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Economic and management sciences

Grade 9

The economic cycle

Module 5

Priece-fixing through supply and demand

Assessment standard 1.3:

Price-fixing through supply and demand

In order to make bartering and business transactions possible, it is necessary that the value of a product be expressed by the dealer in terms of a monetary amount, or as we know it, a price. It is common for us to walk into a shop and compare the prices of products on the shelves in order to decide which product(s) we want to buy. However, the question is: How are these prices determined?

The price that is given to a product by a dealer depends on (1) the price that he paid for the product and (2) the price at which he is prepared to sell the product. This raises the principle of DEMAND for a product or products at a specific price, in a specific quantity or number (of the product) and at a specific time. As a simple example one can refer to the municipal fresh produce market or an auction where livestock is sold. Note that at such markets the sellers and the prices that they ask for their products, as well as the number of products available, can differ from day to day.

The following data are given concerning the SUPPLY of cabbages on the municipal fresh produce market:

PRICE PER CABBAGE NUMBER SUPPLIED
R0.80 400
R0.70 350
R0.60 300
R0.50 200
R0.40 100

Activity 1: supply curve

Make use of the data supplied in the table above and draw the supply curve. Insert it on a separate page.

From this the LAW OF SUPPLY can be deduced, which states that “the number / quantity of goods that are offered will rise in proportion to rises, in the price and vice versa, namely that the number / quantity supplied will fall when the price shows a decline”.

Activity 2: supply

Draw up a list of the factors that will influence the number / quantity supplied.

1…………………………………………………… 6…………………………………………………..
2. 7.
3. 8.
4. 9.
5.

The price that a consumer is willing to pay for a product depends mainly on (1) how urgent his need is and (2) the amount of money that the consumer has available. Here we have to do with the DEMAND for a product or products that is / are valid at a specific price, in specific numbers / quantity and at a specific time. Once again it is possible that the indicated prices and numbers / amounts may differ from day to day.

The following data concerning the DEMAND for cabbage on the municipal fresh produce market on 14 January are also supplied:

PRICE PER CABBAGE NUMBER SUPPLIED
R0.80 150
R0.70 200
R0.60 300
R0.50 450
R0.40 650

Activity 3: demand curve

Make use of the data supplied in the table above and draw the demand curve. Insert it on a separate page.

From this the LAW OF DEMAND can be deduced, which states that “the number / quantity demanded will rise in proportion to the decline in price, and vice versa, namely that the number / quantity demanded will fall when the price shows an inclination to rise”.

Draw up a list of the factors that will influence the number / quantity demanded.

1…………………………………………………………… 6…………………………………………………
2. 7.
3. 8.
4. 9.
5.

Questions & Answers

Is there any normative that regulates the use of silver nanoparticles?
Damian Reply
what king of growth are you checking .?
Renato
What fields keep nano created devices from performing or assimulating ? Magnetic fields ? Are do they assimilate ?
Stoney Reply
why we need to study biomolecules, molecular biology in nanotechnology?
Adin Reply
?
Kyle
yes I'm doing my masters in nanotechnology, we are being studying all these domains as well..
Adin
why?
Adin
what school?
Kyle
biomolecules are e building blocks of every organics and inorganic materials.
Joe
anyone know any internet site where one can find nanotechnology papers?
Damian Reply
research.net
kanaga
sciencedirect big data base
Ernesto
Introduction about quantum dots in nanotechnology
Praveena Reply
what does nano mean?
Anassong Reply
nano basically means 10^(-9). nanometer is a unit to measure length.
Bharti
do you think it's worthwhile in the long term to study the effects and possibilities of nanotechnology on viral treatment?
Damian Reply
absolutely yes
Daniel
how to know photocatalytic properties of tio2 nanoparticles...what to do now
Akash Reply
it is a goid question and i want to know the answer as well
Maciej
characteristics of micro business
Abigail
for teaching engĺish at school how nano technology help us
Anassong
Do somebody tell me a best nano engineering book for beginners?
s. Reply
there is no specific books for beginners but there is book called principle of nanotechnology
NANO
what is fullerene does it is used to make bukky balls
Devang Reply
are you nano engineer ?
s.
fullerene is a bucky ball aka Carbon 60 molecule. It was name by the architect Fuller. He design the geodesic dome. it resembles a soccer ball.
Tarell
what is the actual application of fullerenes nowadays?
Damian
That is a great question Damian. best way to answer that question is to Google it. there are hundreds of applications for buck minister fullerenes, from medical to aerospace. you can also find plenty of research papers that will give you great detail on the potential applications of fullerenes.
Tarell
what is the Synthesis, properties,and applications of carbon nano chemistry
Abhijith Reply
Mostly, they use nano carbon for electronics and for materials to be strengthened.
Virgil
is Bucky paper clear?
CYNTHIA
carbon nanotubes has various application in fuel cells membrane, current research on cancer drug,and in electronics MEMS and NEMS etc
NANO
so some one know about replacing silicon atom with phosphorous in semiconductors device?
s. Reply
Yeah, it is a pain to say the least. You basically have to heat the substarte up to around 1000 degrees celcius then pass phosphene gas over top of it, which is explosive and toxic by the way, under very low pressure.
Harper
Do you know which machine is used to that process?
s.
how to fabricate graphene ink ?
SUYASH Reply
for screen printed electrodes ?
SUYASH
What is lattice structure?
s. Reply
of graphene you mean?
Ebrahim
or in general
Ebrahim
in general
s.
Graphene has a hexagonal structure
tahir
On having this app for quite a bit time, Haven't realised there's a chat room in it.
Cied
what is biological synthesis of nanoparticles
Sanket Reply
how did you get the value of 2000N.What calculations are needed to arrive at it
Smarajit Reply
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Source:  OpenStax, Economic and management sciences grade 9. OpenStax CNX. Sep 15, 2009 Download for free at http://cnx.org/content/col11074/1.1
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