Hello all! This is my first reflective blog post, so I hope you find it enjoyable and informative. This week in Economics class, we learned about supply. Supply is the willingness and ability of producers to offer their products for sale. Supply can be illustrated as either a chart (schedule) or a curve.
a
Thursday, March 20, 2014
Monday, March 17, 2014
Beef: High Demand, Low Supply
"Beef prices soar with drought" by Joe Taschler
The Daily Press
March 11, 2014
Recent droughts have decreased the national supply of beef, driving prices up. In fact, the supply is the smallest it's been since 1951. The average retail price for beef is now $5.04, the highest price in recorded history. Usually, calves graze on grass, but drought requires farmers to find another food source. According to Kevin Kester, "'Hay prices are just going through the roof.'" Cattle producers have had to sell a lot of cattle. This should have made meat prices lower, but the demand for beef and protein sources has gone up dramatically with the growth of the middle class around the world. There is now a high demand for and a low supply of beef, so prices are very high.
The Daily Press
March 11, 2014
Recent droughts have decreased the national supply of beef, driving prices up. In fact, the supply is the smallest it's been since 1951. The average retail price for beef is now $5.04, the highest price in recorded history. Usually, calves graze on grass, but drought requires farmers to find another food source. According to Kevin Kester, "'Hay prices are just going through the roof.'" Cattle producers have had to sell a lot of cattle. This should have made meat prices lower, but the demand for beef and protein sources has gone up dramatically with the growth of the middle class around the world. There is now a high demand for and a low supply of beef, so prices are very high.
Thursday, March 6, 2014
Should the Minimum Wage be Raised?
"Wage Warrior" by Eliza Gray/Washington
TIME magazine
March 10, 2014
In recent weeks, the debate over the proposed raising of the federal minimum wage has grown more and more heated. Proponents of an increased wage say that it would help to lift as many as 900,000 families out of poverty, but others argue that in doing so 500,000 jobs would be lost. One of the most important protesters is Richard Berman (sometimes called Dr. Evil by his critics). Even people (like David Card) who say the minimum wage would have little to no effect on employment think that raising the minimum wage is not the most effective way to combat poverty.
TIME magazine
March 10, 2014
In recent weeks, the debate over the proposed raising of the federal minimum wage has grown more and more heated. Proponents of an increased wage say that it would help to lift as many as 900,000 families out of poverty, but others argue that in doing so 500,000 jobs would be lost. One of the most important protesters is Richard Berman (sometimes called Dr. Evil by his critics). Even people (like David Card) who say the minimum wage would have little to no effect on employment think that raising the minimum wage is not the most effective way to combat poverty.
Subscribe to:
Comments (Atom)