NIXON KEYA

AGF321-2205/2022
FOOD SCIENCE AND NUTRITION
NUTRITIONAL SECURITY
ASSIGNMENT 1
ASSESMENT OF ECONOMIC SECURITY

Economic security is the ability of people to meet their needs consistently. It is important for
individuals and nations as it is a factor in assessing national security and is connected to the
concept of economic well-being. It is important in planning for the future. Without this, the
quality of life of the people will be harmed and trust in institutions will be lessened together with
innovation. Economic security is preserved by the government through social safety nets which
guarantees minimal protection for citizens.
To conduct an economic security assessment, you would need to analyze a variety of factors that
could impact the stability and well-being of an individual, organization, or country's economic
situation. Here are some key factors to consider:
Income and Employment: Analyze the income level of individuals, households, or organizations
and assess their stability and consistency over time. Additionally, analyze employment rates,
trends, and changes to determine the potential risk of job loss. This is to help determine if their
income or employment can help sustain their basic needs.
Food consumption; what people eat and if the diet can cover their nutritional requirements is
analyzed.
Food production; analysis is done if people are able to hunt, fish, produce food or forage as they
normally would.
Living conditions; are people protected against bad weather? Do they have means to cook? Can
they maintain basic standards of hygiene?
Capacity; can the government, civil society, and others help meet people’s economic security
needs?
Other factors to consider include;
Debt and Credit: Assess the level of debt and credit that individuals, households, or organizations
carry and determine the ability to manage this debt in the future. High levels of debt can be a risk
factor for financial instability.
Savings and Investments: Evaluate the level of savings and investments held by individuals,
households, or organizations and determine the level of diversification of these assets. A well-
diversified portfolio can help mitigate risk and provide greater financial stability.
Economic Policy: Analyze the effectiveness of government policies related to taxation, spending,
and regulation. These policies can have a significant impact on the overall economic health of a
country.
Geopolitical Risks: Assess the potential risks posed by geopolitical factors, such as international
conflicts, trade disputes, and natural disasters. These factors can impact the overall stability of
the global economy.
Industry-Specific Factors: Evaluate the specific factors that impact the industry or sector in
which individuals, households, or organizations operate. For example, the level of competition,
technological advances, and regulatory changes can all impact economic security.
Market Risks: Analyze the potential risks associated with financial markets, such as volatility,
liquidity, and interest rate changes. These factors can impact the value of investments and the
overall financial stability of an individual, household, or organization.
By analyzing these factors, you can gain a more comprehensive understanding of an individual,
organization, or country's economic security and identify potential risks and areas for
improvement
Economic security therefore addresses these matters through;
Relief activities; are implemented quickly and efficiently with a view to saving lives and
protecting livelihoods at immediate risk. E.g., by distributing food and essential household items.
Livelihood support activities; are designed to support livelihood sustainably. E.g.,
microeconomic initiatives, cash transfers and distributing farming tools or seed along with
training.
Capacity building activities; the aim is to build up the capacities of important local institutions so
that people affected by crisis or conflict can benefit from improved services. E.g., organizing
campaigns to vaccinate people’s livestock in conflict-affected areas.
There are several approaches to economic security assessment. They include:
Qualitative Assessment: A qualitative approach involves using expert opinions, interviews, and
case studies to identify the key factors that could impact economic security. This approach can
provide a detailed and nuanced analysis of specific issues, but it can be subjective and dependent
on the expertise of those involved.
Quantitative Assessment: A quantitative approach involves using statistical analysis and
modeling to identify key factors and assess the potential impact of various scenarios. This
approach can provide a more objective and data-driven assessment, but it can be limited by the
availability and accuracy of data.
Index-Based Assessment: An index-based approach involves developing a composite index that
combines multiple indicators of economic security, such as income, employment, debt, and
savings. This approach can provide a standardized and easily understandable assessment, but it
can be limited by the selection of indicators and the weighting of these indicators.
Risk-Based Assessment: A risk-based approach involves identifying potential risks and assessing
the likelihood and potential impact of these risks. This approach can provide a proactive and
preventative assessment, but it can be limited by the difficulty of accurately predicting future
risks.
Comparative Assessment: A comparative approach involves comparing the economic security of
different individuals, households, or countries. This approach can provide insights into the
relative strengths and weaknesses of different economic systems and policies, but it can be
limited by the difficulty of comparing different contexts and the potential for bias in the selection
of comparators.
A comprehensive assessment may involve using multiple approaches and triangulating the
findings to provide a more accurate and robust analysis

REFERENCES
1. International Community of The Red Cross (ICRC). What is economic security. 18th June
2015.
2. Daniel Thomas Mollenkamp. Economy. Investopedia. November 22, 2022.
3. Mathew P. Goodman (October 27, 2021). Economic security: A Shared U.S- Japan
Priority. May 12, 2022.