What is a natural resource-based economy?

A resource-based or natural-resource-based economy is that of a country whose gross national product or gross domestic product to a large extent comes from natural resources.

What is a resource-based society?

Description. Resource-based communities (RBCs), also referred to as resource-dependent communities or single-industry communities, are dynamic places where the interface between the natural environment and society is pronounced due to the dependence on a predominant single economic base.

What are the main issues in developing knowledge economy?

Key Issues in Advancing Knowledge and the Knowledge Economy

• Management and integration. The shift toward distributed systems adds value, increases flexibility and reduces costs.
• ICTs and infrastructure.
• Control and openness.
• Proximity and location.
• Trust and quality.
• Policy.

What is resource based theory in strategic management?

Resource-based theory suggests that resources that are valuable, rare, difficult to imitate, and nonsubstitutable best position a firm for long-term success. These strategic resources can provide the foundation to develop firm capabilities that can lead to superior performance over time.

What are some of the challenges for knowledge-based industries?

The increasing rates of change, increasing global competition, a more diverse workforce, a more demanding and satisfaction-conscious customers are just some of the challenges that organisations are facing today as they make a transformation from an industrial organisation to a knowledge-based organisation.

What is an industrial based economy?

Definition. Generally speaking, the industrial economy concerns those activities combining factors of production (facilities, supplies, work, knowledge) to produce material goods intended for the market.