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BC112 - 1S - AY2122M - ACTIVITY #1 1. Briefly Explain The Relationship of Demand, Supply and Price. Answer

The document explains the interrelationship between demand, supply, and price, highlighting how changes in demand can affect supply and pricing. It uses rice as a specific commodity example, discussing the roles of producers, the impact of calamities on supply, and consumer behavior in response to price changes. The overall message emphasizes that without demand, there is no supply, and consequently no pricing.

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Danilo Posion
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48 views1 page

BC112 - 1S - AY2122M - ACTIVITY #1 1. Briefly Explain The Relationship of Demand, Supply and Price. Answer

The document explains the interrelationship between demand, supply, and price, highlighting how changes in demand can affect supply and pricing. It uses rice as a specific commodity example, discussing the roles of producers, the impact of calamities on supply, and consumer behavior in response to price changes. The overall message emphasizes that without demand, there is no supply, and consequently no pricing.

Uploaded by

Danilo Posion
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

BC112_1S_AY2122M_ACTIVITY #1

1. Briefly explain the relationship of demand, supply and price.


Answer:
The demand is the need of the people or the product that a consumers want to buy at
any various at each price, the supply is the quantity of a goods that brought in the
market that the consumer want to buy, however the price is the amount of that said
product or goods the relation of these three the demand, supply and price, are related to
each other because if demand affected the supply and price will be affected to it will be
lower or higher the price because of low of demand and the supply will be limited, but if
the demand is high the supply will be boost and it will be expensive like the example of
this pandemic because of high demand of the surgical face mask the price was double in
original price but when the people know how to make a clothe facemask, the surgical
mask has affected the demand and its supply and the price will affected to. That’s why
the demand, supply and price has a relation because no demand no supply and no
goods to make a price.

2. Pick one commodity to further explain these three (3) aspects of economics.
Answer:

Rice
1. The first is the producer like the farmers if there are no farmers no rice will be
plant and if there is no plant of rice there are no rice will produce that’s the
important of the producer or farmers to make rice and other food plant that
people need to eat.

2. Second the supply and demand of the rice in the market because in our present
we have low of supply of rice because our country was hitting by calamity like
typhoon and many of our farm was converted into a development zone and our
farmers has few in our time so we need to import rice from other country because
if we don’t import rice because of high demand the price will be high because of
low supply that’s we need the availability of the rice.

3. The third is the consumer who was purchasing the rice or a goods because these
is the behavior of the consumers to buy rice for their family like here in our
country rice is the one what we need to eat everyday like example in the past
decade when happen the rice has a shortage because of low supply so many
people was buying rice even it’s the price high form the past price so being a
consumer we need to buy it for our family.

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