Agricultural and Commodity Markets: Applying Supply and Demand Analysis

This lecture covers the application of supply and demand concepts to agriculture and commodity markets. It introduces key terms, explains market equilibrium and shifts, and discusses the importance of time frames in economic analysis. The lecture analyzes agriculture markets in both the long and short run, highlighting the impact of productivity and climate. It also examines the oil and rare metals markets, focusing on demand, supply control, and sustainability issues. The lecture concludes with a preview of the next topic, the UK housing market.

Discuss the impact of Malthus's prophecy on agricultural productivity over the past two centuries.

What role does climate play in the supply curve for agricultural products?

Analyze the sustainability issues related to the extraction of rare metals.