Contact Us
Sign In / Sign Up for FREE
Go to advanced search...

What are the socioeconomic impacts of the Onion Crisis - Essay Example

Comments (0) Cite this document
The interrelationship among different players and variables in the economy facilitates the repercussion of the effects of one event to each of the different sectors and actors. For instance, the current onion crisis in the United Kingdom impacts to all economic players…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER91.9% of users find it useful
What are the socioeconomic impacts of the Onion Crisis
Read Text Preview

Extract of sample "What are the socioeconomic impacts of the Onion Crisis"

The Socioeconomic Impact of Onion Crisis The interrelationship among different players and variables in the economy facilitates the repercussion ofthe effects of one event to each of the different sectors and actors. For instance, the current onion crisis in the United Kingdom which is due to summer's torrential rains brings various socioeconomic impacts to all economic players.
The most immediate impact of the destruction of onion crops is the shortage in its supply. Having been adversely affected by the rain in June and July, farmers are unable to efficiently produce this commodity. In turn, the shortage in supply, consistent with the law of supply and demand, bids up the price of onion to unprecedented levels. It should be noted that prices went up from 1.00 to 1.50 in a month's time.
The high price of onion might must that producers are benefited to compensate the low level of produce. However, this is not the case as middlemen are the ones primarily generating hefty profits by charging a high mark-up to consumers. Recognizing the huge profit opportunity in bidding up the price without affecting consumer demand, these middlemen are blamed for the sharp increase in prices. Farmers, on the other hand, struggle with still low income amidst the high value of their commodity.
The consumer foodservice industry is also adversely affected by the onion crisis. For the past years, it can be noted that more and more people are dining out which significantly bolstered the sales trend of these industry players. With the rise in the price of onion, restaurants are expected to incur higher costs of input squeezing their mark-up if they do not opt to adjust the price of their product offerings.
The onion crisis is beneficial its substitute goods. As the supply dwindles, consumer looks for alternative commodities which they can use instead of onion. It is expected that buyers will be turning to leek which is its closest substitute. In a way, it is also expected that prices of substitute will increase especially if supply is still not adequate to cover the demand from onion. Because of these, food products using leek as an input will are also expected to become more costly to consumers.
Consumers are also directly affected by the onion crisis. Being a necessity in food preparation, buyers demand is not necessarily affected by price. Thus, consumers are forced to allocate a higher portion of their income in order to cover the rise in price of onion. Noting that consumers are subject to budget constraint, they either decrease their consumption of other commodities or cut down on savings as they squeeze their allocations. When taken collectively, the decline in household savings affects financial intermediaries like BNP Paribas by limiting the amount of fund which is deposited. Having a lower propensity to save inhibits both savings and investment in the society. Read More
Cite this document
  • APA
  • MLA
(“What are the socioeconomic impacts of the Onion Crisis Essay”, n.d.)
What are the socioeconomic impacts of the Onion Crisis Essay. Retrieved from
(What Are the Socioeconomic Impacts of the Onion Crisis Essay)
What Are the Socioeconomic Impacts of the Onion Crisis Essay.
“What Are the Socioeconomic Impacts of the Onion Crisis Essay”, n.d.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF What are the socioeconomic impacts of the Onion Crisis


...?Onions in Texas: Onions, white or yellow, have an exceptional growth in Texas. Texas A&M has ranked onion as the “number one vegetable crop, contributing around $350 million annually to the state’s economy” (Hill, 2010). The climate of Texas is conducive for voluminous cultivation of all sorts of onion varieties that include but are not limited to the short-day, intermediate, and the long-day onion variety. Three cultivars that are the specialty of Texas among all varieties of onions cultivated in Texas are Granex onions, Texas Super-Sweet onions, and the Texas Grano 502 onions. 1. Granex onions: One of the most popular short-day varieties of onions that are grown in Texas is Granex. This onion is generally known by the name Vidalia...
2 Pages (500 words) Essay

Socioeconomic classes

...?Socioeconomic es Socioeconomic es encompass a particular assembly or composition of people forming a society. These compositions formulatesocial stratification, a categorization on the basis of socio-economic status (SES). This in-equates the society on the basis of economical, societal, political as well as ideological magnitudes. Income that family procures, the level of education of parents and other members of family, the kind of profession directly implicate the socioeconomic status of the family. This is a continuous process, if a child is born in a family with high SES then the child is bound to possess high self-esteem, better exposure to resources, mannerism, behavior, better education and hence better job thus the child becomes...
1 Pages (250 words) Essay

