Understanding UK Food Crisis during COVID-19 Pandemic

Business for
Economics

EXECUTIVE SUMMARY
As COVID-19 pandemic have stroked entire world it have not only impacted health
scenario in the world up-surging needs of good health infrastructure worldwide, it have
interrupted many other activities and changed normal global order completely. Besides health
sector, other most affected activities and sectors include freedom of movement of people and
economic activities. In consideration of one of the most affected country by the pandemic,
United kingdom (UK) have experienced many adverse effects. Agriculture sector and disrupted
food supply are clear, certain and live evidences of this scenario. Affects of this disruption were
noticed in both ways. From the market factors side scarcity of food was seen in market,
movement of agricultural goods from cross borders further triggered this scenario and market
inflation was hiking constantly. However, inflation can be more attributed to second factor of
mismanagement by government. When government allowed retail marketers to pile stocks of
food but not household users. Further logistics, labelling and packaging problems added to many
other problems, affecting market order and incomes of people. Looking holistically, UK food
crisis cannot only be attributed to pandemic only, and many other developments seen in UK such
as Brexit, climate change, social inequalities and weak mechanisms were also playful.

Table of Contents
EXECUTIVE SUMMARY.............................................................................................................2
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Studying Supply curve...........................................................................................................1
Studying Demand curve.........................................................................................................6
Studying Equilibrium.............................................................................................................9
Explaining Shortages and Surplus........................................................................................10
TASK 2..........................................................................................................................................11
Economic Principles of Market Failure................................................................................11
Intervention by Government.................................................................................................11
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14
Books and Journals...............................................................................................................14