Answer:
Prices are often volatile due to inelastic demand. e.g if there is a ‘good harvest’, supply will increase and there will be a fall in the price of primary products. However, because demand is inelastic, this would lead to a fall in revenue.
coffee-supply-price-growers
The volatile price of coffee – can make planning difficult.
Supply can also be volatile due to weather and disease. For agricultural crops, there is always a risk of crop failure, which could cause economic hardship in one particular year.
Limited resources. One day developing economies may run out of its finite primary products, e.g. precious metals could become scarce. Without diversification, this would leave the economy with a void.
Discourages investment in other aspects of the economy. Concentrating on primary products does not always help the long-term development of an economy because it can contribute towards a lack of investment in other aspects such as education and industrial production. Comparative advantage can change over time. It’s important to not just look at the present comparative advantage, but prospects for next 10 or 20 years.
There is a low-income elasticity of demand for primary products. With a rise in global income, there is a proportionately smaller percentage rise in demand for primary products. (agricultural products tend to be income inelastic). Therefore, if you produce primary products, you may see lower rates of economic growth than countries who produce manufacturing goods – which are more income elastic. The Prebisch-Singer hypothesis suggests that countries who concentrate on primary products are vulnerable to a declining terms of trade.
There are 5 points
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In one experiment, many of the research participants who were keeping track of basketball tosses between players failed to notice a gorilla-suited research assistant thumping his chest as he moved among the players. This is best illustrated when the time needed to produce the product is longer than the necessary delivery periods for the product. This is further explained below.
<h3>What is the product?</h3>
Generally, an item or substance has been created or refined with the purpose of being sold.
In conclusion, many of the study participants in one experiment who were keeping track of basketball throws between players failed to detect a research assistant dressed as a gorilla banging his chest as he went among the players. This occurred when the research assistant was dressed in a gorilla costume. This is most clearly seen in situations when the amount of time required to make the product is greater than the amount of time required to deliver the goods.
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The Five areas that have religious conflicts were (1) Abyssinia - Somalia war from 1529 until 1559. (2) Nigerian conflict, it is between Riots against Igbo an inter-ethnic conflict in Nigeria from 1953 until the 1960's. (3) The Buddhist uprising, in Vietnam the Buddhist were in majority up to 70 to 90 percent. Ngo Dinh Diem in south Vietnam the discrimination against the Buddhist were generated that lead them to uprising. (4) Chinese Conflict, the Dungan revolt between Uyghurs and the Hui, a rebellion broke out with Hui leader General Ma bufang massacred fellow muslims, the Kazakhs (5) Lebanese Civil War, conflict between three religion lines, the Sunni Muslims, Christian Lebanese and Shiite Muslims.
Forester, cottager, urban, etc
