UOP Wk 2 Economic Concentration Evaluation Winemaking Industry Discussion

User Generated

Natvr1943

Economics

University of Phoenix

Description

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.

Format your assignment according to APA guidelines.

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Explanation & Answer

Attached.

Running head: CENTRAL CALIFORNIA WINE INDUSTRY

Economic Concentration: Central California Wine Industry
Name
Institution

1

CENTRAL CALIFORNIA WINE INDUSTRY

2

Analyze how the economic concentration in the area you chose was influenced by
competition and pricing.
The competition across all industries have drastically intensified in the onset of
globalization. One of the critical issues that have been influenced by competition is economic
concentration. Economic concentration is influenced by the four production factors, namely land,
labor capital, and entrepreneurship. Economic concentration measures the extent to which
market shares are concentrated due to the influence of competition (Gazit & Sauer, 2014). The
Central California winemaking industry is one of the market concentrations in the production of
wine. The concentration was influenced by competition and pricing in Central California, mainly
in Napa. Wine from central California has always been outstanding in terms of quality as
compared to other regions in the United States. The wine from central California is mainly made
from grapes, which are grown in the area while the region's climate favors wine production.
More companies settled in the region as they focused on producing high-quality wine compared
to other global competitors.
The pricing also influenced the economic concentration of wine production in central
California. Pricing is one of the main determinants of customer preferences in any market
(Goldenbaum, 2017). In Central California, the grapes are locally available, which lowers the
price of the raw materials used in wine production, leading to the market's low price. The low
cost of raw materials was one of the main influences that attracted more companies to
concentrate on the region. The other factor that influenced pricing is the low cost of
transportation from the source to the product...


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