The definition of economic cost is the time, money, and resources required for a task or job.  Here is an example.  If I wanted to start raising chickens, the economic cost would include buying chickens, buying feed, finding an appropriate space, buying a coop or getting materials for a coop and investing time in setting it up, and caring for the chickens each day.  When we consider economics when making a decision, we use a type of thinking called cost-benefit analysis.  We carefully consider what will be needed (cost) and what will be gained (benefit) if a certain actions occur.  
Every year, farmers plan for the next planting season taking into accounts potential profits from successful crop yields, market demand and prices, and external cost of labor, capital, and unexpected disasters. In the capitalistic society that we live in, individuals have free choice to own resources and have the right to employ their time and resources however they choose.
For this assignment, you are going to take on the role of a farm manager.  You will be responsible for a 1,000 acre farm and will have a series of decisions to make about how to manage your farm.  Your goal is to make the most money while considering the risks that come with each crop.  Be careful of the amount of each crop you decide to plant because some markets are highly unpredictable. 
Before you jump in to farm management, let's review some important economic terms and farm terms that will help you along your journey.

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