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Pages:
3 pages/≈825 words
Sources:
5
Style:
APA
Subject:
Business & Marketing
Type:
Essay
Language:
English (U.S.)
Document:
MS Word
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Total cost:
$ 12.96
Topic:
Economics
Essay Instructions:
Prepare a report on the market for organic foods in the United States. The paper is to be a report on the market for organics, using the determinants of demand, determinants of supply, and how supply and demand determine price. The focus of the paper should not be on the health benefits of generic goods, but on the demand, supply and price dynamics of the market for generic foods.
Your paper should have an introduction, body and conclusion.
There should be at least five (5) references at the end of the paper, using APA format.
The paper should be no fewer than three, but no more than five pages.
Use one inch margins and the paper should be double spaced.
Remember this is not just a report on organic food, but an economic analysis of the market for organic foods. The paper should discuss the demand for organic foods, the supply of organic foods, and then the resulting price of organics. Be sure and ask if you have any questions.
Use as a source: 1. Managerial Economics, 7th Edition
Keat, Young and Erfle
ISBN: 9780133020267
(Keat et al., 2007)
Essay Sample Content Preview:
Economics Report
Student’s Name
Institutional Affiliation
Course Name and Number
Instructor’s Name
Date
Economics Report
The consumption of organic foods has gained notoriety over recent years because of improved lifestyle choices and the need for sustainable food options. Research indicated that the USA reached its zenith with over $60 billion in sales in organic foods (OTA, 2023). Diverse factors affect the consumption of organic foods in the USA. The determinants of demand influence the consumers' purchasing power of organic foods. The determinants of supply influence the price of organic foods, which then impacts the consumer's purchasing power. The price dynamics of the market influence the supply and demand of organic foods in the USA. This paper analyzes the impact of supply, demand, and price dynamics on the consumption of organic foods in the USA.
Demand for Organic Foods
Consumers' likes and preferences affect their demand for organic foods in the USA. Consumers are influenced to purchase more of the preferable items and less of the less preferable items. Advertisements increase the demand for organic foods since they increase awareness. The need for better lifestyle choices influences the increase in the demand for organic food. Health surveys might influence consumers to consume organic foods rather than processed foods (Keat et al., 2007). Advertising and government reports influence consumer preferences, changing demand levels. The profound impact might result in a rise or decline in the consumption of organic foods.
The consumer's income level affects their purchasing power, influencing their ability to purchase organic foods. An increase in income means that a consumer can spend money to acquire organic foods, while a decrease in income levels means that the consumer will opt for processed foods. An increase in income levels suggests that the consumers purchasing power increases, while a decrease suggests the consumer will have to opt for cheaper options (Katt & Meixner, 2020). Organic foods are more expensive than processed foods, thus limiting the ability of low-income earners to purchase them. A person opts for an inferior good that is more affordable than an expensive good ...
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