PLEASE ANSWER THESE QUESTIONS...
OBTAIN THE FOLLOWING INFORMATION.
1. Make a list of commodities which you use daily.
2. Who uses these commodities?
3. Write the source of the supplies of these commodities.
4. From where do you buy these commodities?
5. What do you call the act of buying and selling?
6. What does the shopkeeper take in lieu of the commodity?
Answers
Answer:
Q1
Things you drink, such as sugar, cocoa, coffee, and orange juice. These are called the softs markets.
Grains, such as wheat, soybeans, soybean oil, rice, oats, and corn.
Animals that become food, such as live cattle and pork (called lean hogs).
Things you wouldn't eat, such as cotton and lumber.
Q2
We eat foods made from corn and wheat, we wear jewelry made from gold or silver. Crude oil powers our automobiles and several metals are needed for our computers, cell phones and flat screen TVs. Companies are continually striving to use commodities in innovative ways.
Q3
The ability of a seller to supply a commodity depends on the stock available with him. Thus, stock is the determinant of supply. Supply is the amount of stock offered for sale at a given price. Actual supply is the stock or quantity actually offered for sale by the seller at a particular price during a certain period.
Q4
Grocery stores
Q5
Trade involves the transfer of goods or services from one person or entity to another, often in exchange for money. Economists refer to a system or network that allows trade as a market. An early form of trade, barter, saw the direct exchange of goods and services for other goods and services.