Water forms droplets whenever possible.
19 people died because of the trials
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.
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The worker organizing and collective bargaining become a threat to the employers and the governments as it becomes expensive for them to provide higher wages.
<h3>Who are labor unions?</h3>
Labor unions are the entities that fight for the rights of workers by acting as an intermediary between the workers and employers.
Collective bargaining is the scenario when the workers in the group demand a considerable rise in their wages. This becomes a threat to the government and employers because the condition of providing higher wages to the workers would be very expensive for them if they approve. If they will not approve, then the workers can go on strike or lockouts.
Therefore, the provision of higher wages to the workers becomes a threat to the employers and the government.
Learn more about the labor union in the related link:
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