Economics in Agriculture
Grade 12th Grade · Social Studies · 99 min· Ag Economics
What's Included
Learning Objective
I can analyze how economic principles affect agricultural production and consumption.
Warm-Up Video
CrashCourse · 10:15
Price Controls, Subsidies, and the Risks of Good Intentions: Crash Course Economics #20
Guided Notes
3 key concepts
- 1
Price ceilings and price floors are types of price controls that can lead to market inefficiencies.
- 2
A price ceiling set below the equilibrium price leads to a shortage and deadweight loss, while a price floor set above the equilibrium price leads to a surplus and deadweight loss.
- 3
Subsidies are government payments to individuals or businesses that can distort markets, but may be justified in cases where the market produces less than what society wants, such as with renewable energy.
Practice Questions
12 questions · Multiple choice & Short answer
Exit Ticket
Quick comprehension check
“Explain how a price ceiling set below the equilibrium price affects the quantity of goods supplied and demanded in a market, and describe a real-world example of this effect in agriculture.”
Complete Lesson Package
Get all 3 ready-to-use resources:
