Economic Impact of the Midwest Drought of 2012 - 1268 Words

Introduction Droughts have devastating effects all around. Most profoundly on the economy of the affected area; disrupting any balance in the supply and demand for food commodities, while pushing the cost of production up. This will translate to the market being largely imbalanced and will impact on the supply chain. Wisconsin is a large farming state, during the 2012 drought; farming practices were largely hampered causing a decline in the production of food. Consequently, farmers faced huge losses since their investment was not marched by the output. Considering this fact, the economy of Wisconsins farming majority saw them running on a deficit. Law of reciprocity shows that if a component in the supply chain faces a deficit then other components will be forced to compensate for the loss and so the deficit will merely change hands. Understanding the different agricultural sectors practice in Wisconsin is crucial in understanding how the drought affected the ebonies of scale. Farming practiced can be broadly placed under two categories; Livestock farming and Crop farming. The relationship between the two levels of farming, can affect one sector in terms of productivity. To illustrate this, the production of short corn dropped by 17%, this translates to 90 million bushels. Short corn is fed on milk producing livestock such as cows and so the overall implication is that milk production would be lower than the previous years (Boyes and Micheal 45). Meat prices will rise inShow MoreRelatedThe Effects Of Climate Change On Southeast Florida1615 Words   |  7 Pagesthe global climate system have been warming since the 1950s and many of those changes over decades to millennia have never before been seen or recorded. The climate change is causing irreversible impacts on our global environment, such as sea levels to rise, more frequent and more severe floods and droughts, including numerous others. 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