Lesson Notes By Weeks and Term v4 - SHS 2

Lesson Video

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Performance objectives

• Define demand, supply, and price determinants.
• Create demand and supply schedules for an agricultural commodity.
• Prepare and interpret graphs of demand and supply.
• Identify and explain factors that determine prices for agricultural commodities.

Lesson summary

Welcome, students! Have you ever wondered why the price of plantain is high one month and low the next? Or why the price of tomatoes from the North drops so much during the harvest season? These changes are not random. They are controlled by powerful economic forces called demand and supply. In today's lesson, we will uncover the secrets behind the prices of the agricultural goods we see in our markets every day. Understanding this will not only make you an informed consumer but will also provide you with the foundational knowledge to become a successful farmer or agribusiness professional who knows how to make a profit.

Lesson notes

A. The Concept of Demand

In economics, demand is not just the desire to have something. It is the willingness AND ability of a consumer to purchase a specific quantity of a good or service at a given price over a certain period. Willingness: You want to buy it. Ability: You have the money (e.g., Ghanaian Cedis) to buy it.

Example: You might *want* a whole carton of frozen chicken, but if you only have GHS 20, your *effective demand* might only be for a few pieces.

The Law of Demand: This is a fundamental principle. It states that *ceteris paribus* (all other things being equal), as the price of a good increases, the quantity demanded for that good decreases. Conversely, as the price decreases, the quantity demanded increases. There is an inverse relationship between price and quantity demanded. B. The Demand Schedule and Demand Curve

Evaluation guide

• Create demand and supply schedules and prepare graphs to s how the
• determinants of price for an agricultural commodities
• Inquiry -based learning:
• Learners in a mixed -gender groups watch a video on the determinants of price