Description For courses in Introduction to Agricultural or Applied Economics Introduction to Agricultural Economics, Sixth Edition, provides students with a systematic introduction to the basic economic concepts and issues impacting the U.S. food and fiber industry and offers strong coverage of macroeconomic theory and international trade. The Teaching and Learning Package includes an Instructor’s Manual and PowerPoint slides.
Teaching and Learning Experience:
Strong coverage of macroeconomics, the role of government, and international agricultural trade: The coverage of macroeconomics and agricultural programs and policies allows students to further understand the domestic market economy.
Building block approach: Discusses individual consumer and producer decision-making, market equilibrium and economic welfare conditions, government intervention in agriculture, macroeconomic policy, and international trade.
Extensive chapter review: Each chapter contains an extensive list of questions designed to test student comprehension of the material covered.
Strong coverage of macroeconomics, the role of government, and international agricultural trade:
Examines how macroeconomic policy, government regulations and international trade agreements impact farmers, ranchers, agribusinesses, financial institutions, and consumers of food and fiber products.
The coverage of macroeconomics and agricultural programs and policies allows students to further understand the domestic market economy.
The coverage of international trade helps students understand events in today's global economy.
Building block approach:
Provides students with a systematic introduction to the basic concepts and issues in economics as they relate to both the food and fiber industry.
Focuses first on individual consumer and producer decision making, then market equilibrium and economic conditions, then government intervention in agriculture, then macroeconomic policy, and finally international trade.
Covers natural resource issues and government programs indigenous to the agricultural sector.
Addresses Policy implications in the respective chapters.
Includes extensive treatment of the important concept of demand and elasticity and its relevance to understanding revenue and economic welfare implications.
Introduces the notion of production and the supply curve for the firm, along with market equilibrium.
Covers perfect and imperfect competition to complete the picture of microeconomics.
Extensive chapter review:
Each chapter contains an extensive list of questions designed to test student comprehension of the material covered. These questions are labeled EQs (economic quotients).
An instructor's manual is provided with answers to the EQ questions, and a test bank is provided with answers.
Instructor support materials:
Includes updated PowerPoint slides and an Instructor’s Manual with Test Bank.
Supplies instructors with visuals and materials that support each lecture and decrease course preparation time.
Table of Contents Part One: Introduction
1. What is Agricultural Economics?
2. The U.S. Food and Fiber Industry
Part Two: Understanding Consumer Behavior
3. Theory of Consumer Behavior
4. Consumer Equilibrium and Market Demand
5. Measurement and Interpretation of Elasticities
Part Three: Business Behavior and Market Equilibrium
6. Introduction to Production and Resource Use
7. Economics of Input and Product Substitution
8. Market Equilibrium and Product Price: Perfect Competition
9. Market Equilibrium and Product Price: Imperfect Competition
Part Four: Government in the Food and Fiber Industry
10. Natural Resources, the Environment, and Agriculture
11. Government Intervention in Agriculture
Part Five: Macroeconomics of Agriculture
12. Product Markets and National Output
13. Macroeconomic Policy Fundamentals
14. Consequences of Business Fluctuations
15. Macroeconomic Policy and Agriculture
Past Six: International Agricultural Trade
16. Agricultural Trade and Exchange Rates
17. Why Nations Trade
18. Agricultural Trade Policy and Preferential Trading Arrangements
John B. Penson, Texas A&M University Oral Capps C. Parr Rosson, Texas A & M University Richard T. Woodward, Texas A&M University