Consider parking your car at Amarillo College and the different parking lots around campus.
Why is it difficult to find a convenient parking spot during certain times of the day? As an
economist, how would you solve this problem? Please describe your solution in the terms of
supply, demand, and opportunity cost.
Now extend that rationale to the world economy. How does the global economy supply and
demand of soybeans affect a farmer in Iowa? Explain equilibrium price, excess supply, and
excess demand, especially in terms of the demand and supply curve. Can you draw any
parallels from your parking solution to soybean farmers?
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