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Agricultural Economics,9780130846556
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Agricultural Economics

by
ISBN13:

9780130846556

ISBN10:
0130846554
Format:
Hardcover
Pub. Date:
9/1/2000
Publisher(s):
Prentice Hall

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Summary

For one-semester introductory course in agricultural and environmental economics intended for the non-major. This innovative text provides a broad view of the food system, with its emphasis on the links among financial institutions, the macro economy, world markets, government programs, farms, agribusinesses, food marketing, and the environment. It illustrates the six economic concepts which form the foundation of the economist's decision making process including supply and demand, opportunity cost, diminishing returns, marginality, measuring costs and returns, and the externalities of transactions. Presented in a non-threatening conceptual framework, the material covered in this text maintains a strong attachment to the application of agricultural economics to the real world.

Table of Contents

Preface ix
Introduction to Agricultural Economics
1(25)
Agricultural Economics
1(1)
Basis for Economics
1(1)
Basic Economic Decisions
2(1)
Economic Systems
2(1)
Levels of Economic Activity
3(4)
Microeconomics
4(2)
Market Economics
6(1)
Macroeconomics
6(1)
Basic Skills of the Agricultural Economist
7(7)
Economic Models
8(1)
Ceteris Paribus
8(1)
Opportunity Cost
9(1)
Diminishing Returns
10(1)
Marginality
10(2)
Logical Fallacies
12(2)
Facts, Beliefs, and Values
14(1)
Words
14(3)
Appendix 1
17(1)
Expressing Relationships
17(9)
Relationships
17(2)
Reading Graphs
19(2)
Slope of a Line
21(2)
Slope of a Curve
23(1)
Special Cases
24(2)
Introduction to Market Price Determination
26(14)
Markets
26(1)
Demand and Supply
27(4)
Demand
27(2)
Supply
29(2)
Price Determination
31(2)
Changes in Supply and Demand
33(3)
Concept of Elasticity
36(4)
Financial Markets
40(33)
How Firms Obtain Funds
40(1)
Stock
41(14)
Newly Issued Stock
41(3)
Previously Issued Stock
44(2)
Stock Price Determinants
46(2)
Reading Stock Reports
48(2)
Stock Splits
50(1)
Classes of Stocks
50(1)
Types of Stocks
51(1)
Market Indicators
51(2)
Investors and Speculators
53(1)
Summary---What Makes Stock Prices Go Up and Down?
53(2)
Bonds
55(9)
Characteristics of Bonds
55(3)
Trading of Bonds
58(1)
Bond Prices
59(2)
Bond Price Quotations
61(1)
Other Bond Features
62(2)
Mutual Funds
64(9)
How a Mutual Fund Works
65(1)
Managers and Advisers
66(1)
Types of Funds
67(1)
How to Read Mutual Fund Quotations
67(3)
Closed-End Funds
70(3)
Money and Financial Intermediaries
73(15)
What Is Money?
73(2)
Money as a Medium of Exchange
73(2)
Money as a Store of Wealth
75(1)
Money as a Basis for Keeping Records
75(1)
What Backs Money?
75(1)
Legal Tender
76(1)
Money and Prices
76(1)
The Money ``Supply''
76(2)
M1
77(1)
Near-Monies
77(1)
Credit and Debit Cards
78(1)
Financial Markets
78(10)
The Commercial Banking System
79(2)
Financial Failures
81(4)
Banks in the New Millennium
85(3)
Monetary Policy
88(16)
The Money Supply and Economic Activity
89(6)
Objectives of Macroeconomic Policy
89(1)
How Monetary Policy May Affect These Objectives
90(5)
Implementing Monetary Policy
95(6)
Federal Reserve System
95(1)
Money Creation
96(1)
Instruments of Monetary Policy
97(4)
Summary of Monetary Policy
101(3)
The Circular Flow of Income
104(25)
Stocks, Flows, and Final Goods
105(3)
Stocks and Flows
106(1)
National Wealth
107(1)
Consumption
107(1)
The Circular Flow
108(5)
The Physical Flow
108(2)
The Economic Flow
110(1)
The Basic Principle
110(3)
Gross Domestic Product and National Income
113(8)
The Gross Domestic Product
113(1)
National Income
114(1)
Measurement Difficulties
115(1)
