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.
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.
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.
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.
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.
mixed economy
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.
Planned Economy
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.
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.
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.
No
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.
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.
The presence of the canal might have seemed threatening to Latin American nations as it could have been viewed as a symbol of foreign dominance and control over their territory and resources. This could raise concerns about sovereignty, security, and potentially create economic imbalances by favoring the interests of the canal's operators over those of the local nations.
mixed economy
it ruined the nations economy by no money
all of these.!!