Agricultural Economics deals with decision making within the unique context of the broadly defined food and fiber sector.

This text takes a thorough look at agricultural economics from a broad perspective that emphasizes the linkages between and among financial institutions, the macro economy, world markets, government programs, farms, agribusinesses, food marketing, farm services, and the environment.

Features:

• A new chapter on the food system introducing readers to the fundamentals of food production from the farm to the consumer
• Information on the 2002 Farm Bill, new to this edition
• Substantial revision of chapters on farm policy and market failure/environmental economics
• and more!

The key concepts forming the foundation of how economists approach decision making—supply and demand, opportunity cost, diminishing returns, marginality, costs and returns, and externalities—are woven throughout the book in a style that is both clear and engaging, with real-world examples that are easily understood by any reader interested in learning about the economics of the food system.

Contents

1. The Food Industry
2. Introduction to Agricultural Economics
3. Introduction to Market Price Determination
4. Financial Markets
5. Money and Financial Intermediaries
6. Monetary Policy
7. The Circular Flow of Income
8. Fiscal Policy
9. International Trade
10. Agricultural Policy
11. The Firm as a Production Unit
12. Costs and Optimal Output Levels
13. Firm Supply and the Market
14. Imperfect Competition and Government Regulation
15. The Theory of Consumer Behavior
16. The Concept of Elasticity
17. Food Marketing: From Stable to Table
18. Futures Markets
19. Farm Service Sector
20. Investment Analysis
21. Environmental Policy and Market Failure
22. The Malthusian Dilemma
23. Economic Development and Food

Glossary
Index

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