What impact does the location of resources around the globe have on countries and their economies? Answer in at least one well-developed paragraph

The impact that location of resources has on countries and their economies around the globe is that of supply and demand. If a country is lacking in a resource, let's say steel, yet the demand for steel in that country is high then the economies cycle breaks and the government must spend more money to have the product imported in. They have to do this in order to keep the process of supply and demand, if there is no steel, then there is no demand and this part of the economy crumbles.