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

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

3. 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

4. Muddiest Point and Terms Discussion

5. 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,
Video: cost1

6. 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,
Video: macroeconomics/basic-economics-concepts-macro/introduction-to-the- economic-way-of-thinking-macro/v/scarcity

7. 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,

8. 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?

9. 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?

10. 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

11. 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?

12. Discuss Practice with opportunity cost activity

13. 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

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