Y11 Econ Week One Review: The Wolves Hunt for Commodities
Contents
Review of Last Year
When we started, I was not sure how much you knew, so I began with reviewing.
I learned that you know STORES and HISAGE (and you learned that “sage” means a smart/wise person).
STORES
Supply Shifters
- S : Subsidies
- T : Taxes
- O : Other related goods
- R : Resource costs
- E : Expectations
- S : Size of market
HISAGE
Demand Shifters
- H : Habits
- I : Income
- S : Substitutes and complements
- A : Advertising
- G : Government policies
- E : Economic state
Assessment 1
We talked about what you will do for Assessment 1. Research a commodity market and identify possible causes of spikes and dips in the price of that commodity.
Note
I recommend against researching alcohol as a commodity because it is not homogenous in the market like other agricultural products, for example, orange juice from concentrate.