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

2. 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

3. 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

4. Muddiest Point and Terms Discussion

5. Which line represents supply and which represents Demand?

6. Where does the Supply Curve Come From?

7. Where does the Demand Curve Come From?

8. 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

9. 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

10. 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?

11. Are Laws in economics the same as physical laws?

12. Is this a supply curve or a demand curve?

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

14. 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