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Supply and demand are two fundamental concepts in economics. Supply refers to the quantity of goods or services that producers are willing and able to offer at various prices. Demand refers to the quantity of goods or services that consumers are willing and able to purchase at various prices.

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Market equilibrium occurs when supply meets demand. At this point, the quantity of goods supplied equals the quantity of goods demanded. The equilibrium price is the price at this point. Understanding equilibrium is crucial because it helps predict price and quantity trends in the market.

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Vietnam is the second-largest coffee producer and exporter in the world, just after Brazil. The coffee industry plays an important role in Vietnam's economy, providing employment for millions and contributing significantly to the country's GDP.

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Coffee supply in Vietnam is influenced by factors such as weather conditions, input costs (fertilizers, labor), production technology, and government policies. For example, drought can decrease production, while technical improvements can increase productivity.

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Vietnamese coffee demand depends on factors like price, consumer income, global consumption trends, and product quality. For example, rising income in key export markets like the US and EU can increase demand for Vietnamese coffee.

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In 2018, Vietnam experienced a bumper coffee harvest due to favorable weather conditions. The drastic increase in production led to excess supply on the market. As a result, coffee prices dropped significantly, posing challenges for farmers. This is a typical example of disequilibrium when supply exceeds demand.

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In 2016, Vietnam faced a severe drought affecting the Central Highlands - the main coffee-producing region. The coffee production decreased significantly, leading to a supply shortage. Coffee prices rose sharply, benefiting farmers but causing difficulties for consumers and coffee processing companies.

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The COVID-19 pandemic caused significant fluctuations in coffee demand. Initially, demand dropped as coffee shops closed and consumers tightened spending. However, demand for home-brewed coffee surged. These changes caused temporary disequilibrium in Vietnam's coffee market.

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Supply-demand disequilibrium greatly impacts coffee farmers. When prices drop due to excess supply, many farmers face financial difficulties. Conversely, when prices rise due to supply shortage, farmers may benefit in the short term but must deal with higher input costs.

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The Vietnamese government has implemented various measures to stabilize the coffee market. For example, encouraging crop diversification to reduce reliance on coffee, supporting farmers in adopting new technologies to improve product quality, and promoting exports to new markets.

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FFTC Agricultural Policy Platform (FFTC-AP)

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Vietnam’s Coffee Policy Review ABSTRACT Coffee is one of the most important agro-commodities of Vietnam.

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In the future, Vietnam's coffee industry is expected to face challenges from climate change and global competition. However, by focusing on quality improvement and sustainable development, Vietnam can maintain its important position in the global coffee market and mitigate the impact of supply-demand imbalances.

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Economic growth - higher disposable income in coffee leads to increase in demand —> development of Vietnamese coffee industry

Inflation - increase in price which is decrease in demand and leads to a slump in Vietnamese coffee production

Import and export regulations - if other country’s apply import tariffs and quotas to encourage local business, the export of coffee will be restricted which affect the coffee industry in a specific country like Vietnam

Exchange rates - if the currency value of one country increases, the profit (Vietnam) earned from exporting coffee will be decreased (pay less for the same amount of coffee). Their products’ value will also be enhanced, therefore the quantity of products that Vietnam can import from them will also be decreased (if the Vietnam’s currency value remain the same)

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q1.

The volatility of the world price of coffee is influenced by supply and demand, but it's not solely determined by these factors. For example, changes in labor costs, transportation, and inputs like fertilizers can affect supply and influence prices.

q2.

Yes, coffee drinkers should be concerned about the human cost of low coffee prices. Low prices can have several negative impacts on coffee farmers and their communities. For example, Economic pressures can increase the likelihood of child labor in coffee-producing regions.

q3.

Improving the well-being of coffee farmers involves actions by several stakeholders.

For example, Fair Trade Organizations:

Ensure farmers receive a fair price for their coffee, covering production costs and providing a decent living. Encourage sustainable and ethical farming practices.

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Is the volatility of the world price of coffee only a question of supply and demand ?

partially correct, there are some factors that could affect the world price of coffee such as currecncy exchange rate, weather condition

Question 2 - Should coffee drinkers be concerned about the human cost of low coffee prices ?

Definitely yes

1. Poverty among farmers since if the price of coffee is low, they only almost enough to cover the cost of productions price, therefore the salary of the farmers and wokers be low, leading to poverty

2. Child labor since they only has low amount of wage per person, they may abuse child labour or another word: exploitation

Question 3 - What can be done to improve the well being of coffee farmers and by whom ?

Goverment laws, incentives, subsidies or finanacial support would helps.

Firms should give the farmers some long-term contract in order to give the farmer job security => improve living standars and quality of life

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Question 1 - Is the volatility of the world price of coffee only a question of supply and demand ? Truc Lam & Dieu Linh

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Question 1 - Is the volatility of the world price of coffee only a question of supply and demand ? Truc Lam & Dieu Linh

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No. It also depends on e.g.:

Government regulations

Global economic growth/decline

Global crisis: wars, diseases, disasters, global warming, …

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Question 1 - Is the volatility of the world price of coffee only a question of supply and demand ?
No, because there are a lot more factors that influences the costs of coffee such as the labour needed and paid, the quality of the beans needed, the machinery used,…
and this also includes the demands, Some people may want the high quality coffee and are willing to pay the price, while the other only wants cheap coffee.

