lagging industrial development, limited industrialization, insufficient capital and technology, and a shortage of skilled workers, to promote their own economic and social development.
interestedintryingoutCentralAsia,and most well-suitedtotravelersofallbudgets.Foodis cheap,soisgettingaroundusingtheminibuses. Youcanfindhostelsandlocalhomestaysforless than$10.Mealscost$4—$8perday. Romania,$33/day IfyouareplanningaEuropeantripthat?saffordableandalittlebitoffthebeatenpath,Romaniais per...
Shortage Gap between supply and demand. Economic sanctions have caused a fuel shortage. 5 Lack Deficiency or absence Lack of funding brought the project to a halt. Shortage In economics, a shortage or excess demand is a situation in which the demand for a product or service exceeds its supply...
In any situation where a labor shortage exists, two basic options are open. The first is to use automation to minimize the number of laborers required to meet the market-place demand, an option that can be expensive at the onset and virtually impossible in some industries. The second and mo...
In economics, there's often a need to describe the relationship between two or more variables. The most common of these categorizations are causation and correlation. Correlation is used to identify variables that have a connection to one another. It's often calculated and described in terms of...
A surplus of something is when you have more of it than you need. In the world of economics, an economy can have a surplus of a particular good, meaning it has more than consumers will use.
What is backward market research? What is required rate of return? What is backup withholding? What is a supply curve? What are the characteristics of a tough market? What is cumulative causation in economics? What penalities can be imposed for improper performance evaluations?
Many illegal markets exist in economically developing countries with planned orcommand economieswhere the government controls the production and distribution of goods and services. When there is a shortage of specific goods and services in the economy, members of the illegal market step in and fill t...
In economics, the marginal rate of substitution (MRS) is the amount of one good that a consumer is willing to give up in exchange for a new good, while maintaining the same level ofutility. MRS is used inindifference theoryto analyze consumer behavior. When someone is indifferent to substit...
In economics, thelaw of diminishing marginal utilitystates that the added benefit of consuming more of a product or service declines as its consumption increases. That is, the satisfaction or utility they derive from the product wanes as they consume more and more of it. ...