Basic Commodities

• Commodities


  Commercially-available goods and services that are compatible with other commodities
• Commodities


  • Used primarily in creating other products, doing other services, or consumed in themselves
• Basic commodities


  Products that serve as important needs for consumers' lives and survival
• Prime commodities


  Products that are not considered to be basic necessities but are necessary to consumers
• Unemployment


  Occurs when people are in between jobs or, if they do not have work, are actively seeking it
• High unemployment cannot persist in the long run
• Employment


  An arrangement where the employee will provide services for the employer, and the service shall be compensated
• According to the Malthusian Theory, the population grows at a faster rate than commodities


  As the population rises, the resulting increase in demand creates a strain on supply growth
• Wage push inflation


  An average spike in the price of commodities due to an increase in income
• As the overall price on goods and services rises

  There is a need for higher wages to offset the higher prices