A Microeconomic Example
116(1)
The Price Level and GDP
117(4)
The Circular Flow by Economic Sector
121(3)
Households
121(1)
Business Firms
122(1)
Governments
122(1)
The Foreign Sector
123(1)
The Total System
123(1)
The Role of Financial Intermediaries
124(5)
Fiscal Policy
129(21)
Debt and Deficits
129(2)
The Classical School
131(2)
Say's Law
131(1)
Quantity Theory of Money
132(1)
Classical Macroeconomic Policy
133(1)
The Keynesian Revolution
133(17)
The Great Depression
133(2)
The Keynesian Contribution
135(3)
Fiscal Policy in the 1930s
138(2)
Post-World War II Fiscal Policy
140(1)
Stagflation in the 1970s
141(2)
The Wild Ride of the 1980s
143(4)
Through the 1990s
147(3)
International Trade
150(33)
Changing U.S. Trade Patterns
150(2)
Role of Trade in the U.S. Economy
150(2)
From Creditor to Debtor
152(1)
The Importance of World Trade to U.S. Agriculture
152(3)
The Importance of U.S. Exports in World Trade
155(4)
Wheat
156(1)
Feed Grains
157(1)
Rice
158(1)
Soybeans
159(1)
Agricultural Imports of the United States
159(1)
Why Do Nations Trade?
160(5)
The Basis for Trade
162(1)
Excess Supply/Demand
163(1)
A Simple Trade Model
163(2)
Gains from Trade
165(2)
Restraints to Trade
167(5)
Tariffs
167(3)
Quotas
170(1)
Restrict Domestic Demand
171(1)
Trade Agreements
172(1)
General Agreement on Tariffs and Trade
172(1)
North American Free Trade Agreement
172(1)
Balance of Payments
172(2)
Foreign Exchange Markets
174(9)
Agricultural Policy
183(13)
The Perfect Food System
184(1)
The Nature of Agricultural Problems
184(1)
The Economic Environment of Agricultural Policy Issues
185(1)
Types of Agricultural Policy
186(7)
Developmental Agricultural Policies
187(1)
Agricultural Price and/or Income Support Policies
187(6)
Prospects for the Future
193(3)
The Firm as a Production Unit
196(13)
The Perfectly Competitive Firm
196(3)
Objective of the Perfectly Competitive Firm
196(2)
Conditions of Perfect Competition
198(1)
Behavior of the Perfectly Competitive Firm
198(1)
Production
199(3)
Fixed and Variable Inputs
199(1)
Length of Run
199(1)
Returns to Scale
200(1)
The Production Function
200(1)
The Total Product
201(1)
Diminishing Marginal Product
202(5)
Mathematical Appendix
207(2)
Costs and Optimal Output Levels
209(32)
Optimal Output Level
210(15)
Costs of the Firm
210(5)
Revenue
215(1)
Profit Maximization
216(9)
Appendix 1
225(1)
Mathematical Approach
225(4)
Notational Conventions
225(1)
Total, Average, and Marginal
225(1)
Relationships
225(1)
Profit Maximization
226(3)
Appendix 2
229(1)
Factor-Factor Model
229(7)
Local Cost Minimization
230(1)
Constant Output
231(1)
Local Profit Maximization
231(1)
Graphical Solution
232(2)
Expansion Path
234(2)
Appendix 3
236(1)
Product-Product Model
236(5)
Local Revenue Maximization
236(1)
Graphical Solution
237(2)
Generalization
239(2)
Firm Supply and the Market
241(8)
Firm Supply
241(1)
Market Supply
242(1)
Dynamic Relationship Between the Firm and the Market
243(2)
Cost Structure and Price Variability
245(4)
Imperfect Competition and Government Regulation
249(20)
Market Structure
249(1)
Perfect Competition
250(1)
Structure
250(1)
Conduct
250(1)
Pure Monopoly
251(5)
Structure
251(1)
Barriers to Entry
252(1)
Conduct of the Monopoly Firm
253(2)
Unprofitable Monopolies
255(1)
Performance
256(1)
Monopolistic Competition
256(4)
Structure
256(2)
Conduct of the Monopolistically Competitive Firm
258(2)
Performance
260(1)
Oligopoly
260(3)
Structure
260(1)
Conduct
261(1)
Game Theory
262(1)
Government Regulation
263(6)
Railroads
263(1)
Standard Oil
263(1)
Antitrust
263(1)
Natural Monopolies
264(1)
Marketing Orders in Agriculture
264(5)
Theory of Consumer Behavior
269(23)
The Law of Demand
269(1)
Real Income and Substitution Effects
270(1)
Substitution Effect
270(1)
Real Income Effect
270(1)
Market Demand and Individual Demand
