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10% of China's land is arable. In this percentage, a tons and tons f grain is produced. Over the years, due to shifts in non-price determinants of either demand or supply, the equilibrium of the grain market has been disturbed. The market, has not been able to adjust to a new equilibrium hence there is an excess supply of grain which is going waste. China needs to apply the price mechanism to attain an equilibrium, and stop a surplus from being produced.

The Toronto stock market headed for a lower open Monday in between big earnings and expectations which lead to disappointment from IBM Corp, since their revenue was less than predicted. In addition to that a concern about the overall global economy. However markets gained equilibrium at the end of last week.

After an extremely poor grape harvest from 2012, there are predictions of a shortage of wine in the following years. The supply for wine will not meet the demand, knocking the market out of equilibrium.

Currently in the global world, prices of oil are falling and demand is increasing. However prices of oil will stop fallng as there would be supply cuts in order to keep the market at equilibrium.

Saudi arabia is a large supplier of raw oil. It plans to cut down oil production even more due to the continuos falling prices of oil (since mid-June 2014). Apparently Oil demand is lessening while supply remains strong, causing the prices to drop. According to the International Energy Agency, this will be a year of slow growth for the world's demand for oil.

As oil prices fall as much as 18%, global economy is booming. The purchasing power of the citizens are expected to rise. This steals around 0.5% of the national GDP from oil producers and gives it to consumers.

Article introduces a new way to fight obesity unhealthy food consumption ; by increasing the tax on fast food and sugary drinks and decreasing the tax of vegetables and fruits in order to encourage a healthy diet.

I think that this a great article in many ways. First of all, it shows how we can no look at economics in only one way and that nothing is actually certain because there are many determinants. One action can have exactly opposite results even. Secondly, I think that it is really interesting that a change would effect one group but not the other. I mean it is not actually "interesting" because it is a daily life that we can observe, but it was interesting to be reminded of that fact once more, related to what we have learned this week. Lastly, the strategy they have thought of to fight obesity really made sense to me. Nutrition is really important and it always seemed very irrational to me that all these junk food is more expensive than healthy food. It makes sense considering that different markets benefit from this situation, but still on something that relates to health, I believe that we should be more worried about society's benefit than companies benefits'. I believe that there may be exceptions to equilibrium, if it will benefit humanity.

A bumper crop of grains has decreased the price for corn, soybeans and wheat. This is a good example as to how a non-price determinant of supply can effect the prices of products, which in turn cause an increase in demand. Although this may be good for the average consumer, economists need to make sure that inflation doesn't fall too low, or cause deflation. This could cause corporate profit losses, causing wages to lower, which could potentially cause the economy to go into a recession.

The price of chocolate in the UK could almost triple as a result of an increase in the price in cocoa butter and other ingredients necessary to make this succulent and palatable treat.

This article discusses how the price of oil has slumped from $115 to $92, a decline of 20% and the lowest for more than two years has in turn increased the quantity demanded for the raw commodity of oil. The article also discusses how this chain of events will allow for an increasing equitable distribution among consumers.

As all of IGL's gas sources are dollar-linked, the entire input price is totally dependent on price of dollar vis-a-vis rupee, after a weaker rupee made imports costlier, the supplier of compressed natural gas (CNG)- the Indraprastha Gas Ltd (IGL) in Delhi and adjacent areas increased the price of the green fuel by 5%.

This article talks about the sharp decline in oil prices this summer after an abundance of the good was extracted. The article also points out that the demand for oil still remains relatively constant. This increase in just supply - in accordance with the price mechanism - brought down the global price of the commodity in order to once again equilibrate the market.

This article talks about high demands for water and dwindling supply. This is forcing government/companies to raise water prices so it would restrict usage of it. Like California where drought is causing high prices and low usage of water. Water has pretty neutral elasticity so government and businesses can make decisions capitalizing on its elasticity.

"Few carriers besides Maersk are profitable, too many new ships are being built, and demand for space on container ships is slowing as economies in Europe and Asia face headwinds." This article is about how the supply of space on cargo ships has vastly increased in the last 15 years, but demand slows as economies around the globe face the recession. This example shows how a situation of excess supply can be created due to the external forces of demand decreasing due to lower income.