Economics is the study of how resources and wealth are distributed. It is the choices made by individuals and organizations on how they produce, finance, supply and distribute these resources and how those choices have led to substantial gains and losses in the standard of living for many people around the world. Our continued growth is the result of the average American having between 5-7 times the income and purchasing power than that of a household 100 years ago. This success is the result of the choices that are made by many different people, including bankers, laborers, entrepreneurs, and inventors. The greatest and fastest growing resource that has helped and resulted in our growing prosperity is becoming more efficient with our resources like raw materials, energy, and time so we can product services faster and for a higher profit.
Changes in American consumer’s diet have made cattle herds shrink to the smallest size since 1958. (Laumer, 2010) Farmers are cutting herds because the demand for red meat is down. It’s not that meat prices have increased that much, it’s that people don’t have the money to spend on it. Corn, the main ingredient in livestock feed, has jumped to a record $7.9925 a bushel and prices averaged about $3.79 last year, the third highest average since 1959. Because of Congress giving corn-based ethanol incentives, this price increase- decrease see saw scenario will play out for years. Many consumers are buying less expensive cuts of meat and having smaller amounts of meat per meal with more vegetables and grains. These are the new choices that many of the middle class people that have no job or have to work two part time jobs and cannot find work in the trade that they worked in for many years or for people that are not only unemployed, but are also about to loses their house too.
Many Americans will slowly adopt the preferences of one of the founding fathers. According to A Day In the Life of Thomas Jefferson on Monticello.org,...