For courses in Introductory Agricultural Economics.
Agricultural Economics, Third Edition, offers a broad view of the food system, emphasizing the links between and among financial institutions, the macro economy, world markets, government programs, farms, agribusinesses, food marketing, and the environment. The text lays out the basic theory of microeconomics with numerous examples from the food and agricultural industries, while its coverage of macroeconomics emphasizes real world applications rather than pure theory. Addressing many topics lightly instead of one or two topics in depth, the text allows flexibility for instructors to "skip around" topics.
PART I: FOUNDATIONS 1. The Food Industry 2. Introduction to Agricultural Economics 3. Introduction to Market Price Determination PART II: MICROECONOMICS 4. The Firm as a Production Unit 5. Costs and Optimal Output Levels 6. Supply, Market Adjustments, and Input Demands 7. Imperfect Competition and Government Regulation 8. The Theory of Consumer Behavior 9. The Concept of Elasticity PART III: MACROECONOMICS 10. Money and Financial Intermediaries 11. The Circular Flow of Income 12. Monetary Policy 13. Fiscal Policy 14. International Trade 15. Agricultural Policy PAT IV: ADVANCED TOPICS 16. Food Marketing: From Stable to Table 17. Futures Markets 18. Financial Markets 19. Investment Analysis 20. Farm Service Sector 21. The Economics of Market Failure 22. The Malthusian Dilemma 23. Economic Development and Food