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¶ … milk production in the United States and will illustrate the same with the aid of a graph. The Works Cited three sources in MLA format.
Economics
The foundation of economics rests primarily on the concepts of demand and supply. In order to comprehend and accurately interpret the changes in any economic commodity that is milk for our research paper, it is essential to know the definitions of demand and supply and their relation to each other and their effect on the changes accompanying the production of an economic commodity.
Significant Definitions of Economic Terms
Both demand and supply represent the two ends of a transaction in the economic market thereby illustrating "consumer behavior" and "supplier or manufacturer behavior" respectively (DeBrock). Thus there exists a strong connection between the two variables. When demand increases, supply either increases or remains the same. When the supply increases, price is not as much affected as it is in the case when supplier keeps the production units unchanged. Due to shortage, price increases or buyers consume fewer units "at a higher price" per unit (DeBrock). Therefore, demand is defined as "the amount of a commodity that consumers wish to buy for different possible prices of that good or service" (DeBrock). On the other hand, supply has the following definition: "the amount of a commodity that producers wish to offer for sale at different possible prices of the commodity" (DeBrock).
In the following passages of our research paper, we will observe and closely review and discuss the...
Moreover, the demand and supply of the chosen commodity will be illustrated with the help of a graph.
Changes in Milk as an Economic Commodity
Milk is certainly one of those commodities that drive the American economy and is the reason for the existence of a dairy product industry offering a rich array of other products. On the same account, "the World Bank has identified a set of driving forces that are considered to have an important influence on the development of the livestock sector world-wide over the next two decades. These are growing demand for meat & milk, shifting consumer perspectives, changing functions of livestock, structural changes, and evolving international and national socioeconomic frameworks" (Haan et al., 2001).
Thus, milk is an economic commodity that is estimated to show a constant rise in demand thereby affecting the overall economy in various ways.
According to the Model Baseline Based on the USDA Baseline, 2001-2005, there has been a constant increase in the demand of milk all over the world particularly in the United States of America (Tentative Final Decision). Based on the past observations as well as thorough analysis, changes in milk production have been estimated for the consecutive years covering 2001, 2002, 2003, 2004 and 2005. The Baseline Model as formulated by the USDA shows a constant augmentation of the milk production revealing a stable affinity towards the consumption of the same (Tentative Final…
Works Cited
DeBrock L Chapter 3: Demand and Supply. Retrieved March 19, 2003 at http://www.cba.uiuc.edu/ldebrock/econ102s03/lectures/Chap03/
Haan, C., van Veen, T., Brandenburg, B., Gauthier, J., Le Gall, F., Mearns, R. And Simeon, M. Livestock development: implications for rural poverty, the environment, and global food security (2001). World Bank, Washington, D.C.
Tentative Final Decision. Retrieved March 19, 2003 at http://www.aae.wisc.edu/future/data/cash/cash/milk/class34_table1.pdf
http://www.statpub.com/stat/open/2000/01hq6nh2.html. general increase
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