Question

why does economic development continue even when the resources on which it was based are no longer available​

Answer 1

Answer:

This increase in living standards is a result of unprecedented economic growth. But a negative effect has accompanied that growth—environmental degradation. ... Despite their close connection in the past, it is theoretically possible to have limitless economic growth on a finite planet.

Answer 2

Economic development is able to continue in the absence of the resources that first drove it because:

• Countries can trade to get the resources
• Economic development allows for diversification

When a nation is unable to access the resources that made it quite successful, it can resort to buying that resource and then improving on it.

For instance, the U.K. used to produce sufficient coal but now import more than they produce.

Another way a nation can continue developing is diversification. The income gained from the resource that has now finished, will enable a nation to go into other economic activities which will continue their development.

For example, China used to export only agricultural goods but diversified into industrial.

In conclusion, a country can keep developing if their primary resource is finished thanks to trade and diversification.

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