Apply supply and demand analysis to a product, commodity, or service for an agriculture, food, and natural resources (AFNR) business.
Application should include
- a reinforcement of economic terms, to include
- market
- consumption
- price
- consumer surplus
- elasticity
- supply curve
- demand curve
- indifference curve
- scarcity
- disequilibrium
- the relationship among 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 does 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?