The Department of Economics & Banking organized a Guest Lecture on ‘Application of Demand and Supply in Business’ as part of the Microeconomics course on 5th November 2022. The Resource Person for the session was Ms. Minoskha D’Mello, TA HR, at Cipla Ltd. 132 students of FY B.Com attended the lecture.
The objective of the guest lecture was to provide students with the knowledge and understanding of how Demand and Supply are relevant and applicable in the business world. At the outset, Ms. Tanisha Naik, student of SY B.Com(D), welcomed the Resource Person Ms. Minoskha D’Mello, which was followed by the introduction of the Resource Person by Mr. Harsh Kalal, student of FY B.Com (C).
Ms. D’Mello began her lecture by introducing main concepts like demand, supply, forecasting, market structures, etc. She specifically focused on their importance and relevance to a business. She provided instances pertaining to the area of HR and demonstrated how these concepts are directly applicable to achieving their end goals. In her lecture, she meticulously explained and brought to lighthow demand and certain prerequisites in particular areas are met by the suppliers, the relation between supply and demand, and how equilibrium is achieved in the due course. She highlighted the essence of profits to every business and stressed various factors like price, competitors, technology, government, and the like that influence profits. She also elaborated on surplus and shortages, demand forecasting, and HR forecasting faced by firms. She ended her lecture by playing a video on shortages of a commodity and how suppliers play their roles in meeting them.
The entire lecture was very enriching and relatable which undoubtedly will prove beneficial to the students. The session ended at 11:15 a.m. Ms. Hestar Carvalho, student of FY B.Com (C), proposed the Vote of Thanks. The guest lecture was coordinated by Assistant Professors, Ms. Pretty Pereira, Mr. Sanjay Velip, Ms. Lizette D’Costa, and Ms. Stesa Pereira.
