How Does Natural Resources Help In Development Of The Country?

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 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.

Which is the most important resource?

Human resourceHuman resource is considered to be the most significant resource of a country, which directly contributes to the countries economy with its productivity.

How do resources help in development?

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. The extraction of natural resources can be done on a number of scales.

What are the natural resources of a country?

Main ContentCountryNatural resourcesAlgeriapetroleum, natural gas, iron ore, phosphates, uranium, lead, zincAmerican Samoapumice, pumiciteAndorrahydropower, mineral water, timber, iron ore, leadAngolapetroleum, diamonds, iron ore, phosphates, copper, feldspar, gold, bauxite, uranium206 more rows

Why resources are very important for development?

Resources are important for the development of any country. For example, to generate energy, one need fossil fuels; and for industrial development, we require mineral resources. … Natural resources are getting scarce with the increasing population, so it is essential to conserve them.

How are human resources important for development of natural resources?

Human resource is an important factor of economic development. It increases labour mobility from which the executing resources can be made more productivity. The development of human resources increases the knowledge of natural resources. New production technique, market and opportunities of the economic activities.

How can we protect our natural resources?

Ten Simple Things You Can Do to Help Protect the EarthReduce, reuse, and recycle. Cut down on what you throw away. … Volunteer. Volunteer for cleanups in your community. … Educate. … Conserve water. … Choose sustainable. … Shop wisely. … Use long-lasting light bulbs. … Plant a tree.More items…

What are the 10 natural resources?

Top 10+ Natural Resources in the WorldWater. While the earth may be mostly water, only about 2-1/2 percent of it is freshwater. … Air. Clean air is necessary for the existence of life on this planet. … Coal. Coal is estimated to be able to last less than 200 more years. … Oil. … Natural gas. … Phosphorus. … Bauxite. … Copper.More items…

How do natural resources help the economy?

They contribute towards fiscal revenue, income, and poverty reduction. … Government plays the essential role in putting into place policies that ensure that resources contribute to the long-term economic development of nations, and not only to short-term revenue generation.

What is the most important natural resource?

Top 11 Natural ResourcesWater. Like soil, water is one of the most important natural resources for the existence of life.Soil. … Timber. … Salt. … Oil. … Natural Gas. … Coal. … Iron. … More items…•

Are natural resources a curse for economic development?

The question of how natural resources affect economic development is an important and intriguing field of economic research. Although the early resource curse literature documented a strong negative relationship between natural resources and GDP growth, a growing body of contradicting evidence has emerged.

Are natural resources a curse?

The resource curse, also known as the paradox of plenty, refers to the paradox that countries with an abundance of natural resources (such as fossil fuels and certain minerals), tend to have less economic growth, less democracy, and worse development outcomes than countries with fewer natural resources.

Which country is rich in resources?

northam.co.za The most resource-rich country in the world is… probably Saudi Arabia. But oil isn’t the only valuable resource. A Citi report lists the richest countries in terms of metals and ore.

Why is it important to protect natural resources?

Need for Conservation of Natural Resources As the population of the world is increasing at an alarming rate, the consumption of natural resources is also increasing. Hence, these resources should be conserved to maintain ecological balance and save them for future generations.

What country has the best natural resources?

Some of the countries with the most natural resources in the world include:Canada.India. … Russia. … Brazil. … United States. … Venezuela. … Democratic Republic of the Congo. … Australia. Mining is the primary industry in Australia and the main contributor to its economy which earns them over $19.9 trillion per annum. … More items…•

What are the three types of resources needed for development?

First, students will learn about three types of resources (human, natural, and capital) that are a part of communities and cultures.

How does the United States benefit from natural resources?

North America benefits greatly from its fertile soils, plentiful freshwater, oil and mineral deposits, and forests. With a strong domestic and export economy focused on this abundant array of natural resources, North America has become one of the most developed regions in the world.

Are Natural Resources good or bad for development?

In short, resources have different effects depending on the institutional environment. If institutions are good enough resources have a positive effect on economic outcomes, if institutions are bad, so are resources for development. … – such as gold or diamonds) are more “dangerous” for economic growth.

What are the development of resources?

Developed Resources: Resources which are surveyed and their quality and quantity have been determined for utilisation. The development of resources depends on technology and level of their feasibility.

What are 20 natural resources?

Natural Resources by CountryBauxite.Coal.Copper.Diamonds.Gold Lead.Iron ore.Mineral sands.Natural gas.More items…