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Seller- In the picture, we can see a seller/vendor preparing the

foods she’ll sell.

A seller, is anyone who sells products and amenities (services). A


seller can also be called as a producer which produces the
essential (needs) and unessential (wants) products that we
consume each day.

Buyer- As you can see in the picture, a buyer is deciding on what kind
of milk tea she’ll avail in the Bliss Blends milk tea store.

A buyer, in definition, is the one who acquires the products and


amenities (services) sold by a seller. A buyer can also be called as a
customer and a consumer. All people are considered to be buyers for
we all need to buy products so that we can survive even if some of us
are also sellers.

Exchange of commodities between parties- In the picture, we


can see the exchange of commodities taking place between the two
parties (buyer and seller). The buyer receives the product (siopao)
while the seller receives the payment for the said product.

A buyer and a seller both have important roles to portray in order


to have a smooth economic flow. The exchange of commodities is
what defines the relationships of the buyers and the sellers. Barter
is an excellent example of this relationship in which a person
exchanges a product for another product.
Giving Gifts to a friend in his/her birthday- In the picture, we can see the reactions of Mart (friend)
when he was given gifts by his friends on his birthday.

Now, how can we relate this to economic activities?


Gift-giving, as we can see in the picture, is classified
under the category of Reciprocity. Reciprocity, by
definition, refers to an economic activity in which it
involves the voluntary giving or taking of objects,
without the use of money, in the hopes that it can
be given back. Another good example of reciprocity
is what we call “utang na loob”.

Selling goods and services in the market- A seller would do almost anything to advertise his/her
product. In the picture, we can see Kleah, trying her best to advertise the goods and services she’s
selling to her potential customers.

This scenario is often seen in markets like palengkes, department stores, supermarkets, etc. in which
sellers try to persuade their potential customers to avail their products and services. It may be in the
form of FREE-TASTES, PERFORMING ARTS (Dancing, singing, etc.), and SALES PERSONS (the people we
normally see in department stores). Also, in the marketplace, competitions against other sellers
normally take place.

Merchants selling fake


commodities at a price of
a genuine item- As much
as we want to make the picture realistic, we ended up re-enacting what takes place in this situation.
In the picture, we can see EJ (merchant) selling two bottles
of soft drinks at the same price. The first bottle, on the left,
is a fake one while the other one (on the right) is the
original and genuine item. He plans to sell both with the
price of 10 pesos. Because of this, Mark (buyer) seems
confused on the product that he’ll buy.

This situation is very evident in our economic institutions


nowadays. Many might say that this type of selling is a
‘scam’. Many merchants not only sell fake items at the
same price as original ones, there are times that they sell
these items at a higher price compared to the original ones
(Overpricing). This is the reason why a consumer should be
an intelligent and keen one in order to avoid getting fooled by these types of merchants. Remember to
be wise!
GROUP 2 (UCSP)

Members:
Emmanuel Jonathan Abad Catherine Peñera
Chrizelle Jara Alvear Kimberly Agtarap
Cristine Ann Barretto Kleah Michi Leonerio
Kiel Domanais Daniela Vallente
Mark Jefferson Navarro
ECONOMIC INSTITUTIONS
The puzzle illustrates the way merchants sell their products in ancient times.
In the puzzle, the merchants, dressed in elaborate costume to attract potential customers and
they travel from town to town with their horses to sell their products to their buyers.
In this era, the type of payment is through barter exchange in which a product is exchanged to
another product with the same value as means of payment.

Merchants using Horses for transporting Goods