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Known for its strong coverage of macroeconomic theory and international trade, this book provides readers with a systematic introduction to the basic economic concepts and issues impacting the U.S. food and fiber industry. Using a building block approach, the authors discuss individual consumer and producer decision-making, market equilibrium and economic welfare conditions, government intervention in agriculture, macroeconomic policy and international trade. This new edition provides examples not only from the farm, but also throughout the entire food and fiber industry and features updated chapters on natural resources and the governmentrs"s role in agriculture. Some additional new features include: Enhanced coverage of natural resource issues Revised chapter on the governmentrs"s role in agriculture. Expanded and Updated! Testing Your Economic quotient sections Anyone interested in agriculture
Table of Contents
|What is Agricultural Economics?|
|The US Food and Fiber Industry|
|Understanding Consumer Behavior|
|Theory of Consumer Behavior|
|Consumer Equilibrium and Market Demand|
|Measurement and Interpretation of Elasticities|
|Business Behavior and Market Equilibrium|
|Introduction to Production and Resource Use|
|Economics of Input and Product Substitution|
|Market Equilibirium and Product Price: Perfect Competition|
|Market Equilibirium and Product Price: Imperfect Competition|
|Government in the Food and Fiber Industry|
|Natural Resources, the Environment, and Agriculture|
|Government Intervention in Agriculture|
|Macroeconomics of Agriculture|
|Product Markets and National Output|
|Macroeconomic Policy Fundamentals|
|Consequences of Business Fluctuations|
|Macroeconomic Policy and Agriculture|
|International Agriculture Trade|
|Agriculture and International Trade|
|Exchange Rates and Agricultural Trade|
|Why Nations Trade|
|Agricultural Trade Policy and Preferential Trading Arrangements|
|Table of Contents provided by Publisher. All Rights Reserved.|