MOD003327 - Economics for Business - UK Food Supply Challenges in 2020 - Krugman & Wells - Economics Assignment Help

Assignment Task

UK food supply challenges in 2020
“The effect of consumers stockpiling certain goods and the slow reaction of retailers to ration them exposed the limitations of cost-efficient and streamlined supply chains to be agile and adapt to unforeseen shocks. This suggests that changes may be needed to make the supply chain more resilient. Specific problems arose from the closure of parts of the catering sector and the lack of agility in redistributing supplies from this sector to retail outlets or the food donation/charity sector. This was due to challenges in packaging availability, logistics and labelling requirements, leading to an increase in food loss. Agricultural food producers and the wider supply chain may
have incurred significant losses from the impacts of COVID-19. Food processing facilities have been responsible for a number of localised COVID-19 outbreaks. The
immediate effects of COVID-19 on the food supply system are the current policy concern, but the longer-term food system issues highlighted as a result of the pandemic will have to be addressed by considering how to build resilience to possible future shocks.”Wentworth, 2020 (UK Parliament Post: https://post.parliament.uk/effects-of-covid- 19-on-the-food-supply-system/)

Task 1:
Use supply and demand economic theory and graphs to support your detailed explanations of each of the following concepts. All supply and demand graphs must show both supply and demand curves:

1. 3 graphs explaining the movement on the supply curve (1), shift left (2), and shift right (3) of supply curve applied to UK food supply examples, providing a minimum of one economic factor per graph to explain the changes in supply.

2. 3 graphs explaining the movement on the demand curve (1), shift left (2), and shift right (3) of demand curve applied to UK food supply examples, providing a minimum of one economic factor per graph to explain the changes in demand.

3. Explanation of equilibrium price and quantity, and how equilibrium shifts with supply and demand curve shifts, applied to the examples used in the graphs above.

4. Explanation of shortage & surplus, applied to the examples used in the graphs above.

Task 2: 
Discuss market failures and UK government interventions for food supply and demand issued in 2020, what it meant for the UK economy and the UK public in the past year. Identify and explain the main UK governmental and economic policies that were used to try and address the market failures in food supply and demand, analysing if they were effective or not. Discuss and analyse at least four UK government strategies, such as:
1. Quotas
2. Price controls
3. Government transfers
4. Taxation
5. Fiscal policies
6. Poverty programmes
7. Other social welfare strategies......

Explain whether you agree or disagree that the UK government effectively addressed food supply market failures in 2020 and why. Support your answer with factual UK policy examples from the approved reference literature list.

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