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Bilateral and multilateral agreements are most important for third world countries since water is a scarce resource, and they will be the first to face water shortages. [100] The purpose of agreements is to ensure that all individuals have access to water as part of their fundamental basic human rights.
In the future, international cooperation in sharing scarce resources will become increasingly important. Where scarcity is concentrated on the non-renewable resources that play the most important role in meeting needs, the most essential element for the realisation of human rights is an adequate and equitable allocation of scarcity. Inequality ...
The countries designated as small states include some of the most and least developed nations, resource-rich and resource-scarce countries, and both island and landlocked states. The diversity of small states is significant, in terms of their circumstances, interests, policy priorities, and resources.
There are two types of water scarcity. One is physical water scarcity and the other is economic water scarcity. [2]: 560 Some definitions of water scarcity look at environmental water requirements. This approach varies from one organization to another. [15]: 4 Global water consumption 1900–2025, by region, in billions m 3 per year
One of the most prolific examples of resource war in history is the conflict over Chincha Island guano in the late 19th century. The Chincha Islands of Peru are situated off of the southern coast of Peru, where many seabirds were known to roost and prey on fish brought there by the currents of the Pacific Ocean . [ 3 ]
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]
Economic gains from natural resources are mostly beneficial when directed towards initiatives such as job creation, skill enhancement, capacity building, and pursuit of long-term developmental objectives. Thus, reliance on one or more natural resources holds financial risk when aiming for a stable economic growth. [28]
In view of the scarce resources, the question of whether all available resources are fully utilized is an important one. A community should achieve maximum satisfaction by using the scarce resources in the best possible manner—not wasting resources or using them inefficiently. There are two types of employment of resources: Labour-intensive