An Important Factor in the Global External Environment That Has

question 32

Essay

An important factor in the global external environment that has become more evident in the past decade is the shortage of natural resources.Choose two different natural resources and describe how shortages of each of these resources affects global trade.

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Definitions:

Heuristic Prognostications

Forecasting or predictions made based on educated guesses or experiential rules rather than formal methods.

Trade Association Experts

Individuals with extensive knowledge and expertise in a specific industry, often connected to trade associations that represent the interests of companies in that sector.

Direct Forecast

predicts future trends or behaviors directly from past and present data without the use of intervening variables.

Indirect Forecast

A forecasting method that uses related indicators or market conditions, rather than direct measures, to predict future trends or demands.