|CLASS CODE:||AGBUS 210||CREDITS: 3|
|DIVISION:||AGRICULTURAL AND LIFE SCIENCES|
|DEPARTMENT:||AGRICULTURE BUSINESS SCIENCE & TECHNOLOGY|
|GENERAL EDUCATION:||This course does not fulfill a General Education requirement.|
|CATALOG DESCRIPTION:||A systematic introduction to basic economic concepts and issues as they relate to the agribusiness sector in the U. S. economy.|
|DESCRIPTION:||A systematic introduction to basic economic concepts and issues as they relate to the agribusiness sector in the U. S. economy. An introduction to those microeconomic and macroeconomic forces influenceing the decisions of agricultural producers and consumers of food and fiber products. Applications of economic principles in the areas of agricultural production, marketing, finances and policy.|
|TOPICS:||* What is Agricultural Economics.
* The U. S. Food and Fiber Industry
* Theory of consumer behavior.
* Consumer equilibrium and market demand.
* Measurement and interpretation of elasticity's.
* Introduction to production and resource use.
* Economics of input substitution.
* Economics of product substitution.
* Market equilibrium and product price: Perfect competition.
* Market equilibrium and product price: Imperfect competition.
* Government intervention in agriculture.
* Supporting farm prices and incomes.
* Product markets and national output.
* Consequences of business fluctuations.
* Macroeconomic policy in agriculture: Monetary policy and Fiscal policy.
* Economics of Agricultural Trade (domestic and international) Policy.
|OBJECTIVES:||The student will learn how to apply economic principles to factors involved in the production of food and fiber. He/she will also understand how these principles drive processing, distribution, and consumption of raw and processed agricultural products.|
|PREREQUISITES:||Sophomore standing and math background.|
|EFFECTIVE DATE:||December 2003|