A simple way to formalize this is to assume that the unit labor requirement in the production of a good is a function of the level of output produced. Meenal khan on October 06, 2019: Plg give measure for rapid industrilization Interdependence examines today's major social and global transformation via interdependence in nature and humans, the evolution of interdependence, and the interdependence of thoughts and feelings. According to the Committee for Development Policy (a subsidiary body of the United Nations), from an economic point of view, globalization can be defined as: “(…) the increasing interdependence of world economies as a result of the growing scale of cross-border trade of commodities and services, the flow of international capital and the wide and rapid spread of technologies. Eric Boehm | 12.23.2020 2:15 PM Francis Reasons for Africa’s Slow Economic Growth: June 2013 7|Page In this regard some of the things we can adopt could be: Addressing the issue of good governance and leadership Good governance in terms of strong leadership is a critical factor to be looked into if the region of Africa would achieve economic growth. Suggest to CARICOM leaders ONE activity which would demonstrate how Caribbean states can integrate more effectively. Job creation 1. Studying economics teaches you to think in a different of way.) These are the top six reasons why economic development plays a critical role in any region’s economy. The simple answer is most of us do not know how, but that is not the main reason. Philippines; 7 Reasons Why The Philippines is Among Fastest Growing Economies. (When you study economics, you will discover that the obvious choice is not always the right answer—or at least the complete answer. South Africa is increasingly beginning to focus on the potential role cultural and creative industries can play in job creation and economic growth. Economic interdependence is a consequence of specialization or the division of labour.The participants in any economic system must belong to a trading network to obtain the products they cannot produce efficiently for themselves. Purchasing economies of scale, also called buying economies of scale, are a type of internal economy of scale. Indeed, careful planning can help the United States manage the risks of chained globalization, even as Washington reaps its benefits. order to investigate why this was the case, it is important to explore the following: first, what has been meant by the term "crisis"; second, reasons for which economic crises became highly politicized; and, third, what is meant by a "growth in international interdependence" as a reason for the occurrence of these economic crises. Countries trade with each other when, on their own, they do not have the resources, or capacity to satisfy their own needs and wants. Explanation: In fact, economics can be useful for professionals in all industries, not just in business. There, people from any country can bid for the right to provide a service. APEC's 21 members aim to create greater prosperity for the people of the region by promoting balanced, inclusive, sustainable, innovative and secure growth and by accelerating regional economic integration. As long as high levels of interdependence can be maintained, liberals assert, we have reason for optimism (Copeland, 1996, p. 5). Why do countries trade? Growth of multinational companies with a global presence in many different economies. Advantages of Studying Economics. Aladeyelu nimi on October 09, 2019: Thanks. Answer is most of us do not know how, but that is not always the right to provide service... 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