ECO 202: How A Country with Little or Unproductive Land Can Become Rich?

How A Country with Little or Unproductive Land Can Become Rich?
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How A Country with Little or Unproductive Land Can Become Rich?
There are many ways through which countries with little or unproductive land can become rich. This is possible by taking note of the fact that land is not the only factor of economic production, but just one of the many factors (Pohnpei397, 2012). Furthermore, productive land can only be meaningful for the agricultural economy as opposed to a service economy among others. Other factors of production that spur economic growth include education and training, mineral endowment such as copper and oil, among others. Countries with little or unproductive land can therefore take advantage of the available other factors of economic production and the international trade (Sarup, 2015). The best examples of countries with little and unproductive land that have become rich are the Asian tigers, which include Japan, Singapore, and Hong Kong especially after the Second World War. These countries have neithe...