Title: Identify basic economic principles.
Course: Agricultural Business Fundamentals I (18201-I) > Section: Understanding Basic Economics

Identification should include

- utility
- law of demand
- law of supply
- equilibrium
- scarcity
- surplus
- marginal analysis
- opportunity cost
- efficiency.

Process/Skill Questions:

- How does the interaction between consumers and producers determine prices of goods and services?
- What is the definition of demand?
- What is the definition of supply?
- How does a marginal analysis guide a producer's decision about how much to produce?
- How is opportunity cost induced by scarcity and by the need to make choices?
- How is efficiency most often assessed?