How does the abundance or lack of natural resources effect a countries Standard of Living?
An abundance of natural resources usually goes along with a high standard of living (which is a measure of income per person and poverty rate). This is because the country can produce many products that they can export and make money off of. On the other hand, a lack of natural resources usually means a lower standard of living. A few countries that are exceptions, but this is the general rule.
Just think of it this way: stuff (resources) allows you to make stuff (products), which you can sell and make money off of, which gives you an income, which keeps you from being too poor. That’s the simple way to look at it.
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August 17th, 2010 at 3:27 am
An abundance of natural resources usually goes along with a high standard of living (which is a measure of income per person and poverty rate). This is because the country can produce many products that they can export and make money off of. On the other hand, a lack of natural resources usually means a lower standard of living. A few countries that are exceptions, but this is the general rule.
Just think of it this way: stuff (resources) allows you to make stuff (products), which you can sell and make money off of, which gives you an income, which keeps you from being too poor. That’s the simple way to look at it.
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