Food securityFood security is the availability of food in a country (or geography) and the ability of individuals within that country (geography) to access, afford, and source adequate foodstuffs. According to the United Nations Committee on World Food Security, food security is defined as meaning that all people, at all times, have physical, social, and economic access to sufficient, safe, and nutritious food that meets their food preferences and dietary needs for an active and healthy life.
2007–2008 world food price crisisThe world food price crisis refers to a period of time when the cost of food increased significantly and had a profound impact on the availability and affordability of food for people around the world. This crisis is often characterized by sharp spikes in the prices of key staple foods such as wheat, rice, and corn, as well as other agricultural commodities such as sugar and oil. The causes of the world food price crisis are complex and multifaceted, but they generally involve a combination of factors including droughts and other weather-related events, increased demand for biofuels, trade policies, and financial speculation.
SubsidyA subsidy or government incentive is a type of government expenditure targeted towards individuals and households, as well as businesses with the aim of stabilising the economy. It ensures that individuals and households are viable by having access to essential goods and services while giving businesses the opportunity to stay afloat and/or competitive. Subsidies not only promote long term economic stability but also help governments to respond to economic shocks during a recession or in response to unforeseen shocks such as COVID-19.
Common Agricultural PolicyThe Common Agricultural Policy (CAP) is the agricultural policy of the European Union. It implements a system of agricultural subsidies and other programmes. It was introduced in 1962 and has since then undergone several changes to reduce the EEC budget cost (from 73% in 1985, to 37% in 2017) and consider rural development in its aims. It has however, been criticised on the grounds of its cost, its environmental, and humanitarian effects.
AgribusinessAgribusiness is the industry, enterprises, and the field of study of value chains in agriculture and in the bio-economy, in which case it is also called bio-business or bio-enterprise. The primary goal of agribusiness is to maximize profit while satisfying the needs of consumers for products related to natural resources such as biotechnology, farms, food, forestry, fisheries, fuel, and fiber. Studies of business growth and performance in farming have found successful agricultural businesses are cost-efficient internally and operate in favorable economic, political, and physical-organic environments.
Dumping (pricing policy)Dumping, in economics, is a kind of injuring pricing, especially in the context of international trade. It occurs when manufacturers export a product to another country at a price below the normal price with an injuring effect. The objective of dumping is to increase market share in a foreign market by driving out competition and thereby create a monopoly situation where the exporter will be able to unilaterally dictate price and quality of the product.
Paul KrugmanPaul Robin Krugman ('krʊgmən ; born February 28, 1953) is an American economist who is the Distinguished Professor of Economics at the Graduate Center of the City University of New York and a columnist for The New York Times. In 2008, Krugman was the winner of the Nobel Memorial Prize in Economic Sciences for his contributions to New Trade Theory and New Economic Geography. The Prize Committee cited Krugman's work explaining the patterns of international trade and the geographic distribution of economic activity, by examining the effects of economies of scale and of consumer preferences for diverse goods and services.
Agricultural policyAgricultural policy describes a set of laws relating to domestic agriculture and imports of foreign agricultural products. Governments usually implement agricultural policies with the goal of achieving a specific outcome in the domestic agricultural product markets. Agricultural policies use predetermined goals, objectives and pathways set by an individual or government for the purpose of achieving a specified outcome, for the benefit of the individual(s), society and the nations' economy at large.
Cash cropA cash crop, also called profit crop, is an agricultural crop which is grown to sell for profit. It is typically purchased by parties separate from a farm. The term is used to differentiate marketed crops from staple crop ("subsistence crop") in subsistence agriculture, which are those fed to the producer's own livestock or grown as food for the producer's family. In earlier times, cash crops were usually only a small (but vital) part of a farm's total yield, while today, especially in developed countries and among smallholders almost all crops are mainly grown for revenue.
SheepSheep (: sheep) or domestic sheep (Ovis aries) are a domesticated, ruminant mammal typically kept as livestock. Although the term sheep can apply to other species in the genus Ovis, in everyday usage it almost always refers to domesticated sheep. Like all ruminants, sheep are members of the order Artiodactyla, the even-toed ungulates. Numbering a little over one billion, domestic sheep are also the most numerous species of sheep. An adult female is referred to as a ewe (juː), an intact male as a ram, occasionally a tup, a castrated male as a wether, and a young sheep as a lamb.
