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Unformatted text preview: Name: Bao Dang ID: 168674989 Crop Prices Soar on Global Harvest Woes Even though Americans live in prosperity, and we seem to have plenty of foods, not all of us know that we are living in a world of scarcity. The article “Prices Soar on Crop Woes” proves that food supplies are scarce just like many other goods, and changes in their prices will change the distribution of income and jobs among different groups of people in our society. First, food supplies are scarce because the demand of food consumption is higher than the limited amount of food being produced. Crops produced are limited due to the amount and quality of cultivated area, water, technology, labor, and weather. In this situation, the amount of global harvests of key crops decreases because of the harsh weather and natural disasters around the world such as the dry weather in South America, floods in Australia, and drought in Russia…. However, at the same time, a rising global population increases the pressure on food Russia…....
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This note was uploaded on 10/16/2011 for the course ECON 110 taught by Professor Vernon during the Fall '07 term at BYU.
- Fall '07