Principles of Agricultural Economics

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Principles of Agricultural Economics introduces economic principles in a succinct and reader-friendly format, providing students and instructors with a clear, up-to-date, and straightforward approach to learning how a market-based economy functions and how to use simple economic principles for improved decision-making.

Principles of Agricultural Economics, now in its fifth edition, continues to showcase the power of economic principles to explain and predict issues and current events in the food, agricultural, and agribusiness sectors. This key text introduces economic principles in a succinct and reader-friendly format, providing students and instructors with a clear, up-to-date, and straightforward approach to learning how a market-based economy functions and how to use simple economic principles for improved decision-making.

The field of agricultural economics has expanded to include a wide range of topics and approaches, including macroeconomics, international trade, agribusiness, environmental economics, natural resources, and international development, and these are all introduced in this text. For this edition, new and enhanced material is included on agricultural policies, globalization, tariffs, trade, immigration, inflation, and volatility in food and agricultural markets. Additionally, the fifth edition includes a broader exploration of how democracy, politics, and the economics of food and agriculture intersect, as well as highlighting further international perspectives. Readers will also benefit from an expanded range of case studies and text boxes, including real-world examples, such as the Ukraine conflict, tariff policies, and immigration.

The work is supported by a companion website, including flash cards, study guides, PowerPoint presentations, multiple choice questions, essay questions, and an instructor’s manual. This book is ideal for courses on agricultural economics, microeconomics, rural development, and environmental policy.

Obsah

1. Introduction to the economics of agriculture 2. The economics of production 3. The costs of production 4. Profit maximization 5. Optimal input selection 6. Optimal output selection 7. Consumer choices 8. Supply 9. Demand 10. Markets 11. Government policies 12. The competitive firm 13. Market power 14. Agriculture and the global economy 15. Economics, agriculture, and the environment 16. Farm and agribusiness management