How does the level of development in a country impact responses to resource scarcity?
Less economically developed countries have money to invest in technology to better utilize available resources
Less economically developed countries have more money to secure needed resources through trade
Economically developed countries don’t experience scarcity because they have lower levels of resource consumption
Economically developed countries have more money to secure needed resources through trade
More economically developed countries have a higher capacity to invest in technology and innovation, which allows them to better utilize available resources. They can develop advanced techniques and technologies to extract, conserve, and use resources more efficiently. This helps them mitigate the effects of resource scarcity and ensure a more sustainable use of resources.
Moreover, economically developed countries often have stronger trade networks and greater purchasing power, which enables them to secure needed resources through trade. They can import resources from other countries or regions to supplement their domestic supply and address any scarcity. This ability to access resources from a global market gives them a greater resilience when faced with scarcity.
In contrast, less economically developed countries may struggle to invest in technological advancements due to limited financial resources. This can limit their ability to efficiently utilize available resources, exacerbating the impact of resource scarcity. Additionally, these countries may face challenges in securing needed resources through trade, as they may have limited purchasing power and weaker trade networks. This can leave them more vulnerable to the consequences of resource scarcity.