Jul 20, 11 •
389 Views •
Businesses, Demand, Supply, and Markets, Developing Economies, Economic History, International Trade and Finance, Macroeconomic Measurement, Regulation, Thinking Economically •
Elaine Schwartz •
Venezuela has 2 basic economic problems: The law of supply: Because price and quantity move in the same direction, if price goes down, then producers provide less. This takes us to Venezuela’s 27.1% inflation rate. President Hugo Chavez responded by
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