AGED 570: Teaching H.S. Agricultural Economics Day 2: Introduction to Teaching Agricultural Economics

Todays agenda Terms Share Pair Muddiest Concept General Terminology Discussion Activity Terms for Tomorrow

Terms Share Pair Economics Management Producer Microeconomics Resource Consumer Macroeconomics Value Assumption Agricultural Economics Scarcity Price Goals Opportunity Cost Objectives Economic Costs Positive Economics Economic Benefits Normative Economics

Muddiest Point and Terms Discussion

Opportunity Cost Learning Activity Objective: To strengthen the students understanding of scarcity, opportunity costs, and economic costs Definition of Opportunity Cost “The value of the next-highest-valued alternative.” Source: David Henderson, https://www.econlib.org/library/Enc/OpportunityCost.html Video: https://www.tutor2u.net/business/blog/brilliant-video-for-opportunity- cost1

Opportunity Cost Learning Activity Definition of Scarcity “Scarcity refers to limitations–limited goods or services, limited time, or limited abilities to achieve the desired ends.” Source: The Library of Economics and Liberty, https://www.econlib.org/library/Topics/College/scarcity.html Video: https://www.khanacademy.org/economics-finance-domain/ap- macroeconomics/basic-economics-concepts-macro/introduction-to-the- economic-way-of-thinking-macro/v/scarcity

Opportunity Cost Learning Activity Definition of Economic Costs “The sacrifice involved in performing an activity, or following a decision or course of action. It may be expressed as the total of opportunity cost (cost of employing resources in one activity than the other) and accounting costs (the cash outlays).” Source: Business Dictionary, http://www.businessdictionary.com/definition/economic-cost.html

Opportunity Cost Learning Activity Learn by Doing Activity: Each student will be given a randomly generated number The student with the lowest number gets to choose one of the writing instruments, then the next highest chooses second, etc. Initial Discussion Questions Do we have a situation of scarcity for each item? Is it context specific?

Opportunity Cost Learning Activity Would anyone be willing to pay another individual to get his/her writing instrument? Discuss with a partner the opportunity costs associated with the choice you have. Was the opportunity costs different for each individual? Why or why not? Does the opportunity cost change based on the task you may be given?

Opportunity Cost Learning Activity Student with a number between 1 through 6, your task is to sketch as closely as possible Dr. Hurley’s water bottle Students with numbers 7 and above, solve the following problem using long division: 123,456,789/5

Opportunity Cost Learning Activity Post Activity Discussion Items Has the opportunity cost changed based on the task you were given? Describe in your own words what is opportunity cost and what is scarcity. What are some opportunity costs you face in a typical day? What are some opportunity costs you students face in a typical day?

Discuss Practice with opportunity cost activity

Terms to know for tomorrow Profit Maximization Average Physical Product Variable Costs Cost Minimization Elasticity of Production Sunk Costs Input Marginal Value of Product Revenue Output Marginal Input Cost Marginal Revenue Production Function Marginal Cost Supply Curve Law of Diminishing Marginal Returns Average Variable Cost Average Fixed Costs Marginal Physical Product Average Total Costs Stages of Production Fixed Costs

Choose one of the terms and develop a brief outline of learning Objectives and an activity