Resource Depletion: Resource depletion refers to the exhaustion or reduction of natural resources due to overuse or inadequate management. For example, when a country exhausts its oil reserves leading to scarcity.
Resource Curse: The resource curse is a phenomenon where countries rich in natural resources experience lower economic growth rates and higher levels of corruption and conflict.
Dependency Theory: Dependency theory suggests that developing countries often remain underdeveloped because they rely heavily on exporting primary commodities (natural resources) instead of diversifying their economies.