In a post on BVI News dated April 16, 2024, the Premier of the British Virgin Islands declared that the private sector should play a greater role in the economic development of the BVI. He stated that, "The government cannot take sole responsibility for moving the economy.... For too many years, it is expected that the government has to drive the economy. The private sector has to play a larger role in driving the economy. It can't be the government alone." (see link below)

https://bvinews.com/premier-wants-private-sector-to-take-bigger-role-in-driving-economy/

In the meantime, many in the community are lamenting the high cost of living and the need for a minimum wage increase. Additionally, there are many complaints about poor infrastructure, the bureaucratic red tape, the high cost of basic support systems such as telecommunications that contribute to the current state of affairs.

Is it realistic to think that the private sector can play a significant role in the economic development of the BVI? How can this happen? Is a public/private partnership the way to go? Your responses to these questions must be supported by good research and a good economic analysis. You are to consider the two main sources of revenue for the BVI in your discussion.

Your answer must be supported by research and good economic analysis. You may include at least three of the following concepts or any other related concept covered in crafting your answer:

Demand and Supply

Scarcity and Choice

Opportunity Cost and Comparative Advantage

Positive and Negative Externalities

Gross Domestic Product

Aggregate Demand and Supply

To answer this question, students should:

Provide a cover page using the American Psychological Association (APA) format.

An introduction.

Definition of terms where applicable.

Proper headings for each topic you address.

A Summary/Conclusion. (Please note that the summary should not contain any new ideas or information. It is merely a summary of the main points in the paper).

The font must be Times Roman 12 point. Line spacing 1 .