primaryresourcebased
primaryresourcebased is a term that describes an economic system or approach that heavily relies on the extraction and utilization of natural resources as its primary source of wealth and development. This can encompass a wide range of activities, including agriculture, mining, forestry, fishing, and the extraction of fossil fuels. Economies that are primary resource-based often experience significant fluctuations in their economic performance due to the volatile nature of commodity prices on the global market.
Countries with a primary resource-based economy typically export raw materials and import manufactured goods. While this
Management and sustainability are key considerations for primary resource-based economies. Over-reliance on finite resources can lead