USA HISTORY

Detailed explanation-1: -A resource-based economy, dependent on harvesting or extracting natural resources for sale or trade., harvesting and exporting resources with little or no processing.

Detailed explanation-2: -Natural resources are materials from the Earth that are used to support life and meet people’s needs. Any natural substance that humans use can be considered a natural resource. Oil, coal, natural gas, metals, stone and sand are natural resources. Other natural resources are air, sunlight, soil and water.

Detailed explanation-3: -(1) Mining, quarrying and logging industry refers to the industry that extracts natural resources, including extraction of petroleum, coal, metal and non-metal ores.

Detailed explanation-4: -Raw materials are the inputs used in the production process to create finished products that are ready to sell to consumers. This makes raw materials a vital piece of the global economy and international trade. Having natural resources that can serve as raw materials can boost exports and help a country grow its GDP.