Economic benifits of mining Flashcards
What does Mining stimulate?
Mining stimulates economic growth and provides essential resources
Why are countries with economies dependent on manufactured goods are less dependent than others?
Since finished goods produce more revenue than raw materials, countries with economies dependent on manufactured goods are less dependent on other countries.
What can be done with the raw materials produced in mining?
These raw materials can be exported and used in cars, roads, bridges, railways, ships, airplanes, gadgets (computers and phones), solar panels, medical technology, weapons for defense, fertilisers, etc.
What does mining contribute to?
They contribute immensely to the national income as Gross Domestic Product (GDP) and Gross National Product (GNP),
What do GDP and GNP indicate?
GDP and GNP are health indicators of a country’s economy.
What do GDP and GNP measure?
They measure the value of a country’s economic activity.
What is the main difference between GDP and GDN?
The main difference between them is that the GDP measures productivity within a country’s geographical boundaries while the GNP records economic activity by that country’s citizens and businesses, even outside its borders.
With increased economic interdependence from globalisation, WHAT do countries that do not have means to mine natural resources do?
With increased economic interdependence from globalisation countries that do not have means to mine natural resources but are rich in deposits of minerals are still rich in assets. They can attract investment for exploration and exploitation of minerals from other developed countries. This way these countries can create jobs and invest in human development through building research, developing rural areas, and modernise their infrastructure.
