Do Countries With Abundant Natural Resources Always Have A High Standard Of Living Case Study
Do Countries with Abundant Natural Resources always have a High Standard of Living?
Introduction explaining the question you will answer and why it is important.
The question I will be addressing is whether or not a country with abundant of natural resources have a high standard of living. A natural resource is a resource obtained from the environment and can be renewable or non-renewable. As resources become less abundant it becomes more valuable and the production of the resources entitles the hosting country to have an advantage in trade as well as a source of wealth. http://www.miningoilgasjobs.com.au/mining/all-you-need-to-know-about-the-mining---metals-sec/natural-resources-and-economic-overview-of-each-co.aspx Explain why you have chosen …show more content…
These two countries I find to be contrasting with each other as Finland is country that does not have many natural resources therefore needing to depend on other things.
Provide a summary of economic indicators of each country (at least 4)
Economic indicators are key statistics that indicate the direction of an economy such as one’s GDP growth rate (how much its economy is growing per year), Inflation rate (the changes in price), Unemployment rate (amount of adult population looking for work) and Interest Rate. Finland has a GDP growth rate of 0% as of December 16th, a 9.2% unemployment rate, a 1.2% inflation rate and 0% interest rate. In comparison, Russia has a GDP growth rate of -0.57% as of September 15th, an employment rate of 5.65%, 4.6% inflation rate and 10% interest rate.
http://www.businessdictionary.com/definition/economic-indicators.html …show more content…
Russia trades with most countries in this world as it contains the majority of natural resources but Russia’s biggest trading partner is Europe as 46.8% of Russia’s overall trade is exported all over Europe.
Finland’s major export destinations are Russia, Sweden, Germany, US, UK and the Netherlands. Electronics dominate the exports by 23.3%, followed by chemical industry products at 15.9%, and machinery and equipment at 14.3%. Finland’s import partners include Russia, Germany, Sweden, The Netherlands, China and the UK.
http://www.economywatch.com/world_economy/russia/export-import.html http://www.economywatch.com/world_economy/finland/export-import.html Explain why whether you agree or disagree with the statement
Introduction explaining the question you will answer and why it is important.
The question I will be addressing is whether or not a country with abundant of natural resources have a high standard of living. A natural resource is a resource obtained from the environment and can be renewable or non-renewable. As resources become less abundant it becomes more valuable and the production of the resources entitles the hosting country to have an advantage in trade as well as a source of wealth. http://www.miningoilgasjobs.com.au/mining/all-you-need-to-know-about-the-mining---metals-sec/natural-resources-and-economic-overview-of-each-co.aspx Explain why you have chosen …show more content…
These two countries I find to be contrasting with each other as Finland is country that does not have many natural resources therefore needing to depend on other things.
Provide a summary of economic indicators of each country (at least 4)
Economic indicators are key statistics that indicate the direction of an economy such as one’s GDP growth rate (how much its economy is growing per year), Inflation rate (the changes in price), Unemployment rate (amount of adult population looking for work) and Interest Rate. Finland has a GDP growth rate of 0% as of December 16th, a 9.2% unemployment rate, a 1.2% inflation rate and 0% interest rate. In comparison, Russia has a GDP growth rate of -0.57% as of September 15th, an employment rate of 5.65%, 4.6% inflation rate and 10% interest rate.
http://www.businessdictionary.com/definition/economic-indicators.html …show more content…
Russia trades with most countries in this world as it contains the majority of natural resources but Russia’s biggest trading partner is Europe as 46.8% of Russia’s overall trade is exported all over Europe.
Finland’s major export destinations are Russia, Sweden, Germany, US, UK and the Netherlands. Electronics dominate the exports by 23.3%, followed by chemical industry products at 15.9%, and machinery and equipment at 14.3%. Finland’s import partners include Russia, Germany, Sweden, The Netherlands, China and the UK.
http://www.economywatch.com/world_economy/russia/export-import.html http://www.economywatch.com/world_economy/finland/export-import.html Explain why whether you agree or disagree with the statement