What are basic commodities and prime commodities?
Examples of prime commodities are flour, dried, processed or canned pork, beef and poultry meat; dairy products not falling under basic necessities; onions, garlic, vinegar, patis, soy sauce; toilet soap; fertilizer, pesticides and herbicides; poultry, livestock and fishery feeds and veterinary products; paper, school …
What are the three basic characteristic of a commodity?
Hence, most commodities can be characterized by the following qualities: natural resources needed by most nations or regions; large price fluctuations; economical sources in limited geographic regions; and uniformity of the product.
What commodity in which price fluctuation is commonly happening in the Philippines?
Leading the list of commodities is vegetable oil, which increased by more than 97.0 percent, and followed by grains, which hiked by about 87.0 percent. The price hike is expected to have adverse effects on poverty and is worrisome precisely because it is expected to hurt the poor the most.
What is Republic No 10623?
7581, as amended by R.A. 10623) fleshes out the policy of the Philippines to ensure the availability of basic necessities and prime commodities at reasonable prices at all times without denying legitimate business a fair return on investment, as well as the policy to provide effective and sufficient protection to …
What are basic commodities?
(a) “Basic necessities” – refers to rice, corn, bread, fresh, dried and canned fish and other marine products, fresh pork, beef and poultry meat, fresh eggs, fresh and processed milk, infant formulas, fresh vegetables, root crops, coffee, sugar, cooking oil, salt, laundry soap, detergents, firewood, charcoal, candles …
Which is an example of commodity?
A commodity is a basic good used in commerce that is interchangeable with other goods of the same type. Traditional examples of commodities include grains, gold, beef, oil, and natural gas. For investors, commodities can be an important way to diversify their portfolios beyond traditional securities.
What are 3 characteristics of money?
The characteristics of money are durability, portability, divisibility, uniformity, limited supply, and acceptability.
Can a person be a commodity?
Easy access to large, almost unlimited, numbers of people has turned us into commodities. For all but the superstars among us, it has, per the definition, rendered humans widely available and interchangeable.
What happens when commodity prices fall?
For a commodity-exporting country, lower commodity prices mean lower growth as export income declines. … A lower oil price also ultimately affects the price of other, competing types of energy, which puts pressure on energy prices in general.
Is a service a commodity?
Generally speaking, professional services are not a commodity. A commodity is defined as a fungible good or service. This means that the item or service is virtually interchangeable because it carries the same or nearly identical properties and value as another item.
Why are prices rising in the Philippines?
The price increases have been attributed to supply constraints due to the African swine fever that has decimated hog farms and a series of typhoons late last year that damaged plantations.
Will commodities ever recover?
WASHINGTON, April 20, 2021 – Commodity prices continued their recovery in the first quarter of 2021 and are expected to remain close to current levels throughout the year, lifted by the global economic rebound and improved growth prospects, according to the World Bank’s semi-annual Commodity Markets Outlook.
What is Republic Act 3720?
Food, Drug and Cosmetic Act (Republic Act No. 3720). An Act to ensure the safety and purity of food, drugs and cosmetics being made available to the public by creating the Food and Drug Administration which shall administer and enforce the laws pertaining thereto.
What is Republic Act 9994 all about?
9994, An Act granting additional benefits and privileges to senior citizens, further amending Republic Act No. 7432, as amended, otherwise known as “An Act to maximize the contribution of Senior Citizens to nation building, grant benefits and special privileges and for other purposes.
What is RA 9257 all about?
SECTION. 1. This Act shall be known as the “Expanded Senior Citizens Act of 2003.” (f) To recognize the important role of the private sector in the improvement of the welfare of senior citizens and to actively seek their partnership.