Final answer:
The Staples Theory posits that a country's economic growth and development largely depend on the export of its natural resources.
Step-by-step explanation:
The theory that states "Economic growth and development of a country is based on the export of natural resources" is known as the Staples Theory. The Staples Theory suggests that the wealth of a country primarily depends on the export of its natural resources such as farming produce, timber, mining outputs, and game. This theory has its roots in the early economic thoughts of Adam Smith and others who saw land and its products as the basis for economic development, although they did not anticipate the impact of technological advances and fossil fuels on economic growth.