Introduction to Agricultural Economics is known for its strong coverage of macroeconomic theory and international trade and provides readers with a systematic introduction to the basic economic concepts and issues impacting the U.S. food and fiber industry.

Using a building block approach, Introduction to Agricultural Economics discusses individual consumer and producer decision-making, market equilibrium and economic welfare conditions, government intervention in agriculture, macroeconomic policy and international trade.

This new edition continues to take a broad perspective–providing examples not only from the farm, but also throughout the entire food and fiber industry–and features a new chapter on natural resources, an updated design, and margin notes throughout.

Contents:

1. Introduction
   1. What Is Agricultural Economics?
   2. The U.S. Food and Fiber Industry

2. Understanding Consumer Behavior
   3. Theory of Consumer Behavior
   4. Consumer Equilibrium and Market Demand
   5. Measurement and Interpretation of Elasticities

3. 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

4. Government in the Food and Fiber Industry
   10. Natural Resources, the Environment and Agriculture
   11. Government Intervention in Agriculture

5. Macroeconomics of Agriculture
   12. Product Markets and National Output
   13. Macroeconomic Policy Fundamentals
   14. Consequences of Business Fluctuations
   15. Macroeconomic Policy and Agriculture

6. International Agricultural Trade
   16. Agriculture and International Trade
   17. Exchange Rates and Agricultural Trade
   18. Why Nations Trade
   19. Agricultural Trade Policy and Preferred Trading Arrangements

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ORDER NOW Introduction to Agricultural Economics Fourth Edition by J. Penson, Jr., Oral Capps, Jr., C. Rosson III, and R. Woodward 2006 • 494 pages • $124.00 + shipping Texas residents please add 6.75 % sales tax