ECONOMICS/AGBUSINESS
You will need to complete the following activities to receive credit for both economics and agbusiness.
1. You can start to understand economics and agbusiness, you must understand the language of the disciplines. Below you will find words that are
important to both economics and agbusiness. It is your responsibility to define these words. Good resources are: businessdictionary.com, investopedia.com and investerword.com
BASIC ECONOMIC WORDS
scarcity demand goods supply Factors of production opportunity cost Services
resources consumers Human capital elastic demand inelastic demand competition
Monopolistic competition Services externalities margin
GLOBAL ECONOMICS
absolute advantages comparative advantages Trade tariff Protective tariff
GOVERNMENT AND ECONOMIC POLICY
estate tax excise tax Progressive tax deficit deficit spending
Entitlement GNP monetary policy fiscal policy Supply – side policy
demand – side policies Corporate income tax
BUSINESS
Franchising Loss leader Total revenue private property rights Capital goods Factors of production capital
product market Marketing accounts receivable Profit variable cost Product differentiation Profit motive
Prime interest rates inventory Stock out costs overhead freedom of consumers freedom of producer
responsive prices fixed cost Total cost marginal revenue Price ceiling price floor price commercial credit
Economics is the study of unlimited wants and needs as opposed to very limited resources. We have been making economic decisions all our lives.
1. It is my contention that a person starts making economic decisions the first time he or she makes a decision. Do you agree or disagree. Support you position and write a 100-word essay expressing your opinion.
2. There is no such thing as a free lunch. Is this a true statement and how does this apply to economics? Support you position and write a 100-word essay expressing your opinion.
3. Create a chart that defines and gives the advantages and disadvantages of the three different types of business organizations. They are sole proprietorship, partnership and corporation.
4. Create a business plan. We will discuss it in class and you will receive a different set of papers that will outline the assignment.
5. Take notes from all SIFE presentations
6. take any and all lecture notes given in class.