Chapter Name: Analyse the interaction of demand and supply in price determination
Description:Learners analyze how demand and supply dynamics determine pricing in the market.
Purpuse:To comprehend the fundamental economic principles affecting pricing.
Rational:Understanding these interactions is vital for setting competitive and profitable prices.
Chapters Topics
An explanation is given of the laws of demand and supply.
Define and explain the laws of demand (inverse relation with price) and supply (direct relation with price) and their foundational role in economics.
An explanation is given of the relationship between the variables of demand and supply curves.
Explain how factors such as income, preferences, and costs shift demand/supply curves and alter equilibrium prices.
The relationship between demand, supply and price is discussed with reference to own products or service.
Apply demand-supply principles to your own business or product, showing how price can be influenced by market behavior.
Factors that lead to changes in the demand and supply curve are listed in own specific context.
Identify specific market or business factors (e.g., seasonality, consumer trends) that influence changes in demand/supply.
Factors of production are explained in terms of the roles and contribution to the economy.
Describe land, labour, capital, and entrepreneurship as essential resources and their role in producing goods/services.
Money is explained in terms of its role in the economy.
Explain the functions of money (medium of exchange, store of value, unit of account) and its importance in enabling trade and investment.