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: FOUNDATIONS1. The Food Industry2. Introduction to Agricultural Economics3. Introduction to Market Price Determination PART II: MICROECONOMICS4. The Firm as a Production Unit5. Costs and Optimal Output Levels6. Supply, Market Adjustments, and Input Demands7. Imperfect Competition and Government Regulation8. The Theory of Consumer Behavior9. The Concept of Elasticity PART III: MACROECONOMICS10. Money and Financial Intermediaries11. The Circular Flow of Income12. Monetary Policy13. Fiscal Policy14. International Trade15. Agricultural Policy PAT IV: ADVANCED TOPICS16. Food Marketing: From Stable to Table17. Futures Markets18. Financial Markets19. Investment Analysis20. Farm Service Sector21. The Economics of Market Failure22. The Malthusian Dilemma23. Economic Development and Food