Title: Apply supply and demand analysis to a product, commodity, or service for an agriculture, food, and natural resources (AFNR) business.
Course: Operating the Farm Business (18301-III) > Section: Applying Economic Principles Specific to Agricultural Production

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?