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The goal is to provide the student with an understanding of the basic theoretical tools employed by economists in the analysis agricultural price determination and discovery. Special attention is given to supply and demand, price determination, technical progress, the allocation of land, labour and capital. Types of markets and their structure will be examined as well as the implications they have for participants. The traditional topics of price seasonality, marketing margins, derived demand, and trade will be covered. This course aims to present students the role of government regarding agriculture, food and environment as well as the economics of the food industry.
Nature of an Economic System. Basic Economic Problems of Society. Allocation of production factors. Tools of Agricultural Economists. The Farm and Food System. Market Economics. Production Functions. Cost Curves. Supply Relationships.Supply, Demand and Market Price. The Role of Market Price. Elasticity. Agriculture's Role in the Economy. International Agricultural Trade. Agricultural Finance. National Policy and Agriculture. Business Fluctuations. Policy Actions and Agriculture. Market Structure. Marketing Management Pure Competition. Price Setting Strategy. Risk management institutions.
Upon succesful completion of this course, a student will be able to
1. Discuss agricultural trade, consumption, and employment as it pertains to agricultural economics
2. Demonstrate the basic economic principles of economic systems, supply and demand, and production economics and its importance to agriculture
3. Know the management techniques used to achieve goals in an agriculture business
4. Be able to demonstrate knowledge about the impact of laws governing agricultural economics
5. Explain short and long-run cost structures and cost curves
6. Differentiate own-price, cross-price, and income elasticities
7. Explain structure and interaction of manufacturing and retailing
8. Discuss the product development process, market segmentation, pricing strategies, and break even strategies
9. Analyze an agricultural business opportunity and/or marketing plan