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Need some assistance in locating an article pertaining to a change in the supply, demand and pricing of a product/service.
Also defining the following terms:
Economics
Microeconomics
Law and Supply
Law and Demand
Identify the factors that led to the change in supply or demand within the article and describe what occurred to change the demand for, or the supply of, the good or service, and market prices of thos products/services.

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Solution Summary

This solution locates an article pertaining to change in the supply, demand, and pricing of a product/service.. . It also defines important terms related to economics. .

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Locate an article concerning trends in consumption patterns pertaining to a change in the supply, demand, and pricing of a product/service.

Need some assistance in locating an article pertaining to a change in the supply, demand and pricing of a product/service. The article is located at: http://www.planetark.com/dailynewsstory.cfm/newsid/47053/story.htm
The title is "Food supply fears heighten UK debate on GMO crops"
The product is genetically modified crops, there is an increasing demand for such crops as demand for food products has gone up.
Also defining the following terms:
Economics:
Economics is the study of money, income, labor, taxes, government spending, land and investments. Economics is also the study of how people use scarce resources. From a different point of view economics is defined as a science that relates to the knowledge of production, distribution, and consumption of goods and services.

Microeconomics: This is the body of knowledge and study relating to decisions firm, individuals and households make for allocation of scarce resources. These decisions are made in markets where goods are bought and sold. Specifically, microeconomics studies the behaviors in the context of demand and supply for good and services. It studies how the interaction affects the prices and the effects of prices on the demand and supply of these goods and services. .

Law and Supply: There are several methods by which law can affect supply. In the article that has been mentioned if the UK law does not permit farmers to grow genetically modified crops, then the overall supply of crops will go down. In addition, if a government imposes a tax on the production of a good, the demand will decrease and this will decrease the supply of the product. Again a law by which a minimum price is set will increase the supply of the goods. This is done in case of agricultural products where a minimum procurement price is set by the ...

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Hatim Baxamusa, MBA
Education
  • BSc , University of Calcutta
  • MBA, Eastern Institute for Integrated Learning in Management
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