|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.|
|DESCRIPTION:||A systematic introduction to basic economic concepts and issues as they relate to the agribusiness sector in the U. S. economy.|
|CONTENT AND 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.
|GOALS AND OBJECTIVES:||* Communicate ideas and concepts of economics in agriculture.
* Think beyond the lecture, text, and classroom.
|PREREQUISITES:||Sophomore standing and math background.|
|EFFECTIVE DATE:||December 2003|