Question

Is having abundant resources an absolute guarantee of economic growth and prosperity? no, many countries thrive under collective ownership of property. yes, there are no prosperous countries without a large amount of resources. no, countries also need an aggressive military. no, other factors like institutions and technological advances are relevant too. yes, as long as a country has a large number of resources, it will prosper?

Answer 1

No, other factors like institutions and technological advances are relevant too. The abundant resources of a country are useless if the people of that country don’t know how to develop those resources. These factors mentioned play an important role as well. Without these advancements, the country cannot guarantee economic growth and prosperity.