Whether natural resources are necessary to ensure economic growth .

Question

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Answer 1

Question

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

Chapter 7, Problem 1QP

To determine

Whether natural resources are necessary to ensure economic growth.

Expert Solution & Answer

Explanation of Solution

A country that has abundant natural resources may not ensure economic growth. It is not a necessary condition, but it will help to achieve a prosperous economy. For example, in countries like J and S, there is scarcity of natural resources, but they have high standard of living. This is because of the productivity of well-educated people of these countries who contributed to economic growth and prosperity.

Thus, the natural resources are not a necessary condition, but it is an advantage for achieving economic growth.

Economics Concept Introduction

Economic growth: The economic growth refers to an increase in the market value of all the goods and services at present from the previous period, assuming that the price level is constant.

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Discuss the different types of resources (natural, human, capital) and how they are allocated in an economy. Identify which resources are scarce and which are abundant, and explain the implications of this scarcity or abundance.

Answer 2

Question

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

Chapter 7, Problem 1QP

To determine

Whether natural resources are necessary to ensure economic growth.

Expert Solution & Answer

Explanation of Solution

A country that has abundant natural resources may not ensure economic growth. It is not a necessary condition, but it will help to achieve a prosperous economy. For example, in countries like J and S, there is scarcity of natural resources, but they have high standard of living. This is because of the productivity of well-educated people of these countries who contributed to economic growth and prosperity.

Thus, the natural resources are not a necessary condition, but it is an advantage for achieving economic growth.

Economics Concept Introduction

Economic growth: The economic growth refers to an increase in the market value of all the goods and services at present from the previous period, assuming that the price level is constant.

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Answer 3

Question

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

Chapter 7, Problem 1QP

To determine

Whether natural resources are necessary to ensure economic growth.

Expert Solution & Answer

Explanation of Solution

A country that has abundant natural resources may not ensure economic growth. It is not a necessary condition, but it will help to achieve a prosperous economy. For example, in countries like J and S, there is scarcity of natural resources, but they have high standard of living. This is because of the productivity of well-educated people of these countries who contributed to economic growth and prosperity.

Thus, the natural resources are not a necessary condition, but it is an advantage for achieving economic growth.

Economics Concept Introduction

Economic growth: The economic growth refers to an increase in the market value of all the goods and services at present from the previous period, assuming that the price level is constant.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

Chapter 7, Problem 1QP

To determine

Whether natural resources are necessary to ensure economic growth.

Expert Solution & Answer

Explanation of Solution

A country that has abundant natural resources may not ensure economic growth. It is not a necessary condition, but it will help to achieve a prosperous economy. For example, in countries like J and S, there is scarcity of natural resources, but they have high standard of living. This is because of the productivity of well-educated people of these countries who contributed to economic growth and prosperity.

Thus, the natural resources are not a necessary condition, but it is an advantage for achieving economic growth.

Economics Concept Introduction

Economic growth: The economic growth refers to an increase in the market value of all the goods and services at present from the previous period, assuming that the price level is constant.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 7, Problem 1QP

To determine

Whether natural resources are necessary to ensure economic growth.

Expert Solution & Answer

Explanation of Solution

A country that has abundant natural resources may not ensure economic growth. It is not a necessary condition, but it will help to achieve a prosperous economy. For example, in countries like J and S, there is scarcity of natural resources, but they have high standard of living. This is because of the productivity of well-educated people of these countries who contributed to economic growth and prosperity.

Thus, the natural resources are not a necessary condition, but it is an advantage for achieving economic growth.

Economics Concept Introduction

Economic growth: The economic growth refers to an increase in the market value of all the goods and services at present from the previous period, assuming that the price level is constant.

Answer 6

Chapter 7, Problem 1QP

To determine

Whether natural resources are necessary to ensure economic growth.

Expert Solution & Answer

Explanation of Solution

A country that has abundant natural resources may not ensure economic growth. It is not a necessary condition, but it will help to achieve a prosperous economy. For example, in countries like J and S, there is scarcity of natural resources, but they have high standard of living. This is because of the productivity of well-educated people of these countries who contributed to economic growth and prosperity.

Thus, the natural resources are not a necessary condition, but it is an advantage for achieving economic growth.

Economics Concept Introduction

Economic growth: The economic growth refers to an increase in the market value of all the goods and services at present from the previous period, assuming that the price level is constant.

Answer 7

Chapter 7, Problem 1QP

To determine

Whether natural resources are necessary to ensure economic growth.

Answer 8

Expert Solution & Answer

Explanation of Solution

A country that has abundant natural resources may not ensure economic growth. It is not a necessary condition, but it will help to achieve a prosperous economy. For example, in countries like J and S, there is scarcity of natural resources, but they have high standard of living. This is because of the productivity of well-educated people of these countries who contributed to economic growth and prosperity.

Thus, the natural resources are not a necessary condition, but it is an advantage for achieving economic growth.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Economics Concept Introduction

Economic growth: The economic growth refers to an increase in the market value of all the goods and services at present from the previous period, assuming that the price level is constant.

Answer 12

Ch. 7 - Prob. 1QP Ch. 7 - Prob. 2QP Ch. 7 - Prob. 3QP Ch. 7 - Prob. 4QP Ch. 7 - Prob. 5QP Ch. 7 - Prob. 6QP Ch. 7 - Prob. 7QP Ch. 7 - Prob. 8QP Ch. 7 - Prob. 9QP Ch. 7 - Prob. 10QP

Whether natural resources are necessary to ensure economic growth .

Whether natural resources are necessary to ensure economic growth.

Explanation of Solution

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