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Business class: The return of the rice crisis

This article picked by a teacher with suggested questions is part of the Financial Times free schools access programme. Details/registration here.

Read our full range of economics picks here.

Specification:
Demand, supply, markets

Click to read the article below and then answer the questions:

The return of the rice crisis

Calculate the increase in the price of a bowl of fried rice in Nigeria over the past year (4 marks) 

Draw a supply and demand diagram to show the impact in Nigeria of India imposing export restrictions on so-called broken rice globally in 2022 (4 marks) 

Add to this diagram by sharing the impact of a 20 per cent tax added to Indian exports to countries like Nigeria (4 marks) 

Add to this diagram by showing the effect of the El Niño weather phenomenon on crop production globally (4 marks) 

Add to this diagram by showing the effect of global population growth on demand for rice (4 marks) 

Add to this diagram by showing the impact of panic buying of rice In Asia, North America and countries such as Nigeria (4 marks) 

Using the graph entitled Benchmark price rises, explain why the price of rice from Thailand soared in 2023 when India announced a tax on exports of its own rice (4 marks) 

Using the same graph calculate the approximate difference in the price of rice from Thailand and rice from India using the most recent data from 2023 (4 marks) 

Using the bar chart called climate change, calculate the percentage change increase in the total number of days exceeding 35 degrees Celsius expected in Thailand by the end of the century (4 marks) 

Using the bar chart called over 40% of rice comes from India, calculate the approximate market share of the three largest rice producers added together (India Thailand and Vietnam) (4 marks)

https://www.ft.com/content/6c1433cd-382d-4b2a-b67f-1edd82dd5c11 QR Code

Published Date: October 29, 2023

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