AGRI 110 - Introductory Agricultural Business and Economics

1. Identify the role of economics in the management of businesses involved in the production, distribution, and marketing of foods and fibers.
2. Identify economic principles, vocabulary, and approaches to society’s problems.
3. Describe the role of agriculture in a growing economy.
4. Identify the basic economic principles used in production, marketing, and solving business management problems confronting food and agricultural businesses.
5. Analyze price and output determination under different market structures.
6. Apply the concepts of supply, demand, elasticity, cost theory and profit.
7. Explain why society has vested interest in agriculture.
8. Examine the causes and possible solutions for persistent agriculture problems such as low farm income, balancing farm production with the economy’s needs, stabilizing farm income, and the exodus of farmers to non-farm employment.
9. Examine the problems of market failure, considering externalities and public goods.
10. Reason accurately and objectively about economic matters.
11. Describe the importance of economics in everyday life.

• The “Economizing Problem”
• Utility maximization
• Economic methods
• Profit maximization
• Market system
• Costs of production
• Law of demand
• Pure competition
• Law of supply
• Pure monopoly
• Market equilibrium
• Monopolistic competition
• Elasticity’s of demand
• Oligopoly
• Elasticity’s of supply
• Technological changes
• Research and development
• Public goods
• Resource markets
• Externalities
• Resource prices
• Economics of agriculture
• Economic role of government
• Agricultural policies
• Market failure

 
GRADING POLICY

 
Course Addendum - Syllabus (Click to expand)