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Home/ Economics HL - Jacob Solomon's group - Year 1/ Group items tagged Shortage

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Desmond M

Sugar Shortages Extend Across Europe as Global Glut Expands: Commodities - Bloomberg - 0 views

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    This article demonstrates the concept of equilibrium by pointing out that there is a shortage of sugar in Europe because the EU is trying to shrink the sugar industry. The shortage of sugar means there's excess demand; the supply is insufficient because of certain trade barriers and import duties. 
Desmond M

AP IMPACT: Hospital drug shortages deadly, costly - 2 views

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    This demonstrates scarcity by showing that a shortage of drugs, caused by manufacturing problems, is causing high markups from secondary suppliers. 
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    I never thought how the shortage of drugs could be so impacting because companies are always producing drugs and we never think how it could affect our lives without them. I has to make you think how different our lives would be without modern medicine.
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    I recently heard about a similar issue in Canada and I assume the same problem is occurring elsewhere... Drug companies have decided to switch their focus to more expensive drugs, such as cancer treatment drugs, because they can make so much more money on them. At the same time, they are reducing production of the cheaper drugs because of the low profit margin, even though these drugs may be essential in saving people's lives. The scarcity of the drugs for the people who need them could be easily fixed, but is being prevented due to the greed of large corporations.
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    It's really unfortunate how so many individual events, such as stolen goods or contaminated drugs, have lead to so much suffering. The market is the big, but (as the article says) there are only about a half-dozen companies that produce these drugs, and so when there is one little problem, it quickly becomes something much bigger. It isn't just one reason, this article otulines several, all of which are wreaking havoc on patients and the healthcare system as a whole. Clearly, pharmacists are scrambling to provide for their patients. Hopefully, this shortage doesn't lead to illegal imports or other bad things that can occur when people are desperate.
Markus O

Northeast farmers warn of Irene pumpkin shortage - 3 views

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    The article discusses a pumpkin shortage due to a natural disaster, hurricane Irene, that has destroyed crops such as these pumpkins, in the US. It demonstrates scarcity since the quantity of the resource provided is not meeting the wants of people for the product. For one, prices are rising sky high as a result, and some people who would be willing to buy cannot even get the product.
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    oh no! I'm gonna need my jack-o-lantern!
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    I never even thought about how Irene might have affecting something so many of us take for granted seasonally. The hurricane created a sort of chain reaction, ending with some very lame Halloween decorations :( If there are a shortage of pumpkins this year, I wonder if the lack of seeds will mean that future seasons will have low yieldings of pumpkins?
Dan Call

Production costs rise for milk - 0 views

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    Production costs have risen for farmers producing milk from their cows, which has resulted in a shortage of milk, but a still constant supply.
Katrina D

The soul-destroying search for a family doctor - 2 views

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    This piece by The Globe and Mail outlines Canada's ongoing shortage of healthcare professionals, particularly family doctors. Although it doesn't address economics directly, this article applies to our topic because doctors are considered a 'service', and thus not having enough of them is a scarcity within Canada's economy. The author talks about how difficult it is to find a regular family doctor in her area. According to her, there are actual business dedicated to helping people locate doctors. At the end of the article, statistics reveal that this is a normal problem occuring in a large part of Canadians. There is actually also a major shortage of healthcare professionals in developing areas such as Africa, where there aren't even suitable medical locations in the case of an emergency. **By the way: I apologize for my lack of tags other than 'scarcity'... I accidentally posted the article before tagging anything else! **I fixed the tags... finally figured out how, woohoo!!
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    This is a great example of scarcity, and even opportunity cost. These doctors are somewhat of a luxury, and although they are a need, the scarcity makes them a reasonable want as well. Scarcity may have largely negative repercussions, yet there is an occasional positive outcome for some unit in an economy. It's certainly beneficial to the other businesses (helping to locate doctors) that have evolved from this problem, and those companies are profiting from a Nation's scarcity.
Nadiya Safonova

Water Crisis - 1 views

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    This article adresses the issue regarding freshwater. We do not have an immediate shortage of water, but many countries do not have access to clean freshwater, and the countries that do are wasting it... By misusing water we are not only harming the environment, but we are also putting the future generations at risk of sever shortages.
Ya Hsuan

