Managerial Economics

BACC1

Reflection

Through the discussions that was done last Friday, April 16, 2021, I am sure that shortage
is the result whenever demand is greater than supply while there is a possibility of the prices
increasing its amount if there is a higher supply than the demand.
In case there will be a shortage of goods, people who have the means should not be allowed to
hoard. Like what happened during the first months of the lockdown, the grocery stores limited
only up to 3 packs of noodles per basket.
The ones who should be in control of the price of commodities should be up to the owners along
with the government or other officials because they are the ones who are much more exposed
with what is the economic state of the country which means that they will give a reasonable price
to the commodities.
It is also possible to reach the equilibrium if the supplies meets the demands and vice versa.