Natural Resources — Science STD 7 — Question

1. Natural resources are a necessary condition for economic growth.
2. Three circles enclosed within one another shows how both economy and society are subsets of our planetary ecological system.

3. Natural resource economics deals with the supply, demand and allocation of the Earth’s natural resources.
4. Economic growth is an increase in the value of goods and services produced in an economy.
5. The natural resources of a country depend on the climatic and environmental conditions.
6. Countries having plenty of natural resources enjoy good growth than countries with small amount of natural resources.
7. A country having skilled and educated work force with rich natural resources takes the economy on the growth path, because skilled and educated people can efficiently utilize or exploit natural resources, e.g. Saudi Arabia: their economic growth is high, because they have oil wells.
8. All countries import fuel or oil from them so Saudi Arabia is economically a rich country.