Economics Business & Marketing Reaction Paper Essay (Reaction Paper Sample)
Select 1 of the economic concentrations (clusters) below:
Seattle-Tacoma-Olympia, WA aerospace / defense industry
Central California winemaking industry
Hollywood movie industry
Silicon Valley Technology hub
Texas / Louisiana Gulf Coast crude oil and natural gas production and refining
Pre-1994 vs Post-1994 US auto and light truck production and the reasons for the change in economic concentration
Write a 700- to 1,050-word paper evaluating economists’ assessments of the role the 4 factors of production played in determining how the economic concentration you selected has evolved. Complete the following in your paper:
Analyze how the economic concentration in the area you chose was influenced by competition and pricing.
Analyze how the economic concentration in the area you chose influenced the supply chain.
Analyze which of the 4 factors of production were the most and least important in determining the economic concentration of the area you chose.
Predict changes you anticipate for the area of economic concentration you chose. Support your predictions.
Consider the resources provided and other academically appropriate sources. The use of charts and tables to illustrate data is highly encouraged.
Cite at least 2 academically credible sources.
Central California Winemaking Industry
Name
Institutional affiliation
Central California winemaking industry
How the economic concentration in Central California winemaking industry was influenced by competition and pricing
The Central California winemaking industry is among the biggest and most competitive in the country. Over the past two decades, the consolidation of players in this industry has been a common occurrence. Competition and pricing play an essential role in the economic concentration of the Central California winemaking industry. There are many world-class wine producers in central California (Hira & Swartz, 2014). When wine producers are involved in the horizontal competition, the strategic goals of many organizations are to find ways to increase their market share. Fierce competition in the central California winemaking industry is among the significant contributors to the increase in mergers and acquisitions in the region. Even though California produces more than 80% of US wine, the concentration of companies in the region has led to increased competition by both differentiation and pricing. The recent fall in the prices of grapes has significantly impacted the prices of wine in the region. High competition has led to increased cases of economic concentration, especially by the major players in the central California winemaking industry.
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