271(1)
Utility Analysis
271(6)
Assumptions about the Utility Model
271(2)
Total and Marginal Utility
273(3)
Deriving the Demand Curve
276(1)
Indifference Curve Analysis
277(11)
Utility Maximization
281(1)
The Impact of Changes in Ceteris Paribus Conditions
282(3)
Substitutes and Complements
285(1)
Derivation of the Individual Demand Curve
286(2)
The Market Demand Function
288(4)
The Concept of Elasticity
292(16)
Elasticity of Demand
292(10)
Arc Elasticity
293(3)
Point Elasticity
296(3)
Elasticity of Demand Related to Total Revenue
299(1)
Factors Affecting Demand Elasticity
300(2)
Price Discrimination
302(1)
Cross-Price Elasticity
303(1)
Income Elasticity
304(1)
Elasticity of Supply
305(3)
Food Marketing: From Stable to Table
308(25)
Food Marketing Defined
308(1)
Food Marketing Creates Utility
309(2)
The Four Utilities of Food Marketing
309(1)
Why Do Food Marketing Firms Produce Utility?
310(1)
Choices
311(1)
Approaches to the Study of Food Marketing
311(1)
Functional
311(1)
Institutional
311(1)
Market Levels
311(1)
Commodity
312(1)
The Food Bill
312(2)
Away from Home Share
313(1)
The Food Marketing Bill
314(4)
Size and Composition
314(2)
By Commodity
316(2)
Farm Service Marketing Bill
318(1)
Food Market Levels
318(3)
Assemblers
318(1)
Commodity Processors
319(1)
Food Processors
319(1)
Distributors
319(1)
Retailers
319(1)
Vertical Integration
320(1)
Industrialization
321(1)
Market Functions
321(1)
Primary Functions
321(1)
Facilitating Functions
321(1)
Marketing Margins
322(7)
Derived Demand
323(1)
Derived Supply
323(1)
Market Equilibrium
324(1)
Dynamic Adjustment
325(1)
Gains from Marketing Efficiency
326(1)
Elasticity by Market Level
327(2)
Food Market Regulations
329(4)
Futures Markets
333(21)
Forward Pricing
333(2)
Futures Markets
335(14)
Exchanges
335(1)
Futures Contracts
336(4)
Arbitrage
340(1)
Futures Contract Prices
340(1)
Basis of Futures Contracts
341(1)
Speculators
342(1)
Hedgers
343(6)
A Final Word
349(5)
Farm Service Sector
354(13)
Purchased Inputs
354(5)
Direct Sales
355(1)
Franchise Agents
355(1)
General Store
355(1)
Cooperatives
356(3)
Insurance
359(1)
Crop Insurance
359(1)
Income Insurance
360(1)
Credit
360(3)
Types of Credit
360(1)
Sources of Credit
361(2)
Farm Labor
363(4)
Tenant Labor
363(1)
Labor Contractors
364(1)
Custom Hire
364(1)
Consultants
364(3)
Investment Analysis
367(9)
Typical Life of an Investment
368(1)
Economic Profitability of an Investment
368(6)
Present Value
369(4)
Net Present Value
373(1)
Internal Rate of Return
373(1)
Evaluating Alternatives
374(2)
Environmental Policy and Market Failure
376(23)
Advantages of Markets
376(1)
Coordination
376(1)
Prices Driven to Minimum Cost
376(1)
Disequilibria Are Self-Correcting
377(1)
No Coercion
377(1)
Types of Goods for Which Markets Fail
377(6)
Poorly Defined Property Rights
378(2)
Public Goods
380(2)
Common Property Goods
382(1)
Externalities Cause Market Failure
383(11)
Externalities Defined
384(1)
Private and Social Costs/Benefits
385(1)
Pesticide Use---An Example of Externalities
385(1)
Higher Education---Another Example of Externalities
386(2)
Optimal Level of Pollution
388(2)
Benefit-Cost Analyses
390(1)
Policy Alternatives
391(3)
Problems in Dealing with Market Failure
394(5)
Information Failure
394(1)
Economic Efficiency Considerations
395(1)
Equity Considerations
395(4)
The Malthusian Dilemma
399(10)
The Pessimists
400(1)
The Optimists
401(2)
The Demographic Transition
403(3)
Traditional
403(1)
Developing
404(1)
Developed
405(1)
Land
406(3)
Economic Development and Food
409(8)
Quantity of Food
409(4)
For Want of Food
410(1)
Who Is Hungry?
411(2)
Why Hunger?
413(1)
Food Demand During Development
413(4)
Quantity
414(1)
Quality
414(1)
Processing and Marketing
414(3)
Glossary 417(16)
Index 433


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