Economics for Business: Analysis of the UK Food Supply Crisis of 2020

This report provides an executive summary and in-depth analysis of the UK food supply crisis of 2020. It begins by applying economic theories from Krugman & Wells (2017) to explain supply and demand principles, supported by graphs and real-world examples from the UK market. The report then explores the principles of market failure and examines government interventions, such as quotas and transfers, aimed at resolving the crisis. The analysis considers the factors contributing to the crisis, including supply chain disruptions, Brexit, and the impact of the COVID-19 pandemic. The report evaluates the effectiveness of government initiatives and provides a comprehensive understanding of the economic challenges faced by the UK during this period.