The notion that developing countries can catch up or converge with developed countries is one of the key insights of a branch of economics called <u>development</u> economics.
Economics is the observation of scarcity and its implications for the use of assets, manufacturing of products and services, growth of manufacturing and welfare over time, and an outstanding form of other complicated issues of crucial problems to society.
Economics is the social science that researches the manufacturing, distribution, and intake of products and services. Economics specializes in the behavior and interactions of financial agents and how economies work.
Economics, at its very heart, is the study of people. It seeks to give an explanation for what drives human behavior, decisions, and reactions when confronted with difficulties or successes. Economics is an area that combines politics, sociology, psychology, and records.
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If a country is going through financial difficulty, there are several steps they can take including:
- Reducing spending
- Delaying interest payments
- Using cash reserves
If a country sees that its taxes will not be enough to cover its obligations, it can reduce the amount it spends on goods and services so as to reduce its obligations.
Country can also increase the time taken to pay off debts so that they can divert cash to needed areas whilst waiting for things to be better.
Country can use cash reserves that it accumulated in one form or the other to weather the storm of reduced taxes.
In conclusion, the government can deal with tax shortage in several ways.
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Answer:
The demand that Le Jouet faces for toy trains in France is less elastic than in Russia.
Explanation:
This is the statement that best describes the panorama that Le Jouet faces in France. When comparing the markets of France and Russia, we learn that the demand for toy trains in France is less elastic than the demand in Russia. Price elasticity refers to a measure of responsiveness of consumers. This measures how responsive consumers are to a price change.
Answer:
Balance of payments (BOP)
Explanation:
The balance of payments is referred to details of the transaction that held between two entities either in the same country or outside the country of a particular time period.
when the transaction was done for another country, there is a deduction of credit from the balance of payment and when transaction was done for the same country then credit is added to the BOP
Answer:
b. increase as the demand for high tech skills increases.
Explanation:
Due to the fact that the demand for technological products is increasing, the demand for people who possess high tech skills would also increase as firms would want to provide more tech products to satisfy the demand of consumers.
This would lead to an increase the demand for people with high tech skills. When demand exceeds supply, wages would rise.
I hope my answer helps you
