Agricultural economics, (2^nd Ed.)

This innovative text provides a broad view of the food system, with its emphasis on the links among financial institutions, the macroeconomy, world markets, government programs, farms, agribusinesses, food marketing, and the environment. Taking a macro-to-micro approach, the text introduces “high interest” topics students can relate to first, using them to capture student interest before introducing microeconomics topics. It illustrates the six economic concepts which form the foundation of the economist's decision-making process including supply and demand, opportunity cost, diminishing returns, marginality, measuring costs and returns, and the externalities of transactions. Presented in a non-threatening conceptual framework, the material covered in this text maintains a strong attachment to the application of agricultural economics to the real world.

The Food Industry. Introduction to Agricultural Economics. Introduction to Market Price Determination. Financial Markets. Money and Financial Intermediaries. Monetary Policy. The Circular Flow of Income. Fiscal Policy. International Trade. Agricultural Policy. The Firm as a Production Unit. Costs and Optimal Output Levels. Firm Supply and the Market. Imperfect Competition and Government Regulation. The Theory of Consumer Behavior. The Concept of Elasticity. Food Marketing: From Stable to Table. Futures Markets. Farm Service Sector. Investment Analysis. Environmental Policy and Market Failure. The Malthusian Dilemma. Economic Development and Food.