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Question 2 - Should coffee drinkers be concerned about the human cost of low coffee prices ?

Coffee drinkers should Be concerned about the human costs of low coffee prices because it could change ina. moment due to the farmers or suppliers wanting to stop providing coffee beans for low price, meaning the business might have to increase the prices, meaning less people will want to buy their coffee due to the increased price

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Question 3 - What can be done to improve the well being of coffee farmers and by whom ?

Business owners can improve the well beings of coffee farmers via paying them more, letting them take more breaks, lowering the daily quota by a little,…

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Question 2 - Should coffee drinkers be concerned about the human cost of low coffee prices ? Dieu Linh - Truc Lam 

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Question 2 - Should coffee drinkers be concerned about the human cost of low coffee prices ? Dieu Linh - Truc Lam 

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No. They should enjoy the coffee unless it is directly affecting their family, jobs, etc

Ethical answer: yes, because low coffee prices could be due to low paying labours, which could be child exploitation

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High inflation:High inflation in Vietnam could lead to increased production costs for coffee, such as higher prices for fertilizers and labor. This might result in higher retail prices for consumers as producers pass on those costs, potentially affecting demand and export competitiveness.

Economic growth: increasing the diposable income and consumer demand in coffee will develop the vietnamese coffe industry

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subsidize, government incentives (training/low interest rate), higher minimum wage, raise import tax/tariff/quota on imported coffee --> more use of domestic coffee, support coffee business in foreign markets, provide more land and workforce

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Question 3 - What can be done to improve the well being of coffee farmers and by whom ? Truc Lam, Dieu Linh

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Question 3 - What can be done to improve the well being of coffee farmers and by whom ? Truc Lam, Dieu Linh

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increase coffee price therefore farmers’ wages; create a healthy and ethical working environment; sudden supervision to ensure farmers’ rights in a coffee factory; trade union

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Question 1 - Is the volatility of the world price of coffee only a question of supply and demand ? minh duc

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Question 1 - Is the volatility of the world price of coffee only a question of supply and demand ? minh duc

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No, it also depends on others aspect, eg

climate condition

trade policies

The Quality of coffee

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 Should coffee drinkers be concerned about the human cost of low coffee prices ? minh duc

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 Should coffee drinkers be concerned about the human cost of low coffee prices ? minh duc

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Yes, coffee drinkers should be concerned about the human cost of low coffee prices. When prices drop, it can significantly impact the livelihoods of farmers, especially in developing countries. Many farmers rely on coffee as their primary income source, and low prices can lead to poverty, reduced investment in farming practices, and even abandonment of coffee cultivation.

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What can be done to improve the well being of coffee farmers and by whom?

1. Fair Pricing and Cooperatives

2. Access to Education and Training

3. Financial Support and Microloans

4. Sustainable Farming Practices

5. Health and Social Services

6. Climate Resilience Programs

Who: Governments, environmental

7. Direct Trade Relationships

8. Awareness and Advocacy

9. Technological Innovations

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While supply and demand play a significant role in coffee price volatility, other factors also contribute. Weather events, geopolitical issues, trade policies, and market speculation can all influence prices. Delving deeper, one can see that these complexities create an ultimate interplay affecting farmers and consumers alike, making the coffee market quite dynamic.

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The human cost of low coffee prices is something every consumer of coffee should care about. Low prices affect the lives of farmers who can hardly make a decent living from the produce. All these spiral out to issues like poverty, poor working conditions, and a general lack of access to education and healthcare. This may have significant impact on the quality of coffee, as labour motivation effect directly on the products, so in order to consume the best outcome as possible, customers should be concern about the labour costs and production process.

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Question 3 - What can be done to improve the well being of coffee farmers and by whom ?minh duc

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Question 3 - What can be done to improve the well being of coffee farmers and by whom ?minh duc

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Intergration: farmers can join cooperatives to increase their bargaining power. Have more land, share resourcses and access to bigger market.

Financial support: Governments and financial institutions can offer microloans and grants to help farmers invest in their farms.

The goverment, consumer and manufacturer .

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Question 3 - What can be done to improve the well being of coffee farmers and by whom ? Duy

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Question 3 - What can be done to improve the well being of coffee farmers and by whom ? Duy

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There are some solutions to imrpove the wellbeing of coffee farmers

Improve access to market and technology

Fair trade practice

Increase consumers awareness

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Question 1 - Is the volatility of the world price of coffee only a question of supply and demand ? Duy

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Question 1 - Is the volatility of the world price of coffee only a question of supply and demand ? Duy

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It depends on other aspects

Market

Trade policies

Coffee quality

Customer preferences

Trends