Title: Explain basic principles of agricultural economics.
Course: Foundations of Agriculture, Food, and Natural Resources (18001-I) > Section: Demonstrating Skills in Agribusiness

Explanation may include

- assets and liabilities
- break-even point
- cost-benefit analysis
- efficiency
- law of demand
- law of supply
- marketing
- opportunity cost
- principle
- return on investment
- risk analysis
- scarcity
- surplus.

Process/Skill Questions:

- How does the interaction between consumers and producers determine the prices of goods and services?
- In what way is opportunity cost induced by scarcity and by the need to make choices?
- How is efficiency assessed?