Oil-rich Venezuela is poor in many basic necessities

The video discusses the economic situation in Venezuela, focusing on the shortages of basic necessities despite the country's oil wealth. It highlights the long lines in supermarkets and the lack of essential products like milk, coffee, and toilet paper. The government blames international trade, while economists point to price controls as a cause. Despite increased revenue and consumption, Venezuela faces distribution challenges due to poor infrastructure.

How do government price controls contribute to the economic situation in Venezuela?

What is one proposed solution to the shortages in Venezuela, and what is its limitation?