Eco 365

Topics: Supply and demand, Elasticity, Price elasticity of demand Pages: 3 (792 words) Published: December 20, 2012
Coffee Consumption Patterns
Carla Brooks
November 14, 2012
Professor Dr. Cristina Espinoza-Alguera

People across the globe consume various products on a daily basis. How much and how often goods are consumed can depend on several factors. It is these causes that set a precedent for what consumers will purchase and the amount of products to be produced by manufacturers and farmers. This is known as economic consumption patterns, and these patterns are thoroughly reviewed by economists. Economists use the results of the evaluation to provide the economy with information regarding the supply of products and services, and the demand for those products and services. In review of recent consumption patterns, the coffee market has experienced many changes according to an article written by Daniel Harrington. The article was titled “Coffee Prices 2011-2012 – Coffee Price Increase – Coffee Shortage”, which detailed the various aspects that are altering the standard consumption patterns in the economy for coffee. In recent years, the demand, or desire, for coffee has increased as well as the sustained and overwhelming demand in countries like the United States and Britain. For example, China’s population has traditionally been considered consumers of tea, but in the most recent years this has changed. “The demand for coffee in China has been growing so rapidly analysts have a hard time gauging it though estimates have been a growth of about twenty percent annually for the last two years” (Harrington, 2011). With such a drastic increase in demand, producers are having a difficult time supplying the quantity of the product that is desired. This increase in demand, while the amount of supplies remains constant, causes prices in the economy to rise. Coffee prices have risen for several reasons. The main causes are because coffee farmers are increasing their expenses in attempt to produce more coffee. Some circumstances that can cause this are growing more cocoa...
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