Introduction to Agricultural Economics
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This innovative book will provide beginning students in agriculture with a systematic introduction to the basic concepts and issues in economics as they relate to a major segment of the US economy - the food and fiber industry. The coverage traces the major microeconomic and macroeconomic forces influencing the decisions of producers and consumers of food and fiber products. Outstanding features of this new book include the economic principles and practices affecting producers and consumers of food and fiber products; answers to the question "What is agricultural economics?" by defining the field of economics, and then developing a definition of agricultural economics based on the role that agricultural economists play at both the micro and macro levels; description of concepts in an easy-to-understand style supported by excellent graphical analysis; thorough coverage of international agricultural trade issues; a sound instructional framework in each chapter composed of chapter overviews, chapter summaries, definitions of key terms, references, and suggestions for further reading; addressing the entirety of the food and fiber industry; five chapters on the economics of agriculture; and a discussion on the impact of trade and the international aspects of agriculture. Booknews This textbook provides a systematic introduction to the major concepts and issues in economics, specifically as they relate to agriculture. Focusing on the decisions made by consumers and producers of food and fiber products, it covers microeconomic aspects, sector performance, market equilibrium, government regulation, macroeconomics, and international trade. Unlike most texts on the subject, this book does not restrict its coverage to farm economics, but looks at the entire industry. The authors teach at Texas A&M University. Annotation c. Book News, Inc., Portland, OR (booknews.com)
Ch. 1What Is Agricultural Economics?3Ch. 2The U.S. Food and Fiber Industry20Ch. 3Theory of Consumer Behavior53Ch. 4Consumer Equilibrium and Market Demand68Ch. 5Measurement and Interpretation of Elasticities89Ch. 6Assessing Business Performance111Ch. 7Introduction to Production and Resource Use129Ch. 8Economics of Input Substitution155Ch. 9Economics of Product Substitution178Ch. 10Market Equilibrium and Product Price: Perfect Competition191Ch. 11Market Equilibrium and Product Price: Imperfect Competition206Ch. 12Government Intervention in Agriculture239Ch. 13Supporting Farm Prices and Incomes262Ch. 14Product Markets and National Output287Ch. 15Consequences of Business Fluctuations314Ch. 16Money, Money Markets, and Monetary Policy335Ch. 17Fiscal Policy and Budget Deficits359Ch. 18Macroeconomic Policy and Agriculture381Ch. 19Agriculture and International Trade409Ch. 20Exchange Rates and Agricultural Trade434Ch. 21Why Nations Trade465Ch. 22Agricultural Trade Policy478Ch. 23Emerging Issues in Agricultural Trade the Formation of Preferential Trading Arrangements504
