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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Answer:
Rosi should focus on Veronica's eyes.
Explanation:
The look of someone can give a lot of information of the person's emotional state. This body language corresponds to noverbal language that can be of help to determine how a person is feeling.
Answer:
How did reformers change the government of Athens? The people of Greece lived in independent city-states. Greek city-states had various types of government: monarchy, oligarchy, and direct democracy. Over time, the male citizens of Athens gained the power to make political decisions.
Answer:
distrustful of the British
used enslaved Africans
allowed to keep their country
Explanation:
Strong initiative, independence and decisiveness are characteristics of the boer, developing out of their pioneering spirit and the difficult circumstances of their early history and the political dominance of the British.
The Afrikaans are also known as the “Boers,” the Dutch word for “farmers.” To aid them in agriculture, the Europeans imported slaves from places such as Malaysia and Madagascar while enslaving some local tribes, such as the Khoikhoi and San.
The South African Boer War begins between the British Empire and the Boers of the Transvaal and Orange Free State. The Boers, also known as Afrikaners, were the descendants of the original Dutch settlers of southern Africa.
By 1902, the British had crushed the Boer resistance, and on May 31 of that year, the Peace of Vereeniging was signed, ending hostilities. The treaty recognized the British military administration over Transvaal and the Orange Free State, and authorized a general amnesty for Boer forces.
Many of these farmers settled in the fertile lands around Cape Town and used slaves, some of whom were brought in from other Dutch territories, to work their farms. The colony was administered by the Dutch East India Company for nearly 150 years
Self interest helps achieve society's economic goals because it encourages each economic agent to look for maximum benefits at the minimum cost possible
In economics, self-interest is the idea that the best economic benefit for all can usually be accomplished when individuals act in their own self-interest.
Self-interest refers to actions that elicit personal benefit. Adam Smith, the father of modern economics, explains that individuals usually benefit most from acting in their own interests. According to his theory, the Invisible Hand creates goods and services that benefit both producers and consumers when dozens or even thousands act in their own self-interest.
Economies in which goods and services can be freely exchanged are characterized by self-interest and competition. As a result of these forces, good and services supply and demand as well as their value are influenced.
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