Romania is a beautiful country located in central Europe. Many tourists travel to this country to see all of the great things it has to offer. Some of these things are their agriculture, architecture, main attractions in cities, and even getting a cultural insight. Although these things are attracting to tourists, Romania’s factor of productions goes into depth of how their country works and even runs.
The first factor of production is land. Land is the environment and agriculture of this country and how it is being used. “Romania is well-endowed with natural resources” (Nations Encyclopedia), this is an advantage for a country. Having natural resources helps many of their industries. Romania has sufficient supplies of petroleum, natural gas, coal, iron ore, timber, and salt (Nations Encyclopedia). All of these things contribute to what will be made and produced. While transitioning to a market economy, the coal sector has been hit the hardest (Nations Encyclopedia). Coal is one of the many things involved in the land production. “Coal production fell by 57 percent between 1989 and 1998, to a 28.6 million short tons, as the economy shrank and use of other, less-polluting fuels increased”(Nations Encyclopedia), this quote is showing the statistics on coal production through the years. During the last 5 years, Romania was forcefully pushed to close inefficient mines. They were pushed by the World Bank and Monetary Fund, this led to a negative impact on society both socially and economically (Nation Encyclopedia). The result of this caused many miners to lose their jobs and even pushed unemployment rate in parts of their country to 70 percent; even damaging the economy as well. “The current government has promised that the pit clos...
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...capital, total foreign investment amounting to EUR 37.7 billion” (FRD). This gives an insight of a number of foreign investors invested into Romania. “In 2013, investment by businesses and households accounted for 16.7% of the EU-28’s GDP, whereas the equivalent figure for public sector investment was 3.0%” (National Accounts). This shows some of the minimal percentiles in contribution to their GDP.
As learned, factors of production play big roles in Romania and their economic system. Without most of these factors, Romania would not be the same or even have the same opportunities, trades, employment or deals as it does today. Whether it is land, capital, labor or even entrepreneurship, they all seem to affect this country. There can always be negative impacts to things, but these roles of production have overall left Romania with a positive impact on their country.
The effects of industrialization were key in determining the state of our country as it is today. Two important effects were the new government regulations and the increasing immigration. The new government regulations are being affected positively by creating laws achieving better hours, better wages, and better working conditions for the employees. The increasing immigration brought diversity of races and removed discrimination in factories but it also caused that cities became overcrowded, dirty and dangerous places due to the violence and the easy expansion of diseases. The basis that built the US was given by the people who worked really hard trying to be treated equally and have the same rights as the others.
The fact that majority of the capital funds was in the form of portfolio capital instead of foreign direct investment (FDI) had also worsen the situation. The ratio of portfolio capital to FDI had increased substantially from 1:1.3 in 1990 to 1:6.5 in 1993. Given the volatile nature, portfolio capital tends to respond with greater speed to changes in the environment.
Less than 1% of the labor force is engaged in mining. In 1988 coal production was 14.5 million metric tons. Most of it from two principal coalfields the Lorraine coalfield near METZ, which is an extension into France of the Saar coalfield and the Nord-Pas de Calais coalfield around Lille, which is an extension into France of Belgium's Sambre-Meuse coalfields and is similarly thin-seamed, faulted, and difficult to work.
As mentioned above many products from different industries were discovered and invented which made life easier and cheaper. The factories did not spend fast amount of money on making the products as they were allowed to pay their workers as much as that suited them so it did not cost them much and the innovation of factory machines also helped them produce in big quantities. These products were very demanding which meant that it grew the economy of the making nation, “Britain’s output of coal soared from 5.23 million tons in 1750 to 68.4 million tons a century later” (Strayer, 2012; 835). The industrial revolution did not just grow the economy of industrializing countries it also helped grow the economy of non-industrializing nations. For example, Latin America was one of the non-industrialized nations however its economy grew unexpectedly as they exported demanding raw materials such as rubber, silver, coal and many more resources that were essential for the growth of the industrial revolution (Strayer, 2012; 854). Latin America’s economy depended on the export of these materials and because of their popularity and essentiality it grew the state’s
be the increase in jobs. Creation of new jobs will take place in the manufacturing
In the next section I will explore the history of Moldova and what set it up for the political and economic stress it incurred. Next I will look at the effects the economic crisis had on Moldova and how the poverty is produced affected the expansion of the sex trade in the country through migration, a massive orphan crisis and corrupt law enforcement. I will then analyze the political unrest in the countries...
