Students will express their knowledge of markets, consumer and producer theory. This section will test student’s ability to apply economic theories to common scenarios faced by ag producers. Students will predict market movements, production choices by applying theory to realistic applications. Related theories/topics may include: Topics to include will be Markets, Supply, Demand, Equilibrium, Market Shifters (Determinants of Supply/Demand), Consumer Theory, Utility Maximization Preferences, Substitution Effect, Opportunity Cost/Tradeoffs, Producer Theory, Profit Maximization, Long Run Vs. Short Run Decision making, Fixed costs (overhead) vs variable costs, Inputs of Production, and Current Events.