- Elaborate on the nature of this commodity.(Provide general information about the commodity: What it is? What are its characteristics? How it is produced/extracted? What is required for its production/extraction? What it is used for? Where in the world it is mostly found\produced?…etc)
- Explain how this commodity functions in an economy using the circular flow of 20% economic activity. (You can describe it verbally or draw a graph).
- What are the factors that affect the supply and demand of this commodity? Who are its consumers? (What are the factors that affect the rise and fall of this commodity’s demand?) – Who are the suppliers? (What are the factors that affect the rise and fall of this commodity’s demand?)
- Should Oman direct its resources in production of this commodity? What is the 20% opportunity cost of producing this commodity? Explain your answer.
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