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How can the presence or absence of natural resources and arable land affect a nation's economy?
Wiki User
∙ 11y ago
That's like asking how can the presence of lungs and other vital organs affect life if their was no air being breathed by a human. The organs, like resources, are nice, but do nothing without air or an economic system to power them.
Natural Resources are neither sufficient or necessary for economic development in any one particular country. Economic systems explain why resource rich Nigeria is dirt poor, while resource scarce nations like Japan are filthy rich.
However, if all nations had the same economic system, then the nation with natural resources would of course be richer in real terms.
The textbook explanation is that resource presence increase a nation's Long Run Supply, or Production Possibilities. However, there is no guarantee that the nation will actually put these resources to use, and fulfill their potential economic development.
Wiki User
∙ 11y ago
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How can the presence or absence of natural resources and arable land affect a nations economy regardless of the type of economic system?
If a country has few resources and little land for crops, it may not be able to produce enough food and products for the people.
What economic system does Libya use?
Libya has a command economy. Also known as controlled or planned economy. This is where a government retains the power to decide how the nations economic resources should be allocated. It has complete control over how theses resources are used.
How does the global economy affect the apportionment of natural resources?
The distribution of economic power between nations determines where materials are needed most. Because, at any point in time, there are finite amounts of natural resources, these resources are distributed where they are needed in the quantities they are needed.
Why should the US trade heavily with other countries?
The US should trade with other nations to expand its economy and help out not only these nations, but the US itself. The US doesn't have an unlimited amount of resources, so it needs everything it can get.
How did their status as colonies of European powers have an effect on the development of many less developed countries?
Countries that were colonized by European nations had the benefit of a military presence that less developed nations did not have access to. However, these same nations had to fight for independence from the colonizing nation to benefit from the resources that were previously taken away and sent to the homeland.
How can the presence or absence of natural resources and arable land affect a nations economy regardless of the type of economic system?
If a country has few resources and little land for crops, it may not be able to produce enough food and products for the people.
Government directed system intended to mobilize the resources of European nations?
Planned Economy
Which of these nations does not habe significant resources?
Burkina Faso is a nation that does not have significant natural resources. Its economy is largely based on agriculture, with limited mineral resources compared to other countries in the region.
What economic system does Libya use?
Libya has a command economy. Also known as controlled or planned economy. This is where a government retains the power to decide how the nations economic resources should be allocated. It has complete control over how theses resources are used.
How does the global economy affect the apportionment of natural resources?
The distribution of economic power between nations determines where materials are needed most. Because, at any point in time, there are finite amounts of natural resources, these resources are distributed where they are needed in the quantities they are needed.
Did the absence of the united state cause the league of nations to failed?
No
What is a political economist?
The definition of a political economist is defined by its actions. Generally speaking, a political economist seeks to utilize a nations economy or its human resources for the common good.
Why should the US trade heavily with other countries?
The US should trade with other nations to expand its economy and help out not only these nations, but the US itself. The US doesn't have an unlimited amount of resources, so it needs everything it can get.
How did their status as colonies of European powers have an effect on the development of many less developed countries?
Countries that were colonized by European nations had the benefit of a military presence that less developed nations did not have access to. However, these same nations had to fight for independence from the colonizing nation to benefit from the resources that were previously taken away and sent to the homeland.
What kind of economy do most nations in the world today use?
mixed economy
How did the panic of 1837 affect the the nation's economy?
it ruined the nations economy by no money
Explain how scarcity requires indivisual and nations to mak decsions about resources?
Scarcity of resources requires nations and individuals to make informed decisions of how they will utilize the available resources.
