Application should include
- a review of economic terms, to include
- market
- consumption
- price
- consumer surplus
- elasticity
- supply curve
- demand curve
- indifference curve
- scarcity
- disequilibrium
- consumer education
- the relationships between supply, demand, and price equilibrium (i.e., for an agricultural product, service, or commodity).
Process/Skill Questions:
- How could a graph show supply and demand?
- How do supply and demand influence price?
- What factors affect the price of a commodity and the quantity demanded?
- How do substitutes, labor costs, and production technology affect the quantity of a product, commodity, or service supplied in the market?