No more cheap chips

Potato crops in the Northern Hemisphere have been destroyed by the after affects of a tsunami.

·         Define supply and demand   (1 mark)

·         What factors affect supply and demand – at least 2 examples for each   (4 marks)

·         Explain what would happen to the supply and demand of potatoes following a natural disaster (4 marks)

·         The Great Potato Famine of Ireland during the 1800s, where millions of potatoes were destroyed has been relived by the tsunami which recently saturated the ground and subsequently destroyed crops in a similar way. Explain how the supply and demand of potatoes would affect price and identifying substitutes. Also mention a possible technique to producing potatoes that would not be affected by a similar natural disaster and take into account other affects of global warming.  (6 marks)