Economics of Food Markets
Economics of Food Markets
Throughout this unit on supply and demand, we will be exploring the markets for food products. These are commodities that are very easy to track supply and demand, as well as changes in price, so it’s an excellent way to have a real-world glimpse into supply and demand.
The first step is for you to choose a general food commodity that you would like to learn more about. A commodity is a raw material or primary agricultural product that can be bought and sold. Examples include (but are not limited to):
Crops
Fruits/Vegetables
Livestock
Processed Foods**
Corn
Tomato
Beef
Milk
Beans
Broccoli
Pork
Sugar
Wheat
Peas
Chicken
Cheese
Rice
Bananas
Mutton
Nuts
Coffee
Oranges
Shrimp
Almonds
Potatoes
Grapes
Tuna
Walnuts
Peanuts
Lettuce
Salmon
Pistachios
*This list is NOT all-inclusive. If it’s something grown that you eat with little to no preparation, it’s almost certainly appropriate. Just don’t choose something like pizza, or sandwiches.
**Note: the key here is that you are choosing a general (generic) commodity as opposed to a specific branded good. For example, you’d choose milk rather than Kemps-brand milk.
***The commodity you choose should be part of something people eat or drink for pleasure or nourishment ?in the United States?. This restriction is in place because the following parts of this project will be far more difficult if you do not use U.S. resources.
Once you have chosen your commodity, please write 200-250 words as the background of the commodity. This can include:
A description of the commodity
Where the commodity originated from in the world
How the commodity may have been introduced to North America
How the commodity is prepared and/or consumed
A sample is attached to this post for you to review.
Please keep track of ? all sources used? and include them in a works cited page?.
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