$100 $100 $100 $100 $100 $200 $200 $200 $200 $200 $300 $300 $300 $300 $300 $400 $400 $400 $400 $400 $500 $500 $500 $500 $500

Prices as Signals

Predicting Prices

Distorting Prices

Agricultural Price Supports

Vocabulary

Prices as Signals Predicting Prices Distorting Prices Agricultural Price Supports Vocabulary $ $100 $100 $100 $100 $100 $200 $200 $200 $200 $200 $300 $300 $300 $300 $300 $400 $400 $400 $400 $400 $500 $500 $500 $500 $500

C 1 - $100 Situation where the quantity demanded is equal to the quantity supplied

Price where the quantity supplied equals the quantity demanded

Situation where quantity supplied is greater than quantity demanded C 1 - $300 Situation where quantity supplied is greater than quantity demanded at a given price

Situation where quantity demanded C 1 - $400 Situation where quantity demanded is greater than quantity supplied at a given price

In a market economy a high price is a signal for…

In a competitive market economy markets tend to run themselves to find this

Term used to describe when a farmer grows a better than anticipated yield

C 2 - $300 In the graph which curve represents the “bumper crop” yield for soybeans?

What is the equilibrium price for the “worst case” yield of soybeans?

Why do the changes in supply affect prices more in graph A? Graph A Graph B

Ticket that entitles the holder to a certain amount of a product

C 3 - $200 Maximum legal price that can be charged for a product

C 3 - $300 Lowest legal price that can be paid for a product

C 3 - $400 Lowest legal wage that can be paid to most workes

C 3 - $500 The federal minimum wage law demonstrates a trade-off between which two Socio-economic goals?

Price floor set to stabilize farm prices

C 4 - $200 Check sent to producers that makes up the difference between the actual market price and the target price

that caries no penalty or further obligation Agricultural loan that caries no penalty or further obligation if not repaid

This government agency established a target price to stabilize farm prices

This 1985 program paid farmers not to farm C 4 - $500 This 1985 program paid farmers not to farm

Monterey value of a product as determined by supply and demand

A simplified version of C 5 - $200 A simplified version of a complex behavior expressed in the form of an equation, graph, or illustration

product’s original price Partial refund of a product’s original price

goods and services without prices System of allocating goods and services without prices

C 5 - $500 A dificiency payment is an example of a government payment to encourage an economic activity - which is called this economic term

C 1 A - $100 Market Equilibrium $

C 1 A - $200 Equilibrium Price $

C 1 A - $300 Surplus $

C 1 A - $400 Shortage $

Producers to supply more and consumers to buy less C 1 A - $500 Producers to supply more and consumers to buy less $

C 2 A - $100 Equilibrium or Market Equilibrium $

C 2 A - $200 Bumper Crop $

C 2 A - $300 Curve S1 $

C 2 A - $400 $10 a bushel $

The Demand Curve “A” is Inelastic C 2 A - $500 The Demand Curve “A” is Inelastic Graph A Graph B $

C 3 A - $100 Ration Coupon $

C 3 A - $200 Price Ceiling $

C 3 A - $300 Price Floor $

C 3 A - $400 Minimum Wage $

C 3 A - $500 Economic Equity Over Economic Efficiency $

C 4 A - $100 Target Price                                             $

C 4 A - $200 Deficiency Payment $

C 4 A - $300 Non-Recourse Loan $

Commodity Credit Corporation (ccc) C 4 A - $400 Commodity Credit Corporation (ccc) $

Conservation Reserve Program or Conservation Land Banks C 4 A - $500 Conservation Reserve Program or Conservation Land Banks $

C 5 A - $100 Price $

C 5 A - $200 Economic Model $

C 5 A - $300 Rebate $

C 5 A - $400 Rationing $

C 5 A - $500 Subsidy $

FJ Topic Price Supports $

FJ Question The Commodity Credit Corporation is an agency within which Federal Government Department $

Department Of Agriculture FJ Ans Department Of Agriculture $

END OF GAME