swer)Explain the inter dependent relationship between nature, technology and institutions also make a diagram to represent the same.(long answer)
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Fiend the answer below
Nature gives us resources. The technology helps us to establish institutions (entities that augment economic development, like industries) to use such resources optimally. In the absence of resources, there can be no technology for the usage of resources and no institution either. In the absence of technology, such resources cannot be converted into a form that can be used for the institutions. Moreover, in the absence of institutions, neither can the resources be used nor can the technology be developed to use the sources.
Fiend the answer below
Nature gives us resources. The technology helps us to establish institutions (entities that augment economic development, like industries) to use such resources optimally. In the absence of resources, there can be no technology for the usage of resources and no institution either. In the absence of technology, such resources cannot be converted into a form that can be used for the institutions. Moreover, in the absence of institutions, neither can the resources be used nor can the technology be developed to use the sources.