How to save the rainforest

Applied economics today. How would an economist save the rainforest?

#economics #economicsmemes #economicsclass #economicsnotes #economicstudent #economicsstudent #economicstimes #microeconomics #behavioraleconomics #economicsteacher

https://youtu.be/WnXs4StLyCk

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Price Mechanism: Worst frost in decades decimated French wine harvest

Supply and demand in action here with news that exceptional frosts in France have caused significant damage to French wine-growers. Already hit hard from the effects of the pandemic and by the imposition of tariffs on their wine exports by the United States (under Trump), severe frost is expected to have severely cut the grape harvest year. Frosts will cause an inward shift of market supply and drive prices higher assuming that stocks from previous grape harvests are unable to make up the difference. Farmers lit thousands of fires in their vineyards in an attempt to stop vines from freezing which has also created significant smog around Lyon - an example of a negative externality (creating external costs) something that the ultimate buyer of the wine isn't likely to have to take into account even if the market prices of their favourite wines will rise in the weeks and months ahead. The supply of kiwis, apples, stone fruits has also been damaged by these freezing temperatures. Mor...

Ponzi schemes - what are they?

In today's video we have decided to do something a little different. Today it is how Ponzi schemes work. I guess it is similar to economics in action. Ponzi schemes video

Ghana's farmers eye sweet success from chocolate

This extended piece by Ijeoma Ndukwe from BBC Business is a superb read on the challenges of overcoming dependency on cocoa growing in Ghana. Ghana's farmers eye sweet success from chocolate https://t.co/L0rZxgUmC4 — BBC News (World) (@BBCWorld) April 11, 2021 The retail industry was worth $107bn (£78bn), according to one projection, but Ghana - the world's second largest cocoa producer - earned just around $2bn The overall story will be a familiar one to students who appreciate why such a small percentage of the final retail price we pay for our chocolate products goes into the pockets and accounts of the cocoa growers themselves. Processing and branding chocolate offers higher value added and has the potential to lift per capita incomes in Ghana which is the second biggest producer of cocoa beans in the world. But as the article makes clear, transitioning from growing to processing is not without cost and risk. Intermittent energy supplies, the ...

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