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Summary Food safety economics

Course
- Food safety economics
- Henk Hogeveen
- 2021 - 2022
- Wageningen University (Wageningen University, Wageningen)
- Food Quality Management
205 Flashcards & Notes
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A snapshot of the summary - Food safety economics

  • Lecture 1a Microeconomics

  • What are opportunity cost (value)?
    The benefit you sacrifice when you choose one option over another
  • What are 'scare' resources?
    A resource is any physical or virtual entity of limited availability or anything used to help one earn a living.
    • Natural resources 
    • Human resources
    • Renewable vs Non-renewable resource  
  • What is the term for that everything a equations remains contestant
    'ceteris Paribus
  • What is the law of supply?
    Producers (firms) supply more units of a product when its price is high and fewer units when the market price is low
  • What are substitute goods: Es > 0
    • The cross-price elasticity of demand 
      • price of an alternative good 
    • Locally produced milk vs imported milk 
    • milk vs orange juice
    • cheeseburger vs taco 
  • What are complement goods: Es < 0
    • The cross-price elasticity of demand 
    • Cheese and hamburgers
    • Peanut butter and jelly
    • Mozzarella cheese and pizza dough 
  • What are inferior goods: Ei < 0
    • Income elasticity of demand 
    • Fast food
    • Fluid milk
    • Margarine 
  • What are normal goods: Ei > 0
    • Income elasticity of demand 
    • Full-service restaurants 
    • Prepared meals
    • Recreational activities 
  • What is the meaning of 'Demand relatively elastic'?
    A change in supply gives a small effect on the price 
    • Consumer have many choices and substitution is very easy  
  • Lecture 1b Accounting

  • Cost and relationship with time
    Cost are for a period ( eg. Year)

    Expenditures is not Cost 
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