1.

(a) Based on the information provided in this brief paragraph, this hypothetical country is apparently abundant in labour and natural resources and despite having a free market economic system, the country lacks a well-developed and strong banking system but however, the political system is stable and the property rights are clearly and properly defined. Now, on the basis of this information, this hypothetical country can primarily emphasize on productively and efficiently utilizing its relatively abundant labour resources and natural resources in the production or extraction of various natural resources such as coal, uranium, aluminium, diamonds, bauxite, iron ore, etc. particularly depending on what kind of natural resources are abundantly and convineinty available in the country. In this pursuit, the country can potentially develop a sustainable and strong natural resource based industry in the domestic economy by effectively and fruitfully mobilizing or utilizing its abundant labour force and the natural resources and further encourage export of natural resource commodities or goods in the international market which would further contribute to economic growth by generating export revenue. Moreover, considering that the property rights in the country are properly enforced and protected by the government, many of the natural resource sites can be officially and legally assigned to various entrepreneurs and successful business owners who would be able to properly mobilize the necessary productive resources and factors or inputs of production order to gain profit from natural resource production or extraction and contribute to the economic growth of the country as well. Furthermore, the government can also encourage foreign investors, capital venturists, and entrepreneurs to invest in the natural resource industry or sector in the domesticeconomcy to accelerate its economic or commercial growth and promote economic growth in the process and a stable political system in the country would make it even easier. Hence, considering the available resources or factor-input endowment in the hypothetical country and a conducive political platform to promote entrepreneurial growth and progress, this hypothetical country can potentially develop a strong and sustainable industrial economy based on natural and environmental resources.

(b) However, to ensure a successful and efficient path towards a sustainable economic growth, it is imperative that the government significantly improves the domestic banking system. This is one of the considerations that is indispensable crucial to ascertain a strong and convincing financial infrastructure for the sustainable growth and development of the entrepreneurial foundation required for long-term economic growth. In this context, the central banking and financial authority in the country must ensure that the commercial banks and other financial institutions in the country are able to maintain a satisfactory and stable financial liquidity as they can provide business loans for various entrepreneurial and business investment projects and undertakings in the country which is extremely essential for the economic growth of the country. Furthermore, the central banking and financial authority of this hypothetical country should also set or determine a flexible and stable interest rate which would encourage the business investors, owners and entrepreneurs to increase financial borrowings to liquidate or fund the various business or commercial investment projects and undertakings in the country as increasing aggregate private investment expenditure is an important attribute for sustainable economic growth. Additionally, concerning the domestic natural resource industry of sector, the government should invest in developing a strong and well-developed domestic as well as international export market for natural resource based commodities or goods. In this regard, the government can provide various subsidies, other forms of financial assistance to the domestic natural resource manufacturing companies and mining corporations , and/or implement expansionary fiscal policies such as tax cuts for the companies to promote the overall domestic production level of natural resource commodities as well as encourage the international export of these commodities as well by providing export subsidy to the companies. The government should also see that the labour force employed in the natural resource sector or industry are properly trained by the respective organizations or companies and can further conduct administrative training sessions to eliminateany deficiency in this regard. To encourage proper and appropriate employee or labour training programs and workshops in the companies, the government can voluntarily send industry experts as part of the ministry who are specialized in natural resource extractions and its various tools and techniques. In this regard, to develop a strong and sustainable domestic and international export market for natural resource commodities, the respective mining agencies and natural resource based companies in te country have to come up with a rigorous, suitable, and effective marketing and advertising plans and strategies in order to develop a fairly broad consumer base in both domestic and international market. This would require a thorough and comprehensive market research and analysis pertaining to both the domestic scenario and the international market and a wide understanding of various components of market feasibility analysis such as market competition(both domestic and international scenario), overall consumer demand for natural resource based commodities, various tastes and preference of consumers or buyers in the market, advertising and marketing strategies of the market competitors, and so forth.

2.Please use this google drive link to download the answer file.       

https://drive.google.com/file/d/1BaNTjuyYaRVY5bU7Hv5nKSjuscXh6zZN/view?usp=sharing

Note: If you have any trouble in viewing/downloading the answer from the given link, please use this below guide to understand the whole process. 

https://helpinhomework.org/blog/how-to-obtain-answer-through-google-drive-link