Apart from the abundance of these resources

Reference no: EM1326975

Why does poverty exist in country with abundant resources?

When you travel to South America, you encounter countries that have a vast amount of natural resources, and very large labor forces. However, despite of the abundance of these resources, you also see a lot of poverty. Can you provide an economic explanation of why poverty exists? (Hint: review the list of factors of production necessary to produce goods and services).

Reference no: EM1326975

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