Factual:  

1) What influences supply & demand in a market?

Some things that influence the supply in markets are the availability of source materials, the rate of production, rate of selling, etc. Some things that influence demand in a market are current events, current trends, daily needs/wants, shortages of supplies, etc. For example, if there is a sudden drought in a area with Watson’s water, the demand for this water will significantly increase as more people will want to get more of this water. However this will force Watson’s water to increase their supply of water, or risk facing empty shelves and angry customers.

2) How can economic sectors relate to each other?

The economic sectors (Primary, Secondary, Tertiary, Quaternary) all relate to each other because each sector supports and provides for the other sectors. The primary sector supplies the secondary sector with the basic materials to make a product, the secondary sector supplies the tertiary sector with products for them to sell to consumers, and the quaternary sector helps other sectors plan and organise themselves. Thus creating a chain of production.

Conceptual:

3) What path do raw materials take to consumers?

Raw materials start as natural materials which are then collected and transported to a factory. This is where these materials are then moulded into the product itself , or goes through a complicated process to become the product that we need/want it to be. Then the products are delivered to supermarkets, daily goods shops, retail stores, etc. where they then get bought by consumers (us) and taken back home to use.

4) How is equilibrium reached in a market?

Equilibrium is reached in a market based on supply and demand. If the supply is able to meet the demand, than equilibrium is reached, however if the suppliers have oversupply of the product then the price will drop. If the suppliers have a limited supply of the product, then the price will rise significantly. In a larger scale, if the local supply is less than the local demand, then the country will need to import more goods. Thus increasing inflation rates, which will hinder all businesses.

5) How is price determined in a market?

I think that price in a market is determined by the supply and demand for the product, or on the difficulty of finding/making the product. If the product is a general need for everyone and is guaranteed to be bought by many people, then the price would be cheap. However if the product is hard to make or is less likely to be bought by people, than the price will go up.

Debatable:

6) To what extent do companies compete indirectly with each other?

Companies compete indirectly with each other to fulfil the needs of the same audience and to make the same product. However, companies that do not compete indirectly do not have the same goals as other competing company. For example, theatre movies indirectly compete with online streaming websites. Theatre movies want people to pay the producers money to cover the costs of filming. However online streaming websites provide these movies for free at a later date, with the goal of getting sponsors/ads to pay the costs of running such a website.