The only Caribbean island with large oil reserves is Trinidad and Tobago. In January 2013, the two-island state's estimated number of barrels of proved crude oil reserves was 728.3 million, as reported by the Central Intelligence Agency.
The island country of Trinidad and Tobago is situated in the northeastern Venezuelan coast in the Caribbean Sea. The majority of its population is of African and East Indian origin. The country's major industries include chemical and food processing, petroleum and tourism. Aside from a substantial stock of oil, Trinidad and Tobago is also rich in natural gas. Other nations in the Caribbean with oil reserves are Cuba and Barbados.Learn More
Secondary economic activity, also known as the secondary sector of an economy, is the portion of the economy that is concerned with receiving raw materials and transforming them into serviceable items, properties or other goods. According to Matt Rosenberg at About.com, this means that secondary activity is most prominently found in areas such as manufacturing, processing and construction. For example, both heavy and light industry are integral parts of secondary economic activity.Full Answer >
Equilibrium GDP occurs when the output level, which is the total amount of goods and services produced, is exactly equal to the total amount of goods and services purchased. It is the level of GDP where aggregate supply and aggregate demand are equal.Full Answer >
A marketing intermediary is a distribution channel and way for producers of various products and services to indirectly sell to the masses. The marketing intermediaries are used to get the product or service to the consumer and are often called "middlemen."Full Answer >
Economics helps individuals and businesses to make informed decisions in different fields, including finance, governance, law, administration, finance among others. Typically, all people in the society are affected by economics in one way or another. It is not only important in education but also in making critical analysis in different situations.Full Answer >