources are used to make food, fuel and raw materials for the production of goods. All of the food that people eat comes from plants or animals. Natural resources such as coal, natural gas and oil provide heat, light and power.

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.

What are the main natural resources of our nation?

Biotic resourcesPopulation.Forestry.Fish.Coal.Oil.Natural gas.Metallic minerals.Non-metallic minerals.More items…

Why do we need resource development?

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. Necessary to conserve resources because: … (iii) Natural resources are available in fixed quantity and they are non – renewable.

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.

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 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 are the advantages of natural resources?

AdvantagesRenewable resources will never run out.Non renewable resources can be recycled and be used for everyday products.Non renewable resources are easily obtainable.Non renewable resources are cheaper.May 14, 2014

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.