Agricultural Economics

PART I: FOUNDATIONS

1. The Food Industry

2. Introduction to Agricultural Economics

3. Introduction to Market Price Determination

PART II: MICROECONOMICS

4. The Firm as a Production Unit

5. Costs and Optimal Output Levels

6. Supply, Market Adjustments, and Input Demands

7. Imperfect Competition and Government Regulation

8. The Theory of Consumer Behavior

9. The Concept of Elasticity

PART III: MACROECONOMICS

10. Money and Financial Intermediaries

11. The Circular Flow of Income

12. Monetary Policy

13. Fiscal Policy

14. International Trade

15. Agricultural Policy

PAT IV: ADVANCED TOPICS

16. Food Marketing: From Stable to Table

17. Futures Markets

18. Financial Markets

19. Investment Analysis

20. Farm Service Sector

21. The Economics of Market Failure

22. The Malthusian Dilemma

23. Economic Development and Food

For courses in Introductory Agricultural Economics.

Agricultural Economics, Third Edition, offers a broad view of the food system, emphasizing the links between and among financial institutions, the macro economy, world markets, government programs, farms, agribusinesses, food marketing, and the environment. The text lays out the basic theory of microeconomics with numerous examples from the food and agricultural industries, while its coverage of macroeconomics emphasizes real world applications rather than pure theory. Addressing many topics lightly instead of one or two topics in depth, the text allows flexibility for instructors to "skip around" topics.

Chapters on advanced topics deal with real world issues and applications:

• The text includes coverage on such topics as food marketing, financial markets, futures markets, environmental economics (market failure), and economic development issues in poor countries.

Chapter pedagogy helps students study more effectively:

• Chapter Summary, Key Terms, Problems and Discussion Questions, and (new to this edition) Sources of Information provide students with useful review and study tools.
• Key Terms are defined in margin boxes for students to easily locate.
• Warning boxes point out mistakes frequently made by students.

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