Beef Issue in South Korea

By: Helen Lee

Beef!! Beef is used in many of Korea’s traditional dishes and in

many other foods.

Nearly everyone ♥ Beef! (not referring to Angus Ning)

Updates about South Korea

South Korean beef markets accepted American beef products to the country.

Since July, American beef products were imported to South Korea

Because beef price has decreased, more consumers.

American beef is cheap higher possibility to have more consumers

D (Demand for Beef)

Decrease in Beef Price Affecting Demand

S1

P1

D

P (Price)

E1

E2

D1 D2

S2

P2

E1before American beef products were imported to South KoreaE2 after American beef products were imported to South Korea

Rumor about ‘Mad Cow Disease’..??

American beef is cheap more consumers! Korean beef is expensive few consumers Korean farmers are against American beef

because they aren’t able to sell beef because of American beef.

People against American beef made rumor: American beef is not safe because contaminated by ‘Mad Cow Disease’

D (Demand for Beef)

Decrease in Price from Rumors Affecting Demand S1

P1

P (Price)

E1

E2

D1 D2

S2

P2

E1before American beef products were imported to South KoreaE2 after American beef products were imported to South KoreaE3after rumors were spread about Mad Cow Disease in American beef products

P3

D3

E3

D1

D2

Effects

Currently American beef is still cheap, but not being sold.

If rumor proves to be false, E3 changes back to E2 (the demand and price of American beef return to normal)

D (Demand for Beef)

Decrease in Beef Price Affecting Demand

S1

P1

D

P (Price)

E1

E2

D1 D2

S2

P2

E1before American beef products were imported to South KoreaE2 after American beef products were imported to South Korea

More South Koreans are believing that American beef is safe

Thank you for watching my presentation!

Bibliography:

" 수입 쇠고기 업체도 환율폭등에 시름 ." Money Today. 10 Oct. 2008. Money Today. 18 Oct. 2008 <http://www.moneytoday.co.kr/view/mtview.php?type=1&no=2008100911223443981&outlink=1>.