Coal is very useful in the production of electricity. Red beryl, although not generally considered as very useful, is a beautiful gemstone found in the mountains of Utah, and has been described as 1,000 times more valuable than gold

Explain why red beryl costs so much more than coal.

Prices are determined by both desire and scarcity. Red beryl, compared to coal, is not particularly desired, but compared to coal, red beryl is incredibly scarce. That scarcity explains its high price.

Economics

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The income per capita of Country 1 in a certain year was 1,800 in its own currency while that of Country 2 was 32,000 in its own currency

i) If 1 unit of Country 1's currency is worth 6. 5 units of Country 2's currency, which country has a higher income per capita? ii) Which country is likely to have a higher Human Development Index and why?

Economics

________ is the ability to move to a different part of the income distribution

Fill in the blank(s) with correct word

Economics