Define and explain unintended consequences. Give me an example from your personal decision- making that led to unintended consequences. Using the example from the article, identify some of the...

Extracted text: Define and explain unintended consequences. Give me an example from your personal decision- making that led to unintended consequences. Using the example from the article, identify some of the unintended consequences of using corn to produce ethanol to add to gasoline. Edit View Insert Format Tools Table 12pt v Paragraph | BIU


Extracted text: "It will likely mean higher prices for corn-based products, which is practically everything," says Richard Asplund, research director at Melvin Securities in Chicago. In Mexico, higher corn prices are being blamed for skyrocketing tortilla prices, which have increased the country's inflation rate. Last week, the Mexican government struck a deal with producers and grocery stores to cap tortilla prices. But American Farm Bureau Federation senior economist Terry Francl says consumers will see very little impact from higher corn prices. He expects the index for food inflation at the consumer level will not be affected by ethanol production in 2007 and then will rise 0.2% in 2008 and 0.5% in 2009 because of ethanol production. U.S. "It's probably not going to be all that much," he says, noting more than half of corn is used to feed animals. But it takes.time before higher feeding costs affect retail meat prices. And meat prices are likely to rise at a much slower pace than the increase in feed costs, he says. Says Michael Swanson, agricultural economist at Wells Fargo in Minneapolis, "We won't see any impact unless corn prices stay high through all of 2007." If that happens, "Eventually, it is really going to show up on the meat counter." Strong demand for corn has led to a sharp increase in prices. Price for corn trading for delivery in March 2007: (dollars per bushel) $4.00- $2.55 $3.00 - $2.00- $4.04 $1.00