Economics
Task One
Choose a Product or Service which you would like to consider for the purpose of this Assignment. Preferably, this should be a Product/Service for the company you are working for, OR the company where a close relative or friend is working so that you can access data and information easily.
It is essential that you keep in mind that you will need a lot of information on the Product/Service to enable you to do full justice to this assignment, while making your selection of the Product. Your personal knowledge of the Product should be enhanced through literature and web research, so that you are very familiar with the Product/Service and competent enough to understand the market dynamics. Write a note on the Attributes and functional aspects of the product, where and by whom it is used, and the criteria used by you for selecting it for this Assignment
Task Two
Collect data about the price trends of the product in the last three years. Identify the demand shifters and supply shifters. Present the data in the form of a chart and write a note explaining the role of the demand shifters and supply shifters at particular points in the period.
Task Three
What is the likely price trend of this product in next one year.
Task One :
The criteria for selecting rice have been the current situation globally. Inflation, scarcity of food and petrol prices has encouraged me to opt for RICE.
Brief note on Rice :
Rice is staple diet for a major part of population around the globe. It is consumed in many countries as the main food. Countries like Japan, China, Thailand, Vietnam, Indonesia, India, Myanmar, Philippines Pakistan, and Bangladesh are consumer as well as producer of rice.
Top paddy rice producers–2005
(million metric ton)
China
182
India
137
Indonesia
54
Bangladesh...
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