Economics- 1915228 - Surname 1 Name Instructor Course Date...

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Surname: 1 Name: Instructor: Course Date: Economics Commodities including the raw materials, natural and processed materials are the most important exports and imports in the developing countries that have contributed majorly to their economic changes (Hillman, Congleton, 177). While some countries have experienced economic success and advancements through trading their commodities, some countries have had their economies affected adversely by the same products. The price fluctuations of commodities, supply and demand rates, and the ongoing globalizations around the world have sufficiently increased the liberalization of the markets for these commodities leading to profound effects on the economies. The changes in prices of the commodities have had effects on the financial resources of the economies, distribution of incomes, levels of poverty increasing and generally, declining in the levels of economies of such countries. Therefore, the initial attempts aimed at curbing price fluctuations of the commodities depended on the stabilization plans established by international agreements on the commodity. Improvement of commodity markets and lowering of trade barriers have taken effect in some countries while others are still affected, an example is the oil market in Norway and Venezuela. Some countries have managed to prosper economically on the commodities that they trade in while others have been adversely affected by the same commodities being traded in by the economically prosperous nations. Therefore, such countries whose economies are deteriorating
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Surname: 2 need to call for more innovative approaches to curb their problems and the concerns of all the parties interested need to be taken into account. The paper undertakes the analysis of economic differences in the countries dealing with a similar commodity such that factors leading to both success and failures in economic developments of both countries need to be taken into account to determine the corrective measures and the areas to be looked at for economic prosperity. The demand and supply chains and the available markets for those commodities affect the trends in market prices for a variety of commodities including the agricultural products and minerals. However, despite the availability of resources such as minerals in a country, resource curse can cause adverse effects on the economic developments of those nations. These countries could have plenty of the commodities,
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