World population hits 7 billion - 0 views

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    Today, we are one of 7 billion people on Earth. This historic milestone is rekindling age-old debates over birth control, protecting natural resources and reducing consumption. It also has many wondering whether the Earth can support so many people. About half were added just in the past 40 years, and 3 billion more are expected by 2100.
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    According to Carl Haub, "Currently, world population is growing at the most rapid pace in history." And today, growth is highest in poorest countries where health care advances are keeping people alive longer while birth rates are still relatively high. Therefore in the future, there will be more shortages in food and the price of everything will be going up. There will not be a equilibrium of the economy after all.
Olachi Nwabuikwu

Ukraine: Gas deal means Europe security - UPI.com - 0 views

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    The rationing function ( a specific aspect in price mechanism) Prices serve to ration scarce resources when demand in a market outstrips supply. When there is a shortage of a product, the price is bid up - leaving only those with sufficient willingness and ability to pay with the effective demand necessary to purchase the product. In this case this countries are finidng a suitable way to solve the issues regarding issues concerning gas...
Katie Edwards

Gold price not in a bubble | China business news - 0 views

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    The China Business news reports about the increasing gold prices of China. The elasticity of the product is going to be incredibly low and inelastic because gold is so unique. Of course there are faux-gold substitues, however gold is the real deal. Having a shortage of gold, combined with economic uncertainty, means that the #3 gold producer's prices may continue to change.
Tim O

Venezuela's inflation quick fix? - 0 views

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    Hello, In this article it talks about how the Venezuelan government are trying to control inflation by setting fixed prices. The government's policy of price control demonstrate faith that one day they might succeed and lower their inflation rate which is at 27 per cent, the same as last year. The government are imposing a new law which the price controls will affect five general areas; personal and domestic hygiene products, car parts, medicines and health services and food. The government tries to prevent companies from "hoarding and speculation" and "exploiting the people". Also, the prices for 18 products are being frozen, and companies like Heinz, Pepsi, Coca Cola, and Nestle need 'special' attention. People say that the fear the private companies how will lead to more shortages and more inflation. From Tim
Dan Call

Drug price control in chinese hospitals - 2 views

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    This artcile talks about the impacts on the patients and hospitals in general of China as price controls are being implemented, and the overall prices of the drugs for patients is soaring.
Katie Edwards

Without a price on carbon, oil will find a way - The Washington Post - 1 views

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    This article talks about environmental sustainability, especially in the US, in terms of the carbon and oil situation. Hindering some paths of oil trade, may slow down the trade in the early stages, however there will be other paths since the international demand is so high right now. The price is steadily decreasing with the increased demand. The only ways to control this demand for oil that may be hurting our planet would be to tax the carbon (increasing the price), therefore decreasing demand.
Mirren M

FAO working on African agriculture - 1 views

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    This news article is basically concerning the issue of scarcity of natural resources in Africa. We are all well aware that the continent is undergoing an adaptation period with the ongoing climate change and this affects the agricultural aspect of the entire continent (more so in the rural areas). The article talks about the steps that are intended to be taken to withstand the impact of the change in climate and its effects on resources.
Hannah S

Scarcity for thee but not for me - 1 views

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    This article talks about how putting taxes for fossil fuels may help to reduce the the consumption of fossil fuels. This is necessary because fossil fuels are become very scarce and we are running out of them as they are a non-renewable energy source. However, not everyone wants the tax to go up as this would mean increased spending when they cannot afford to do this. Many energy companies will be able to push this increase of tax onto the consumer as it is an inelastic product and the demand will not decrease much if the price is increased.
Adam C

Food Prices Set to Increase due to increasing Demand - 3 views

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    This article explains that food prices are increasing, and will continue to increase because of the increasing demand in third world countries especially.
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    I think that this is a very relevant article to the weeks topic. It covers in depth the potential issues that the world could face, in richer countries with a shortage of food, and poorer countries with farmers not being able to harvest in a way to supply enough food for the demand around the world. In the current world, starvation is a major issue, and the artcile illustartes this is a informative but serious manner.
Dan Call

Economic growth in japan slows due to supply woes - 0 views

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    This article talks about how as a result of Japan's horrific earthquake and tsunami, the supply of many products from Japan, has caused the growth of there economy to slow dramatically in comparison to recent years.
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