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1. Definition of agricultural economics
   • Scope of economics
   • Microeconomics versus macroeconomics
   • Comparative economic systems
2. U.S. and global food and fiber industry
3. Consumer behavior and market demand
   • Utility theory and consumer choice
   • Indifference curves
   • Law of demand
   • Demand elasticities
4. Economics of Production
   • Single-variable input functions
   • Production functions
   • Profitability
5. Supply, price determination, and market equilibrium
6. Competition and the market
   • Pure competition, monopoly, and imperfect competition
   • Anti-trust laws/agricultural bargaining
7. Government Policy and Agricultural trade
   • International trade policy
   • Government farm policy
   • Trade agreements

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At the conclusion of this course, the student should be able to:

• Compare and contrast the role of agriculture in the economic structure of the state, country and world.
• Define economic terms.
• Analyze market conditions and predict price.
• Compare and contrast different economic systems.
• Define the laws of supply and demand.
• Construct and analyze graphs that utilize cost/revenue data to maximize profitability.
• Graph and analyze production functions and identify the three stages of production.

Comprehensive Quizzes and Exams

Written Critical Thinking Scenarios

Problem Analysis and Solution

Research and Term Papers

Seitz, Halcrow, Economics of Resources, Agriculture, and Food, McGraw Hill

Cramer, Jensen, Agricultural Economics and Agribusiness, Wiley and Sons, Inc.

Findeis, Introduction to Agriculture Economics, Kendall/Hunt Publishing Company