Using the term Demand as a topic, explain how/why this occurs.
Demand refers to the quantity of a commodity that customers are willing to purchase at a given price. According to Schaeffer (p.32), there is a positive correlation between prices and the demand of commodities. Therefore, when the demand of products increases, the prices increase respectively. The demand of products is affected by various aspects. For instance, natural disasters affect the demand of products such as fuel, water and grocery among others. When natural disasters occur, the demand for fuel, water and grocery tends to increase. This is caused by the increase in the need for such products when disasters happen. The prices of these products increases similarly to satisfy the needs of all people affected.
Using the term Supply as a topic explain how/why this occurs.
Supply is defined as the quantity of a commodity that suppliers are willing to provide to the market at a given price. Kreimer and Arnold (p. 214) opine that the supply of a product declines when natural disasters happen. Natural disasters cause damage to the sources of raw materials. In addition, infrastructures are destroyed, and other systems that facilitate effective supply of products are affected. As such, when the supply declines, the prices increase because suppliers incur more costs to produce and deliver the products. In addition, it is risky to deliver products when natural disasters happen. Therefore, the few suppliers who take the risk to supply such products charge exceptionally high prices. Therefore, the prices of fuel, water and grocery among others tend to increase when natural disasters occur.
Using the term Equilibrium as a topic, explain how/why this occurs.
Equilibrium is the point at which the demand and supply of products tend to be equal (O’Connor, p. 141). It is the price where the suppliers are willing to sell product, and at the same time buyers are willing to buy products at such a price. Equilibrium is related to the quantity of products and prices. When the prices increase, the equilibrium also rises. Therefore, the price of products is directly related to the market equilibrium. When natural disasters occur, the demand increases and supply declines. As such, the prices increase. Therefore, the equilibrium increases because the prices increase respectively. It is worth mentioning, that the equilibrium for products such as fuel, water and grocery among other basic products, increases when natural disasters occur.
From an Ethical/Moral point of view, what are the issues involved with this case?
When natural disasters occur, people are affected, and it is not ethical to increase prices during such circumstances. It is a moral issue that when natural disasters happen, people should support the affected persons. As such, traders should not increase the prices of products when disasters occur. However, it is not possible for profitmaking businesses to offer products at uneconomical prices. Products such as fuel, water and grocery are extremely essential when disasters happen. The demand for such products increases when disasters happen. At the same time, the supply declines, and this may cause an increase in the prices of products. However, it is ethical that traders should provide these products at affordable prices. It becomes impossible for the affected persons to access such products when prices increase because the purchasing power is reduced. Therefore, traders should provide reasonable prices for products when disasters occur.
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