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Economic Analysis of the Fast Food Industry in Houston - Essay Example

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This essay critically assesses current level of development of the fast food industry in Houston. In the past years, the fast food industry has realized tremendous growth. The industry has gained popularity throughout Houston because of the ease with which people access processed food. …
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Economic Analysis of the Fast Food Industry in Houston
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Download file to see previous pages This is because these people have the greatest disposable income. As a result, most fast food establishments in the region are usually set up in places where such population can manage to access them easily. Factors influencing demand and supply The demand for fast food in Houston is projected to expand in the future. This is because of the various factors that influence the demand and supply of products. The tastes and preferences of consumers influence the demand for a product. For example, the US is described as a fast food nation. This means that most people in the region are attached to fast foods. Most people prefer to consume food from fast food restaurants because of their good price and suitability that makes it possible for people to cook. Moreover, because of the consumers desire to reduce food wastage, they prefer to take fast food. This state of affairs has made most people prefer fast foods to cooking food at home (Ritter). It is evident from the graph above that an increase in the expected prices causes an increase in demand. Thus, there will be a right ward shift of the demand curve. The availability of substitutes and compliments also influences the demand for fast food in Houston. There are many establishments that offer different kinds of fast food in the region. This state of affairs has led to a growth in competition in the fast food industry. In this case, only the restaurants that offer the best food in the market have been able to stay ahead of the rivalry. Supermarkets also offer convenience foods thereby tampering with the growth of the fast food industry. However, the growing popularity of the fast food industry has led to reduced demand of convenience...
This essay offers a modern comprehensive review of the recent economic developments in the fast food industry in Houston. As it has been shown in the essay, the industry generates huge income for government, employees and the fast food establishments. The value of the fast food industry is anticipated to keep rising at a rate of 4 percent every year because of the increased demand of fast food in the region. Most people who take food in fast food restaurants usually have busy schedules. This implies that they cannot manage to prepare their own meals in an appropriate manner. This state of affairs has made most people develop great reliance on fast foods. The main players in the fast food industry in Houston include McDonalds, Burger King, Pizza Hut and KFC.
The demand for fast food in Houston is projected to expand in the future. This is because of the various factors that influence the demand and supply of products. The tastes and preferences of consumers influence the demand for a product. Most people prefer to consume food from fast food restaurants because of their good price and suitability that makes it possible for people to cook.
In order for businesses to operate in accordance to the expectations of their customers, it is important for the government to set up measures that regulate the operations of the businesses. In the case of the fast food industry, it is important for the government in Houston to set measures whose focus would be to ensure that the industry is sustainable.
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