In this learning unit, we will examine the law school example as a model to demonstrate resource allocation:the various ways we can decide who gets what as a society.We will also look at "The Farm Problem"

By the end of this learning unit, you will be able to:

• Define a surplus and scarcity:the idea that quantity demanded exceeds quantity supplied, and vice versa
• Identify the various methods of allocating a resource
• Describe a price support
• Explain the specific problems facing the American farmer and why we care

Please help me to answer these question.. In the USA location.

1.What, exactly, is the "Farm Problem", in your own words ?What are the six forces or factors that help explain the 'Farm Problem'?Please list and discuss what happens to the Supply and Demand forces in the market for wheat or corn in a typical year, and over a typical ten year period (decade).

2.What is a "price support"?How does it work?Why are price supports a bad solution to the Farm Problem?

3.Please list and discuss three alternative solutions to the Farm Problem.Which one alternative solution is the best, in your opinion?Why?

4.Let's say that on the first day of class, 90 students want to enroll in our class, Econ 10 B, but only 70 students will be allowed in.Please list and discuss five different ways of deciding who gets in and who does not get in.Which method is best, in your opinion?Why?Which method is the worst, in your opinion?Why?