Jeo M.

Bendicio

Bsfas 4A

FISHERIES ECONOMICS

PRE-ASSESSMENT:

Let’s find out how much you already know about this module.

True or False: Write T if the statement is true, F if the statement is false.

T 1. Market is where buyer and seller meet.
T 2. Demand is the amount of goods or services the buyer or consumers are willing to purchase.
T 3. Demand and price has direct relationship.
T 4. Supply is the amount of goods or services the buyer or consumers are willing and able to sell.
T 5. Supply and price has direct relationship.
T 6. The law of demand describes how price affects consumer.
T 7. The law of supply describes how price affects producers.
F 8. Shortage happens when the actual price is greater than equilibrium price.
F 9. Surplus happens when the actual price is less than equilibrium price.
T 10. Market equilibrium balances price and quantities inside the market.

Activity 1: For online and offline students: Highlight the words that you can form on the puzzle below.

Act. 1 PUZZLE.

Supply Market
Disposable Substitute
Output Demand
Buyer Complement
Income Curve
Tastes Price
Consumer Quantity

Willingness
Process questions: Explain briefly.
Choose at least 3 words that you found and from your own understanding explain how those words are
related to market.
Buyer- The buyer is one of the important components of market. Without buyer the economy will drop to
zero. Another buyer will buy a product and then sell it with additional price.
Consumer- The consumer is the person who buy a product and they buy a product depend on their needs.
Consumer can directly consume the products that can benefits them. Most of the consumers buy a product
in a market.
Supply- Supply is those products who needs by the consumers. They generate supply depends on the
demand and needs of people. With insufficient supply of product, the demand and price possibly increase.
Activity 1.5: For online and offline students: From your own understanding identify the following items
whether they are most likely related or a factor to supply (seller) or demand (buyer). Write “D” for
demand and “S” for supply.
D 1. Income
D 2. Population
D 3. Taste or preference
S 4. Productivity
S 5. Cost of inputs.
Process Question: Explain briefly
Choose 1 item above and explain why you considered it as directly related to whether supply or demand.
- Population is directly related to demand because if the population is increasing therefore, the
theres a possibility that buyer will increased and the demand for the product will increase too. In
other word, the more population the more the opportunity for market and businesses.
Activity 2.
Process Questions: Explain briefly.
1. How does supply and demand work?
The supply is the product and the demand is the needs of the people. The products will fullfil the needs of
the people to sustain their life so if the supply is not enough to reach the demand, then the price of
product will increase. Also, when the supply of the product is higher than possibly the price of product
will decrease and that’s the effect.

2. How do you think we can achieve and maintain high demand?

We can maintain the high demand by making a product with a good quality. Without quality, the product
became useless even we produce more products and sell it on market. Nobody people will buy the
products without quality because it’s a waste of money.

After reading the important concepts, try to answer these questions.

