Week One Eco/365

In: Business and Management

Submitted By sarahs6boys
Words 1037
Pages 5
Article Analysis of Food Consumption

ECO/365

Food consumption and the prices of consumptions have affected the American population in many ways. Prices have changed and accounted toward the increased prices in food consumption for the American population. Many factors have affected the price increases and types of food that are consumed. Simplicity and availability have also played a huge role in the elasticity of food consumption.
The utility derived from food consumption is the preference and satisfaction of the food itself, means of obtaining the food as well as the cost of food. In the case of food consumption, restaurants have grown in significant numbers. One example of this is McDonalds, starting in 1940 with only one restaurant where as today there are more than 31,000 restaurants, serving more than 68,000 people every day (About McDonalds, 2012). In over 60 years the consumption in just this one example has surpassed expectations with leaps and bounds and has lead to the cost of consumption along with supply and demand. More people equal more consumption in all things food. Food consumption is a necessity and with today’s busy lifestyle food sources have become readily available.
The market for food has increased as has the desire to make food consumption easier. Simplicity has taken over the busy lives of Americans and the food industry has run with this concept. In grocery stores simplicity is everywhere, from individualized servings to family size portions. Also many items have been converted to travel size to keep the fast moving world mobile. The supply is still there however the demand has changed therefore the food industry has adjusted their market to fit the wants and needs of people across America.

While the food industry has adjusted to fit the growing needs and wants of the people it also changed the prices. In…...

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