📈 Economics

Do natural resources contribute or hinder to economic development?

1 answers
Answered Nov 17Economics
Ismail's profile picture
Ismail JeilaniBSc Political Economy | Ex-Google | 7 years Teaching Experience

This is a really big question, so it's important to make sure you understand how to structure it, and what points to research. Here's what you what will really help you: 1. How do you measure economic development? This is going to be key to your answer. Look into different measurements which includes obvious metrics like GDP, but also other metrics like the Human Development Index. Remember, economic development doesn't have to be about money. It can include life expectancy and average years in education. 2. Once you've clearly explained how to measure economic development, the next part is to understand which natural resources you want to refer to. There's a quite a few. This includes, oil and precious metals (gold, diamonds). I would then explain the impact of these natural resources on economic development (which you should have already explained). This should be enough to get you started. If you find that you're still stuck in a different area, feel free to ask another question!