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    Lesson 4 PRICES OF BASIC COMMODITIES

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    Jamaica Pondara
    The document defines key economic terms like supply, demand, shortage, and surplus. It explains that supply refers to the total available amount of a good or service, while demand refers to a consumer's desire and willingness to pay for a good or service. It provides examples of how supply and demand interact to determine market prices of commodities. Specifically, it notes that prices change when either supply or demand changes to reach a new equilibrium where the amount supplied equals the amount demanded.

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    © All Rights Reserved
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    Lesson 4 PRICES OF BASIC COMMODITIES

    Uploaded by

    Jamaica Pondara
    1K views25 pages
    The document defines key economic terms like supply, demand, shortage, and surplus. It explains that supply refers to the total available amount of a good or service, while demand refers to a consumer's desire and willingness to pay for a good or service. It provides examples of how supply and demand interact to determine market prices of commodities. Specifically, it notes that prices change when either supply or demand changes to reach a new equilibrium where the amount supplied equals the amount demanded.

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    Lesson 4 PRICES OF BASIC COMMODITIES.pptx

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    The document defines key economic terms like supply, demand, shortage, and surplus. It explains that supply refers to the total available amount of a good or service, while demand refers to a consumer's desire and willingness to pay for a good or service. It provides examples of how supply and demand interact to determine market prices of commodities. Specifically, it notes that prices change when either supply or demand changes to reach a new equilibrium where the amount supplied equals the amount demanded.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    1K views25 pages

    Lesson 4 PRICES OF BASIC COMMODITIES

    Uploaded by

    Jamaica Pondara
    The document defines key economic terms like supply, demand, shortage, and surplus. It explains that supply refers to the total available amount of a good or service, while demand refers to a consumer's desire and willingness to pay for a good or service. It provides examples of how supply and demand interact to determine market prices of commodities. Specifically, it notes that prices change when either supply or demand changes to reach a new equilibrium where the amount supplied equals the amount demanded.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 25

    GLOSARY OF TERMS

    Supply is a fundamental economic


    concept that describes the total
    amount of a specific good or service
    that is available to consumers
    Demand is an economic principle referring to a
    consumer's desire to purchase goods and
    services and willingness to pay a price for a
    specific good or service
    ARRANGED THE RUMBLED
    LETTERS ON THE NEXT SLIDE.
    THSEAORG
    USSRPL
    U
    1.SHORTAGE
    2.SURPLUS
    CLAIMED YOUR PRICE LATER!!!
    BASIC NECESSITIES;
    Refers to;
     rice
     corn
     Bread
     fresh
     dried
     canned fish
     other marine products
     fresh pork
     beef
     poultry meat,
     fresh eggs,
     fresh and processed milk
     infant formulas
     fresh vegetables
     root crops
     coffee, sugar,
     cooking oil
     salt, laundry soap, detergents,
    firewood, charcoal, candles ...
    SUPPLY AND DEMAND

    is one of the most


    basic and fundamental
    concepts of economics
    and of a market
    economy
    EXAMPLES:SUPPLY AND DEMAND
    CONCEPT
     Supply refers to the amount of goods that are
    available. Demand refers to how many people
    want those goods.
     When supply of a product goes up, the price of
    a product goes down and demand for the
    product can rise because it costs loss.
     At some point, too much of a demand for the
    product will cause the supply to diminish. As a
    result, prices will rise. The product will then
    become too expensive, demand will go down at
    that price and the price will fall.
    EXAMPLES: SUPPLY AND DEMAND CONCEPT

    Supply and demand should


    reach an equilibrium. The
    amount of goods being supplied
    is the same as the amount
    demanded and resources are
    allocated efficiently.
    HOW SUPPLY AND DEMAND DETERMINE
    COMMODITIES MARKET PRICES

    Price is derived by the interaction of


    supply and demand. The resultant
    market price is dependant upon both
    of these fundamental components of a
    market. An exchange of goods or
    services will occur whenever buyers
    and sellers can agree on a price.
    When either Demand or
    Supply changes, the
    equilibrium price will change.
    For example, good weather
    normally increases the supply of
    grains and oilseeds, with more
    product being made available
    over a range of prices.
    Submitted by:
    Bustamante, Lea Joy L.
    Arraniego, Sher Jhonny C.
    Angcap Jimboy C.

    Submitted to:
    Jamaica M. Pondara

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