Doha Development RoundThe Doha Development Round or Doha Development Agenda (DDA) is the trade-negotiation round of the World Trade Organization (WTO) which commenced in November 2001 under then director-general Mike Moore. Its objective was to lower trade barriers around the world, and thus facilitate increased global trade. The Doha Agenda began with a ministerial-level meeting in Doha, Qatar in 2001. The aim was to put less developed countries' priorities at heart. The needs of the developing countries were the core reasons for the meeting.
AidIn international relations, aid (also known as international aid, overseas aid, foreign aid, economic aid or foreign assistance) is – from the perspective of governments – a voluntary transfer of resources from one country to another. Aid may serve one or more functions: it may be given as a signal of diplomatic approval, or to strengthen a military ally, to reward a government for behavior desired by the donor, to extend the donor's cultural influence, to provide infrastructure needed by the donor for resource extraction from the recipient country, or to gain other kinds of commercial access.
Great DepressionThe Great Depression (19291939) was an economic shock that impacted most countries across the world. It was a period of economic depression that became evident after a major fall in stock prices in the United States. The economic contagion began around September 1929 and led to the Wall Street stock market crash of October 24 (Black Thursday). It was the longest, deepest, and most widespread depression of the 20th century. Between 1929 and 1932, worldwide gross domestic product (GDP) fell by an estimated 15%.
PollinationPollination is the transfer of pollen from an anther of a plant to the stigma of a plant, later enabling fertilisation and the production of seeds, most often by an animal or by wind. Pollinating agents can be animals such as insects, birds, and bats; water; wind; and even plants themselves, when self-pollination occurs within a closed flower. Pollination often occurs within a species. When pollination occurs between species, it can produce hybrid offspring in nature and in plant breeding work.
International developmentInternational development or global development is a broad concept denoting the idea that societies and countries have differing levels of economic or human development on an international scale. It is the basis for international classifications such as developed country, developing country and least developed country, and for a field of practice and research that in various ways engages with international development processes. There are, however, many schools of thought and conventions regarding which are the exact features constituting the "development" of a country.
New ZealandNew Zealand (Aotearoa aɔˈtɛaɾɔa) is an island country in the southwestern Pacific Ocean. It consists of two main landmasses—the North Island (Te Ika-a-Māui) and the South Island (Te Waipounamu)—and over 700 smaller islands. It is the sixth-largest island country by area and lies east of Australia across the Tasman Sea and south of the islands of New Caledonia, Fiji, and Tonga. The country's varied topography and sharp mountain peaks, including the Southern Alps, owe much to tectonic uplift and volcanic eruptions.
ProtectionismProtectionism, sometimes referred to as trade protectionism, is the economic policy of restricting imports from other countries through methods such as tariffs on imported goods, import quotas, and a variety of other government regulations. Proponents argue that protectionist policies shield the producers, businesses, and workers of the import-competing sector in the country from foreign competitors.
Food pricesFood prices refer to the average price level for food across countries, regions and on a global scale. Food prices affect producers and consumers of food. Price levels depend on the food production process, including food marketing and food distribution. Fluctuation in food prices is determined by a number of compounding factors. Geopolitical events, global demand, exchange rates, government policy, diseases and crop yield, energy costs, availability of natural resources for agriculture, food speculation, changes in the use of soil and weather events directly affect food prices.
FarmA farm (also called an agricultural holding) is an area of land that is devoted primarily to agricultural processes with the primary objective of producing food and other crops; it is the basic facility in food production. The name is used for specialized units such as arable farms, vegetable farms, fruit farms, dairy, pig and poultry farms, and land used for the production of natural fiber, biofuel, and other commodities.
World Trade OrganizationThe World Trade Organization (WTO) is an intergovernmental organization that regulates and facilitates international trade. With effective cooperation in the United Nations System, governments use the organization to establish, revise, and enforce the rules that govern international trade. It officially commenced operations on 1 January 1995, pursuant to the 1994 Marrakesh Agreement, thus replacing the General Agreement on Tariffs and Trade (GATT) that had been established in 1948.
