Go to the internet and find a news article published within the last month that discusses changes in demand and supply of particular goods/services, summarize key points and post in the Discussions area.
Refer to week 2 content materials and use specific economic vocabulary within your summary, i.e. demand, quantity demanded, determinants of demand, shifts in demand curve, etc. Likewise with supply. Also you should discuss changes in equilibrium quantity and equilibrium price.
Student 1(Micheal)Inflation in an economy is either caused by an adverse supply shock or due to expansionary fiscal policy or expansionary monetary policy in continuous terms. One supply and demand sector that has been changing recently is Poultry. An ongoing outbreak of highly pathogenic avian influenza has reduced the U.S. egg-layer flock and drove a 10.3 percent increase in retail egg prices in April 2022. This ongoing pandemic has affected over 38 million birds. International sales are also affected due to the constant demand but lower quantity. Poultry prices are now predicted to increase between 8.5 and 9.5 percent, and egg prices are predicted to increase between 19.5 and 20.5 percent. Another industry that is facing supply and demand changes is dairy products. There have been rapid increases in the consumption of dairy products over the past several months which is leading to higher prices. Dairy product prices are predicted to increase between 7.0 and 8.0 percent in 2022. The Producer Price Index (PPI) forecast ranges for wholesale poultry, farm-level eggs, and wholesale dairy were revised upward this month. Reference Sweitzer, M. (2022, May 25). USDA ERS – Summary Findings. Https://Www.Ers.Usda.Gov/Data-Products/Food-Price-Outlook/Summary-Findings/. Retrieved May 27, 2022, from https://www.ers.usda.gov/data-products/food-price-outlook/summary-fi
Student 2 (Victoria)The article I chose for this discussion is about the pet boarding/care market. In 2020, like other businesses, the pet care industry did not make a lot of money due to everyone being on lock down because of the pandemic. People were then able to stay home and care for their pet more often therefore it was no longer in demand. Pet care products are starting to become more of a demand as people have started to live in smaller residential places and adopt smaller pets such as dogs, cats, fish, hamsters, etc. (Grand View Research Inc, 2022).What I learned from this assignment is how much supply and demand can affect human beings and the way we do things. Demands are based on needs and wants (UMGC, N.D). Supply is the amount of a good or service that a producer is willing to supply at each price. I have noticed that when a certain item is low in stock, people tend to demand that item.Reference:Grand View Research, Inc. (2022). Pet Care Market Size Worth $232.14 Billion by 2030: Grand View Research, Inc. Cision. https://www.prnewswire.com/news-releases/pet-care-market-size-worth-232-14-billion-by-2030-grand-view-research-inc-301529019.htmlUMGC. (N.D). Demand and Supply. https://leocontent.umgc.edu/content/dam/course-content/equella/tus/econ/econ203/document/Chapter3DemandAndSupply.pdf