ECONOMICS
ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Primary products are not susceptible to bad harvests
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Primary products require high skilled labour
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Primary product prices are very volatile
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The price of primary products can be very high
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Detailed explanation-1: -Answer: The primary sector directly utilises natural resources. Agriculturists are interested in a variety of things, including mining, fishing, and animal husbandry. This industry is more important in developing countries than in industrialised ones.
Detailed explanation-2: -Supply can also be volatile due to weather and disease. Limited resources. Discourages investment in other aspects of the economy. There is a low-income elasticity of demand for primary products. More items •31-Mar-2017
Detailed explanation-3: -Greater initial outlay. The cost of doing direct export business is very high. Larger risks. Difficulty in maintenance of stocks. Higher distribution costs. Greater managerial ability. Too much dependence on distributors.
Detailed explanation-4: -High rates of unemployment or underemployment. Increasing inequality, with many not being included in the growth process. High rates of poverty and low growth. Volatile growth dependent on one source. More items