Lecture Notes for ARE 012 - INTRO TO AG ECON at NC State (NCSU)

Notes Information

Material Type:Class Note
Subject:Agricultural Economics
University:North Carolina State University
  • Economic System
  • Provided That
  • Distribution System
  • Physical Distribution
  • Information Flows
  • Distribution Centers
  • Commodities
  • In/on/at a Place
  • Basic Research
  • Distribution
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Sample Document Text

1 1 The Functions of An Economic System These Functions Must Be Performed Regardless of the Type of Economic System Practiced 2 2 Determine WHAT to Produce, and HOW MUCH u Only those commodities for which consumers are willing to pay a price per unit sufficiently high enough to cover at least the full cost of production will be supplied by producers in the long run. (Cost Curves) 3 3 Determine WHAT to Produce, and HOW MUCH u By offering a higher price, consumers can normally induce producers to increase the quantity of a commodity that they will supply per unit of time. (The SUPPLY Curve) 4 4 Supply Curve P Quantity Supplied per unit time Supply P0 P1 Q0 Q1 5 5 Organize the Production Process How are we going to produce ? u Refers to the choice of the combination of resources and the particular technique to use (technology) in producing a good or service. (Production Function) 6 6 Organize the Production Process uA good or service can normally be produced w...

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