Title: Explain the importance of economics.
Course: Agricultural Business Fundamentals I (18201-I) > Section: Understanding Basic Economics

Explanation should include the role of

- consumers
- goods and services (e.g., wants and needs, production, resources)
- producers
- scarcity
- optimal distribution of resources in society.

Process/Skill Questions:

- What is the effect of scarcity?
- How does one identify the target market for a product?
- How does one differentiate between a want and need?
- What is the role of opportunity cost?