Suppose there are 2 countries A and B
A has more natural resources and fertile land
B is a Desert .It has more industries and factories
B purchases raw material from A and manufactures them
Which Country will be more rich
B will be more rich country
It is because mere possession of natural resources does not make a country rich
The Resources have to be transformed by a production process
What generates Economic wealth of Nation
Economic Wealth of a country does not depend upon possession of resources
It depends upon how these resources are used to generate flow of production
This Production leads to income and wealth
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