AGED 570: Teaching H.S. Agricultural Economics Day 6: Teaching Farm and Agribusiness Concepts Part 1

Todays agenda Terms Share Pair Muddiest Concept Identification of Supply and Demand curve Discussion of Where the Supply and Demand Curve Come From Supply and Demand Shifter Activity Discussion of Laws in Economics General Terminology Discussion Terms for Tomorrow

Terms Share Pair Supply Market Supply Quantity Supplied Market Demand Shift in Supply Law of Supply Demand Quantity Demanded Law of Demand Shift in Demand

Muddiest Point and Terms Discussion

Which line represents supply and which represents Demand?

Where does the Supply Curve Come From?

Where does the Demand Curve Come From?

Supply and Demand Shifter Activity Objective: To understand what causes shifts in supply and demand and that these shifter can be context specific Each individual is given two cards that has an event/situation that causes a shift in supply or demand One at a time, each student will read the event or situation on the card The individual needs to identify what commodity/product will be affected by the situation or event

Supply and Demand Shifter Activity The student will then need to explain whether the situation or event has a positive or negative effect on supply or demand The student will need to explain how the producer or consumer has been affected The student will need to draw the original supply or demand curve as well as the new corresponding supply or demand curve

Supply and Demand Shifter Activity Thought Questions What is an example of a supply shifter? What is an example of a demand shifter? How do you keep track of whether an event will shift supply or demand? What is the difference between demand and quantity demanded? What is the difference between supply and quantity supplied?

Are Laws in economics the same as physical laws?

Is this a supply curve or a demand curve?

What kind of examples could you use in your classroom to help students with these concepts?

Terms to know for Next Class Elasticity Own-Price Elasticity of Demand Own-Price Elasticity of Supply Cross-Price Elasticity of Demand Cross-Price Elasticity of Supply Elasticity of Demand Inelastic Unitary Elastic Elastic