Business Environment, 1st Edition by Pearson

| 26 | Part I: Fundamental Concepts

fertile soil, suitable climatic conditions to grow and produce

a variety of goods, necessary minerals such as coal and iron,

oil and power, have the necessary capacity for a high national

income; countries, which have poor natural resources usually

have low national incomes. But the available natural resources

must be properly exploited and used. There are many countries

including India, which have abundant natural resources but

remain poor because these are not properly utilized.

(ii) The quality of people in general, and labour in particular: The

quality of the people is a very important determining factor for

the size of the national income. Their character, energy, initiative

and industry go a long ...