Pârvulescu, D. (2013). Deşi numărul muzeelor din România creşte, ele sunt vizitate de tot mai puţini oameni. Available: http://www.descopera.ro/dnews/11118886-desi-numarul-muzeelor-din-romania-creste-ele-sunt-vizitate-de-tot-mai-putini-oameni. Last accessed 4th Nov 2013.
Determinants of Productivity Determinants of Productivity Productivity is the quantity of output formed by one unit of production input in a unit of time. Inputs used in the production of the goods and services are the major determinants of any country’s productivity; they are also called factors of production. There are four major determinants of productivity in any country’s economy. Land: the land itself, and raw materials such as oil and minerals beneath it. The natural resources that are available without alteration or effort on the part of humans.
The Slovak Republic, or Slovakia, is located in Eastern Europe with a population of 5.4 million people and borders the countries of Poland, Austria, the Ukraine, and the Czech Republic (The World Bank). As originally part of the former nation of Czechoslovakia, the Slovak Republic has only recently begun to write its own history (Abizadeh, p. 171).
Amongst the booming economies of Europe, Albania is markedly poor, and is trying to make the difficult transition to a more modern open-market economy. In addition, the government is taking steps to encourage economic growth as well as trade. Albania, according to 2003 estimates, “has a GDP of $16.13 billion, with a per capita GDP of $4,500” (“Albania – CIA Factbook” 2) This is an improvement over the Cold War era, in which Albania’s economy was a complete disaster – still, however, Albania’s economy is considerably weak compared to its European neighbors. The economy is helped by “remittances from people abroad of $400-$600 million annually, mostly from Greece and Italy, and this money helps lower the sizable trade deficit” (“Real Adventures – Albania” 1). Agriculture, which accounts for half of Albania’s GDP, is frequently stifled because of recurring drought and the burden of having to modernize their equipment and trying to make use of sparse land. What also complicates economic matters is that there have been severe energy shortages, and old-fashioned and highly inadequate infrastructure makes it difficult to attract large-scale foreign investment, which accounts for 18.7 % of Albania’s GDP (according to 2003 estimates...
The mother country also had control over a colony’s infrastructure, making the colony more dependent on its mother country. All these factors led to a tremendous negative effect on the economic structure. Also, a crash in the mother country’s economy would severely shak...
The aim of this essay is to carefully examine the existing resources of tourism within the destination their potential and weakness, SWOT and PEST analysis, statistics of tourist visiting and comparing those numbers and their demographic factors so on. Moreover the objectives of this essay is to discuss and me...
Today’s global competition, demands a country to keep the true identity., culture becomes the basic aspects that must be maintained, because of the existence of culture effects how closely humans in general act, and be friendly. Cultural or often we refer to as the culture has its own uniqueness, while others interest by the culture then this could make the place tourism.
Tourism is often associated with traveling to places away from home. Tourism has a big impact on the economic growth of some countries, which define the shape of their cities by producing different sectors like historic districts, convention centers, museums, malls, hotels, restaurants, and the list can be endless. Furthermore, tourism elements have been developed by cities for a variety of reasons including: situating themselves in the world by drawing a positive image and attracting visitors and for their money.
The indirect impact of the mining industry has been huge in terms of funding for things like skill development through education and training, there is also provision made for social services in the mines (e.g. health care for the employees of the mines and their families, housing, school etc.) and the contribution the national economy.