lagging industrial development, limited industrialization, insufficient capital and technology, and a shortage of skilled workers, to promote their own economic and social development.
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...
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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...
MRS is tied to themarginal rate of transformation (MRT). Whereas MRS focuses on the consumer demand side, MRT focuses on the manufacturing production side. Often, the two concepts are intertwined and drive the other. For example, consider a global shortage of flour. A manufacturer may be more...
What is the Laffer Curve? What is moral suasion in economics? A shortage causes the What is the Ceteris Paribus assumption? What are the determinants of foreign exchange rates? What is cyclical unemployment? Who owns the factors of production in a market economy?
Ageing population will influence China in two ways: pension funds will not be enough to take care of the old people; the shortage of skilled labor will spell the end of China as the world factory. 4) What do you think is the reason why “Manpower” predicts that China, as a labor-...
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...
Demand-pull inflation is the upward pressure on prices that follows a shortage in supply where too much money is chasing too few goods.
However, critics argued that Cash for Clunkers led to a used vehicle shortage and higher car prices, with much of the benefit going to foreign car manufacturers.67The program succeeded in nudging consumers to trade in their gas guzzlers, but it may have simply pushed forward a transaction that...