Analyze A Dynamic World Which Is Constantly Changing

Static supply and demand theory
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Static supply and demand theory
The supply and demand of a commodity often influence its prices. This is whereby if the supply of the products is low the demand shoots up as many people want the commodity but it is rare to come by, and if the supply is high the demand goes down since it can easily be accessed ("Supply Chain Model on Uncertainty Demand", 2015). The static demand and supply theory can be effectively utilized to analyze the constantly changing world. Times are changing and so are the preferences of people which are affecting the supply and demand of goods and services in the worldwide market. Thanks to technological advancements globally competition are high in the market, and as a result, no single entity can control prices. The market that is the producers and consumers determines the prices of products hence determining what is produced and who consumes it (Rader & Katzner, 2012).
The consumers affect the p...