Sources Of Income


 
 
Concept Explanation
 

Sources Of Income

  • It is not that countries which are endowed with a bounty of natural wealth- minerals or forests or the most fertile lands - are naturally the richest countries. In fact the resource rich Africa and Latin America have some of the poorest countries in the world, whereas many prosperous countries have scarcely any natural wealth.
  • There was a time when possession of natural resources was the most important consideration but even then the resource had to be transformed through a production process.
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