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The resource curse, also known as the paradox of plenty or the poverty paradox, is the hypothesis that countries with an abundance of natural resources (such as fossil fuels and certain minerals) have lower economic growth, lower rates of democracy, or poorer development outcomes than countries with fewer natural resources. [1]
The abundant resource that have comparative advantage realizes an increase in income, and the scarce resource realizes a decrease in its income regardless of industry. This trade theory concludes that some people will suffer losses from free trade even in the long-term. [9]
The United Nations Development Programme says economic water scarcity is the most common cause of water scarcity. This is because most countries or regions have enough water to meet household, industrial, agricultural, and environmental needs. But they lack the means to provide it in an accessible manner. [23]
In other words, when every good or service is produced up to the point where one more unit provides a marginal benefit to consumers less than the marginal cost of producing it. Because productive resources are scarce , the resources must be allocated to various industries in just the right amounts, otherwise too much or too little output gets ...
Every few days for the past several weeks, a parade of Chinese leaders and policymakers have publicly vowed to do more to boost the sputtering economy, usually by promising to support the ...
Overpopulation and inequitable resource allocation can make resource scarcity even more pronounced, creating a cyclical instability in the society. [10] Conversely, countries with natural resource abundance are impacted in a different way.
China withdraws roughly 600 billion cubic meters of water on a yearly basis. The country surpasses the United States by 120 billion cubic meters and falls short of India by 160 billion cubic meters. [1] For this reason, China’s domestic policy remains one of the most vital on a national and international scale.
People queue up for soup and bread at relief tents in the aftermath of the Great Seattle Fire of June 6, 1889. In economics, scarcity "refers to the basic fact of life that there exists only a finite amount of human and nonhuman resources which the best technical knowledge is capable of using to produce only limited maximum amounts of each economic good."