1. When can we observe a shift of demand or supply (creates another curve)?
2. What is the difference between price factor and non-price factors?
Try it
Exercise No. 1: Analyze the following situation, then identify what will happen to the demand of Product
Z. Write “A” if the demand will shift to the left, “B” if it will shift to the right, and “C” if there will be a
movement of demand only (no shifting of curve). [2pts]
B 1. The price of product Z decreases.
C 2. The price of product Z increases from 5 pesos to 7 pesos.
B 3. A new subdivision near the location of product Z has been built and resided immediately thus
increasing the population.
A 4. The price of product y a complement of product Z has increased.
B 5. The price of product y a substitute of product Z has increased.
A 6. The public loses its interest on product Z.
A 7. The price of product y a substitute of product Z has decreased.
B 8. The price of product y a complement of product Z has decreased.
B 9. The producer of product Z has improved its product gathering the interest of people again.
B 10. People expect that price of product Z will decrease next week. (Demand of product Z for the current
week)
Exercise no.2: Analyze the following situation, then identify what will happen to the supply of Product Z.
Write “A” if the supply will shift to the left, “B” if it will shift to the right, and “C” if there will be a
movement of demand only (no shifting of curve). [2pts]
B 1. The price of product X an input of product Z has increased.
A 2. The availability of product X in the market an input of product Z has decreased.
A 3. One of the machines in producing product Z has malfunctioned.
A 4. Due to pandemic, the actual producers of product Z has decreased due to permanent closure.
A 5. The suggested retail price of product Z has increased.
A 6. A typhoon destroyed the physical plant of product Z.
C 7. The suggested retail price of product Z has decreased from 7 pesos down to 5 pesos.
B 8. For the longest time, bad weather never occurred, increasing the resources available for product Z.
B 9. The defective machine in producing product Z has been repaired and back to operation.
B 10. Due to government’s assistance to entrepreneur affected by the pandemic, most of them recovered
and back with their operation in producing product Z.
Process question: Pls answer briefly
How do you think the seller maintains its buyer or customer even without the presence of government?
-Trust, thats the one of the factors that is needed to maintain the costumer even without the presence of
government. When the percentage of morality of the seller was good and maintain its good reputation,
then the buyers and costumers still buy a product because the quality and the hospitality of the seller was
good. The customers will not buy any product from seller when they don't meet the standard in terms of
quality and price. Nowadays, some of the customers are practical and having a wise choice so if the
offered product stayed in a bad condition, the customers will seek some product from other seller to fullfil
what the other seller didn't do.
Activity number 4: Performance task
Today’s pandemic has caused global recession. Some businesses have temporarily closed and some have
permanently closed. As a player inside the market, you are task to formulate a scenario where a certain
product or industry had changes in demand and supply (shifting of demand and supply curve).
Supplement your scenario by explaining the cause and effect of its changes using a sequential graphic
organizer. Do your performance task by supplying all the needed data using the guide below. Your work
will be evaluated based on the required element and conclusion for the explanation.
Guide: Supply all the asked elements.
Scenario: There must be a shift in demand or supply (decrease or increase).
Supply or Demand Curve: Based on your scenario make an actual curve showing the changes you have
formulated. (put the proper label of your curve)
Graphic organizer: Based on your curve, explain it using a sequential graphic organizer how and why the
shifting of curve occurred. (see suggested content below)

- Decrease supply (shifting) will cause an increase in the equilibrium price qnd
decrease in equilibrium in quantity of fish in market.
- The decrease in supply cause a price to rise because of decrease of suppliers of
fish in market during pandemic and other seller stop on selling fish.
POST-ASSESSMENT:
It’s now time to evaluate your learning.
I. True or False: Write T if the statement is true, F if the statement is false.
T 1. Market is where buyer and seller meet.
T 2. Demand is the amount of goods or services the buyer or consumers are willing to purchase.
T 3. Demand and price has direct relationship.
T 4. Supply is the amount of goods or services the buyer or consumers are willing and able to sell.
T 5. Supply and price has direct relationship.
T 6. The law of demand describes how price affects consumer.
T 7. The law of supply describes how price affects producers.
F 8. Shortage happens when the actual price is greater than equilibrium price.
F 9. Surplus happens when the actual price is less than equilibrium price.
T 10. Market equilibrium balances price and quantities inside the market.
Summative assessment:
I. Analyze the following situation, then identify what will happen to the demand of Product N.
Write “A” if the demand will shift to the left, “B” if it will shift to the right, and “C” if there will
be a movement of demand only (no shifting of curve).
A 1. The public loses its interest on product N.
B 2. A new subdivision near the location of product N has been built and resided immediately thus
increasing the population.
A 3. The price of product y a complement of product N has increased.
B 4. The price of product y a substitute of product N has increased.
B 5. The price of product N decreases.
B 6. The price of product y a complement of product N has decreased.
C 7. The price of product N increases from 4 pesos to 7 pesos.
B 8. The producer of product N has improved its product gathering the interest of people again.
B 9. People expect that price of product N will decrease next week. (Demand of product N for the current
week)
A 10. The price of product y a substitute of product N has decreased.
III. Analyze the following situation, then identify what will happen to the supply of Product N. Write
“A” if the supply will shift to the left, “B” if it will shift to the right, and “C” if there will be a
movement of demand only (no shifting of curve).
B 1. Due to government’s assistance to entrepreneur affected by the pandemic, most of them recovered
and back with their operation in producing product N.
A 2. One of the machines in producing product N has malfunctioned.
A 3. Due to pandemic, the actual producers of product N have decreased due to permanent closure.
A 4. The price of product X an input of product N has increased.
A 5. The suggested retail price of product N has increased.
A 6. A typhoon destroyed the physical plant of product N.
B 7. For the longest time, bad weather never occurred, increasing the resources available for product N.
B 8. The defective machine in producing product N has been repaired and back to operation.
A 9. The availability of product X in the market an input of product N has decreased.
C 10. The suggested retail price of product N has decreased from 9 pesos down to 5 pesos.