http://abcnews.go.com/GMA/story?id=3673585&page=1
This is an article on the recent beef recall. The recall includes 21.7 million pounds of meat, "enough to make a McDonald's regular hamburger for every adult in America." The recall started in August, but has been expanded over 600 times to widen the range of affected beef.
This obviously has a huge effect on the economy. Demand has dropped and supply is close to follow.
The main determinent of demand affected would be consumer tastes. Personal tastes are directly changed due to the recall. '"You don't know what's in it," one concerned shopper said. "It makes me feel very scared, and I don't know what to eat."' People will be skeptical of buying beef, even if it is unaffected, due to the danger assiociated with some.
Supply will be greatly affected because the government is investigating several beef farms supplying the sick cows. If these farms are shut down, there will be less suppliers, causing less supply. Government policy will also change supply as huge amounts of beef are being recalled.
Many people are calling for stricter testing and processing due to the recent rise in ecoli outbreaks in various foods. The USDA has no explanation for the recent rise but they better figure something out soon cause I'm not a big fan of soy burgers.
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This is a blog for my AP ECON class and it is titled "gonnageta5" because I believe in positive thinking. You will acomplish only what you expect from yourself. I am challenging myself in saying that I am going to get a five on the ap exam... since I dont want to be a liar, I better stop typing and go study cause this stuff is hard!!
7 comments:
I thought this was a good article to use morgan. I agree that demand has fallen a lot. I think twice about ordering beef because of this current recall. It also makes me wonder if people still start looking at the regulations of other meat products and reconsidering eating them. This recall has made me wonder what else I'm really eating when I order something like chicken or fish. I've actually been looking a lot of things up and reading about it. This could maybe have an effect on other markets besides just the beef market.
Aw man, I was going to do this one! Oh well. When I first saw this article, economics popped right in my head and I thought "wow... this class is everywhere.." But anyway, I heard it and decided I wasn't going to buy beef anytime soon and at lunch I (half-jokingly, half-seriously) told my table not to eat beef because the majority of recalled beef had gone to schools.
I'll bet a lot of other people are thinking the same thing, and therefore the demand for beef will fall.
I always knew there was something seriously wrong with McDonald's. Like you said this beef recall will lead to a large fall in supply and demand, because many people are going to be a little hesitant on what they're putting in their mouths.
wow, it looks like this is the blog to post on..
I like this article as well, it is straightforward and directly applicable to economics.
I'm glad they are paying close attention to how harmful the food is that they sell, but if the beef "may have made 25 people sick in 8 states," it doesn't seem that toxic. Now that we have the technology to be screening our beef output, the media is giving the public more reason to be worried. In reality, this beef is probably no different than the hamburgers our parents were eating 30 years ago. Every once in a while there may be a yucky batch of meat that causes a few tummy aches, but this is by no means mcdonalds' fault, or any other fast food chain's. Sometimes America needs a spoiled burger to built up its immune system.
your darn right this is the blog to post on... its mine for godness sake!!
This was a good article morgan! I still eat beef, but I think do think twice about it. Along with Laura, I wonder about other things I'm eating. I haven't been looking things up, but I wonder, "what if there turns out to be a chicken recall or a turkey recall?"
The beef recall has affected Jimmy John's somewhat. We don't have bad beef (as far as we know), but some people who would normally order beef are starting to different subs. The demand for beef is decreasing. This is good for me because it sucks to slice beef!
Another really good case on how the media affects what we do - kind of like the spinach recall last year, everyone panics and assumes it's their food, even though they were very clear that the beef was not tainted or harmful, there was just concern that the cows had been abused.
Excellent choice in article! :)
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