The fundamentals of economics start with understanding the theory of supply and demand. In this paper I will attempt to offer a brief description of the laws of supply and demand. I will also identify the factors that lead to the change in supply and demand in the global patterns/ trends of meat consumption. Through information that I have gathered from specific articles on the subject of global meat consumption patterns I will attempt to analyze and discuss the utility derived from the consumption of meat, the current factors that affect the change in supply/demand/ market price, and the price elasticity of demand for the product.
Supply and demand are the bread and butter of our capitalist economic system. Supply constitutes the quantity of a specific product or service that an individual wants to sell at a specific price. Demand constitutes the need, quantity, and price that an individual is willing to pay for a specific product or service.
United States
The illustration that accompanied Marshall's origi...
Perfectly inelastic demandThere are many different factors that can lead to changes in the supply and demand of meat. Some of these factors are lifestyles of individuals that consume meat, there incomes, and there health concerns. Government policies can play a big role in the supply and demand of meat directly or indirectly (1).
Lifestyles with in the United States are varied and with in some of those lifestyles meat is or is not a part of the daily diet. Red meat or beef has been the most popular choice of U.S. consumers, and poultry is running a very close second (1). Incomes play a significant role in the consumption of meat. When incomes are high people tend to splurge and purchase more expensive meats and choice of cuts. When incomes are low meat consumption usually changes, and not only the choice...