What Are Remittances and Why Are They So Important to Countries

question 64

Essay

What are remittances and why are they so important to countries like Jamaica,El Salvador,and Lebanon?

Understand the implications of fixed costs in the short and long term.

Distinguish between explicit and implicit costs in cost analysis.

Evaluate investment decisions taking into consideration the time value of money.

Identify the legal definitions and distinctions among different types of criminal offenses.

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Definitions:

Consumer Surplus

The gap between what consumers are ready to pay in total and what they end up actually paying.

Consumer Surplus

The distinction between the total cost consumers are willing to offer for a good or service and the amount they eventually pay.

Surplus II

An excess amount of a product or resource compared to the demand, often resulting in lower prices.

Surplus III

An excess of production or supply over demand, often referring to goods in a market that exceed buyer requirements.