Essays on How Markets Work: Supply, Demand and the Real World Assignment

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The paper "How Markets Work: Supply, Demand, and the Real World" is a worthy example of an assignment on macro and microeconomics. The statement ‘ The increase in per capita pork consumption and the decrease in per capita beef consumption highlighted in the article can be explained by increasing demand for pork and decreasing demand for beef’ indicates that the decrease in demand for beef is attributed to an increase in demand for pork. Over the years the consumption of pork has risen gradually as it is evident with an increase from 14kg/capita of pork to25kg. capita of pork.

The increase in consumption of pork means that fewer people prefer beef. Therefore, as a result, the consumption of beef has somewhat declined over the years from 40.4 kg per capita of beef in 1972 to 33.6 kg per capita of beef in 2014 (Cawood 2014). This is attributed to the fact that despite being an oversupply of beef in the market the price of beef still remains relatively high. The price of pork, on the other hand, is deemed to be fair meaning that individuals will opt into buying pork rather than beef.

In addition to this, the issue of protein content in meat has greatly influenced the type of meat individuals to consume. This is attributed to the fact that despite beef being the most popular meat, the protein content in beef is low compared to pork. This is to say that an individual will have to consume more beef in order to achieve a certain protein content. However, a person consuming pork will have to consume less pork to achieve the same protein content as someone consuming beef (Cawood 2014). Therefore, due to the high protein content in pork more people have shifted from beef to pork reducing the demand for beef.

This in return affects the amount of beef consumed in a single year in Australia. However, the decline in consumption of beef is not restricted to competition from pork alone. This is attributed to the fact that some of the traditional beef-based cuisines have trimmed the amount of beef consumed in Australia. The best example is stir-fried, which traditionally was beef based but recent years have seen the decline in the use of beef as the main component.  

References

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Cawood, M (2012 Jun 2). Red meat challenged. Retrieved from http://www.theland.com.au/news/agriculture/cattle/beef/red-meat-challenged/2699983.aspx?storypage=0

Foley, M (2014 Feb 27). Sorghum's upturn. Retrieved from http://www.theland.com.au/news/agriculture/cropping/general-news/sorghums-upturn/2689410.aspx?storypage=0

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Prasch, R.E (2008). How Markets Work: Supply, Demand and the 'real World'. Edward Elgar Publishing,

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