In his economics class, Judson learned that countries that are rich in resources have slower-growing economies and greater inequality than countries that are resource poor. What term is used to describe this phenomenon?

Question

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The term used to describe this phenomenon is the "resource curse". This refers to the idea that countries rich in natural resources, such as oil or minerals, often experience negative economic and social consequences as a result, including slower economic growth and higher levels of inequality. This is thought to occur because resource wealth can lead to a lack of diversification in the economy, corruption, and political instability.

In His Economics Class, Judson Learned That Countries That Are