How does the economic condition of a nation depend on its natural resources?
The economic condition of a nation depends on its natural resources and it can be explained from the following example of coal and petroleum. Natural resources such as coal, petroleum, and natural gas are engines of growth of a country. All the industrial projects are undertaken on the basis of the energy provided by these natural resources. They provide electricity to industrial establishments and households in the country. They are the only source of fuel for propelling vehicles, railways, and air transport. They are used as fuel for cooking food. A country’s survival and development largely depend on these natural resources.