Introduction to Agricultural Economics

by John B., Jr. Penson; Oral Capps; Oral Capp

• ISBN13: 9780131024687
• ISBN10: 013102468X
• Format: Hardcover
• Copyright: 1995-12-01
• Publisher: Prentice Hall Professional Technical Reference

Summary

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.

Table of Contents

Introduction	p. 1
What is Agricultural Economics?	p. 3
The U.S. Food and Fiber Industry	p. 20
Understanding Consumer Behavior	p. 53
Theory of Consumer Behavior	p. 55
Consumer Equilibrium and Market Demand	p. 74
Measurement and Interpretation of Elasticities	p. 100
Business Behavior and Market Equilibrium	p. 121
Assessing Business Performance	p. 123
Introduction to Production and Resource Use	p. 141
Economics of Input Substitution	p. 172
Economics of Product Substitution	p. 197
Market Equilibrium and Product Price: Perfect Competition	p. 212
Market Equilibrium and Product Price: Imperfect Competition	p. 231
Government in the Food and Fiber Industry	p. 267
Government Intervention in Agriculture	p. 269
Supporting Farm Prices and Incomes	p. 294
Macroeconomics of Agriculture	p. 321
Product Markets and National Output	p. 323
Consequences of Business Fluctuations	p. 351
Money, Money Markets, and Monetary Policy	p. 374
Fiscal Policy and Budget Deficits	p. 399
Macroeconomic Policy and Agriculture	p. 422
International Agricultural Trade	p. 451
Agriculture and International Trade	p. 453
Exchange Rates and Agricultural Trade	p. 480
Why Nations Trade	p. 510
Agricultural Trade Policy	p. 525
Emerging Issues in Agricultural Trade: the Formation of Preferential Trading Arrangements	p. 552
Index	p. 569
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