Introduction to Agricultural Economics

Description

Part I: Introduction

1. What is Agricultural Economics?

2. The U.S. Food and Fiber Industry

 

Part II: Understanding Consumer Behavior

3. Theory of Consumer Behavior

4. Consumer Equilibrium and Market Demand

5. Measurement and Interpretation of Elasticities

 

Part II: Business Behavior and Market Equilibrium

6. Introduction to Production and Resource Use

7. Economics of Input and Product Substitution

8. Market Equilibrium and Product Price: Perfect Competition

9. Market Equilibrium and Product Price: Imperfect Competition

 

Part IV: Government in the Food and Fiber Industry

10. Natural Resources, the Environment, and Agriculture

11. Government Intervention in Agriculture

 

Part V: Macroeconomics of Agriculture

12. Product Markets and National Output

13. Macroeconomic Policy Fundamentals

14. Consequences of Business Fluctuations

15. Macroeconomic Policy and Agriculture

 

Part VI: International Agricultural Trade

16. Agricultural Trade and Exchange Rates

17. Why Nations Trade

18. Agricultural Trade Policy and Preferential Trading Arrangements

 

Glossary

Index

 

For courses in Introduction to Agricultural or Applied Economics

A systematic overview of the economic forces influencing the food and fiber industry.

Introduction to Agricultural Economics provides students with a systematic, building block introduction to the basic economic concepts and issues impacting the U.S. food and fiber industry today. Thorough coverage of microeconomic and macroeconomic theory, the role of government, and international trade policies allows readers to gain an understanding of domestic consumers and overseas markets. Each chapter offers extensive review opportunities that let students test their knowledge of important concepts and prepare for exams.

The Seventh Edition has been thoroughly revised to provide students with the most up-to-date coverage of the dynamic food and fiber sector within the global economy.

• UPDATED: Restructures Chapter 11 dealing with government’s role in agriculture, including updated coverage of the crop insurance feature in current farm commodity policy.

• UPDATED: Revises Chapters 12-15 dealing with key macroeconomic topics and how macroeconomic events affect agriculture.

• Features a new four-color design to better capture student interest and make the economic concepts easier to grasp.

• UPDATED: Reflects the most current available data in all tables and figures to help students contextualize the information presented.

• EXPANDED: Helps students review and prepare for exams using updated end-of-chapter TEQ (Testing Your Economic Quotient) questions.

 

• Strong coverage of macroeconomics, the role of government, and international agricultural trade:

• Examines how macroeconomic policy, government regulations and international trade agreements impact farmers, ranchers, agribusinesses, financial institutions, and consumers of food and fiber products.      
• Offers coverage of macroeconomics and agricultural programs and policies that allow students to further understand the domestic economy.
• Includes coverage of international trade to help students understand events in today’s global economy.

• Building block approach:

• Provides students with a systematic introduction to the basic concepts and issues in economics as they relate to both the food and fiber industry.
• Focuses first on individual consumer and producer decision making, then market equilibrium and economic conditions, government intervention in agriculture, macroeconomic policy, and finally international trade so that readers build their understanding in a logical manner.
• Covers natural resource issues and government programs indigenous to the agricultural sector.
• Addresses policy implications in respective chapters.
• Includes extensive treatment of the important concept of elasticity and its relevance to understanding revenue and economic welfare implications.
• Introduces the notion of production and the supply curve for the firm, along with market equilibrium.
• Covers perfect and imperfect competition to complete the picture of microeconomics. 
• UPDATED: Restructures Chapter 11 dealing with government’s role in agriculture, including updated coverage of the crop insurance feature in current farm commodity policy.
• UPDATED: Revises Chapters 12-15 dealing with key macroeconomic topics and how macroeconomic events affect agriculture.

• Extensive chapter review, teaching, and learning materials:

• NEW: Features a new four-color design to better capture student interest and make the economic concepts easier to grasp.
• UPDATED: Reflects the most current available data in all tables and figures to help students contextualize the information presented.
• EXPANDED: Helps students review and prepare for exams using updated end-of-chapter TEQ (Testing Your Economic Quotient) questions.
• Offers PowerPoint slides and an Instructor’s Manual with Test Bank (containing answers to the EQ questions) for adopting instructors to support lectures and decrease course preparation time.

John B. Penson, Jr., holds the titles of Regents Professor and Stiles Endowed Professor of Agriculture in the Department of Agricultural Economics at Texas A&M University. He is also a senior scientist with the Norman Borlaug Institute for International Agriculture. Penson received a Ph.D. degree in agricultural economics from the University of Illinois. Penson has taught courses in Korea, Japan, Guatemala, Nicaragua, and Ecuador. His research has focused on the macroeconomics of agriculture and portfolio credit risk analysis. He has also conducted research in the Middle East and Eurasia.

 

Oral Capps, Jr., holds the titles of Executive Professor and Regents Professor in the Department of Agricultural Economics at Texas A&M University. He is a certified business economist and co-director of the Agribusiness, Food and Consumer Economics Research Center at Texas A&M University. He is also holder of the Southwest Dairy Marketing Endowed Chair. He received a Ph.D. in agricultural economics from Virginia Tech. He has received numerous teaching and research awards and is recognized internationally for his research in demand and price analysis.

 

C. Parr Rosson III is Professor and Department Head of the Agricultural Economics Department at Texas A&M University. He received his Ph.D. in agricultural economics from Texas A&M University. Rosson works in the areas of international trade and international marketing. He currently chairs the Education Committee of the Texas—Cuba Trade Alliance. He served on the Grains, Feed, Oilseeds and Planting Seeds Agricultural Trade Advisory Committee for the U.S. Trade Representative and U.S. Department of Agriculture from 2001 to 2015. He has conducted projects in Latin America, the Middle East, and Asia.

 

Richard T. Woodward is Professor in the Department of Agricultural Economics at Texas A&M University. His research is in the general area of environmental and resource economics. His recent research projects have focused on the use of transferable permits to address water quality and fishery challenges and problems of choice under uncertainty.