Financial Crisis Impacts on Progress of Employees

...?   Financial crisis impacts on progress of employees Chapter Two: Literature Review Introduction Financial crisis can be traced back from Brettons Woods era in (1945- 1971), the famous gold standard era in 1880-1993, the great depression mystery in 1930 which economist up to today have not arrived at a consensus on the factors that the led to the crisis, Asian financial crisis in the late 1990’s, Mexico financial crisis in the mid 1990’s, and lastly the latest global financial crisis in 2008. The latest financial crisis was the most severe, even though the costs associated with the crisis have not yet be evaluated, led to major changes in the financial landscape. Therefore, there is a need to review the underlying literature developed...
5 Pages (1250 words) Essay

Impacts of the Housing Crisis

...Impacts of the Housing Crisis The continuing weak economy in the world has continued to bring about surging foreclosures, plummeting assets values, vanishing home equity and augmented job losses. Moreover, it has contributed greatly to in family dynamics, that is, bringing together family and relatives under the same housing and help relatives who are affected by the crisis. This article looks at the effect of the housing crisis on the owners and other parties affected. The effect of the housing crisis has mostly affected the mortgagers. These are the people and the organizations who deal with houses. These include selling houses and lending of houses. The housing crisis has resulted from the global financial crisis. It was branded...
3 Pages (750 words) Essay

Impacts of The European Economic Crisis

..., high inflation and high prices of goods. This can be a long term effect because if the case of EU financial crisis is not dealt with, political and social instability will continue (Aghion & Howitt, 2006). The rate of depression among the residents of EU is also increasing because of the high rate of unemployment. This is because the population has lost hope for future income based on the crisis which hit their countries. This is mainly attached to the results of the crisis such as the increase in the number of poor people. This would be a long term effect because it is a continuous trend. Furthermore, other long term consequences are impacts on the populations’ health due to loss of jobs and lack of insurance cover. Research done...
4 Pages (1000 words) Essay


... Easing the Impacts of Cuba’s Coming Crisis Julia E. Sweig has written on The New York Times d October in which she argued that Cuba is undergoing tremendous changes at present and United States seems to be uninterested in it. She has also argued that the new Cuban leader Raul Castro has changed the slogan from revolution to evolution. Moreover, many reformation activities with respect to land reform, property rights, real estate investment, progressive taxation, small businesses, privatization and government lay-offs etc are currently going in Cuba according to Julia E. Sweig (Sweig). In my opinion, Julia’s arguments are partly right and partly wrong. This paper critically analyses the claims of Julia E. Sweig. Even though United Sates...
5 Pages (1250 words) Essay

Financial crisis impacts on progress of employees

...Financial crisis impacts on progress of employees Financial crisis impacts on progress of employees Introduction The world has experienced a number of financial crisis and to name a few; the recent American financial crisis also popularly known as global financial crisis, which happened in the year 2008. Second the United Kingdom financial crisis, third the Mexican financial in the mid 1990’s and the Asian financial crisis in the late 1990’s. In this section, we will outline the major financial crisis so as to develop a deeper understanding of financial crisis and in brief the impact which this crisis has on the progress of employees. Background information This section emulates the impacts of financial crisis on employees, while giving...
2 Pages (500 words) Essay

Onion Model

...Onion Model Onion model represents an organizational culture with four layers Hofstede: Cultures,” n.d The utmost layer contains the symbols with observable behavior (e.g. people’s interaction) and artifacts (e.g. technological equipments). The second utmost layer of the model includes the heroes, which pertain to people (e.g. productive workers) who can benefit the company. The next layer contains the rituals that could influence one’s belief to how others would be treated. For example, one’s ritual belief entails courtesy to respect others. Interestingly, the core layer of the onion model consists of the values that embrace an emotional state and knowledge of a proper and improper behavior (e.g. right or wrong values). Universal...
3 Pages (750 words) Essay

: socioeconomic status

...Socioeconomic status Socioeconomic status As per the proposed final project, the learner envisions restore the part of financial status focused around the scopes of age, race, societies, religious inclination and the extent of individuals who are for and against mutilated perspectives. As portrayed by Kline, determination of specimen size when the extent is prone to demonstrate the trademark (p) and not demonstrate the trademark (1-p- or q) must be assessed. In the case, the assessments are the extent that is liable to be against it. The progressive appraisal is constantly given by p=0.50 and in this manner, it ought to be utilized if data about the normal extent is known (p.85). Points of interest of utilizing non-likelihood testing...
1 Pages (250 words) Essay

Critical thinking-onion

... Critical Thinking- Onion The source of satirical news used is the onion online source. Format of the satirical news sourceis a print source online version. The format also contains online-only sources. The onion online satirical news source’s web site is a one source of news that covers variety of satirical issues. The source uses a language that convinces to express journalistic credibility. It has sections of criticisms that help to bring into light grey areas that require further clarification (Norman 1). The web site is user friendly because it is easily accessible. The user simply needs to click into the link and find access without necessarily seeking logins or meeting some financial obligations. In addition, the website also has...
1 Pages (250 words) Coursework
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic What are the socioeconomic impacts of the Onion Crisis for FREE!

Contact Us