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Eco 365 Week 1 Essay

1322 words - 6 pages


Article Analysis Paper
ECO 365
University of Phoenix

Childhood food consumption patterns have been changing over the last three decades with the result that that most children are faced with obesity than ever before. The shift from food from home lunches to restaurant foods and fast food lunches, or junk food, is a major contributory factor. For most parents it is easier for them to give their children money to buy food than to prepare lunches at home. The two-parent working family means that there is little time for the parents to prepare for work and organize packed lunches for their offspring. Fast foods and restaurant meals ...view middle of the document...

At the same time, the decrease in demand of another commodity (substitute) will contribute to less supply being brought to the marketplace.
A number of factors contribute to changes in the demand and supply of goods and services. Demand factors are mostly affected by the consumer’s tastes and preferences. If the consumers prefer a certain product more than another similar product, the demand for the preferred product will rise. Fashion trends and modern lifestyles sometimes dictate what products are trendy and thus in demand. Prior to the anti-hunting ban on endangered species, ivory jewelry and fur coats used to be in vogue. However, concerted campaigns by lobbyists and animal rights bodies have seen many countries impose bans on rare animal species making it politically incorrect to sport ornaments and garments made from these species. As a result the people engaged in this trade have gone out of business as there is no market for their goods.
The price of a commodity is another factor affecting demand for a product. Low priced good enjoy better demand than highly priced ones. One of the major concerns of any industrialist is how they can cut costs to bring down the prices of their goods and thus attract more customers. Changes in the incomes of households will mean that their level of disposal income has increased; this will enable them to demand more goods and services. Changes in the prices of substitutes affect the demand for a product as a fall in the price of a substitute will lead to a shift away from the product to the cheaper alternative. A rise in the price of substitutes has the opposite effect. Peer pressure and advertising play a big role in contributing to the demand for certain products. Children are very attracted by advertisements marketing fast food outlets and consequently rush to buy their products without considering the long term consequences of consuming such foods.
Some of the factors affecting supply include the number of suppliers in the market. When the suppliers are many, the supply in the market is plentiful and vice versa. Weather patterns contribute to the availability of various products since some seasons impact the production of certain goods and services. During winter, agricultural produce is limited because of the cold weather. Prices prevailing at the market can determine the supply brought in by the suppliers. If the price is too low, then suppliers will withhold their supplies until such a time that the price improves.
In the article, ‘Changes in childhood food consumption patterns: a cause for concern in light of increasing body weights’, the authors blame the shift from home meals to fast food and restaurant meals as the main cause for the rise in obesity among young children (St-Onge et al., 2003). Home meals are characterized by low levels of cholesterol, saturated fats and natural energy from fresh fruit juice. Such meals benefitted the...

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