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 describes this phenomenon?

Question

Quizplus · Accepted Answer

The phenomenon described in the question is commonly known as the "resource curse", which suggests that countries rich in natural resources tend to have slower economic growth rates and higher levels of inequality compared to resource-poor countries. This is because resource-rich countries may become dependent on their natural resources, leading to neglect of other sectors of the economy, corruption, and political instability.

In His Economics Class,Judson Learned That Countries That Are Rich