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| microeconomics | |
| agricultural economics | |
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When prices are high more investments are made. However their effect is delayed due to the breeding time. Then the market becomes saturated which leads to a decline in prices. As a result of this production is reduced but the effects take a long time to be noticed but then lead to increased demand and again increased prices. This procedure repeats itself cyclically. In a figurative sense this concept is used for similar procedures in certain labour sectors: high salaries in a particular sector lead to an increased number of students studying the relevant subject. When all these students after several years start looking for a job at the same time their job prospects are much worse which then in turn deters students from studying this subject. SEE ALSO |
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