Chapter 19, Problem 24AA

To determine

To explain: Whether availability of more natural resources is required for a country to maintain the economic growth and development.

Explanation of Solution

Economic development: An economy can develop with its policies. It is considered that developing nations take time for development, but they do not remain poor forever. The economies can develop rapidly too if they become a market economy or if finances invested in the economy are used optimally. The three stages of economic development are the agricultural stage, manufacturing stage and workers moving into the service sector.

The abundant availability of natural resources is helpful for the growth and development of an economy. This is because the country is not dependent on resources from any other country and with the help of those resources it can prosper well. The resources can be used in industries and investments.

However, misuse of resources can be a reason for the obstacle in the growth and development of a country. So, if abundant resources are available in the country, the country should also make sure that they are used optimally.