Introduction to Agricultural Economics eBook (7e) : 9780134603100

Introduction to Agricultural Economics eBook (7e)

Penson,J et al
Published by
Pearson Higher Ed USA
Title type
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About the book: For courses in Introduction to Agricultural or Applied Economics. A systematic overview of the economic forces influencing the food and fiber industry.

Introduction to Agricultural Economics provides students with a systematic, building block introduction to the basic economic concepts and issues impacting the U.S. food and fiber industry today. Thorough coverage of microeconomic and macroeconomic theory, the role of government, and international trade policies allows readers to gain an understanding of domestic consumers and overseas markets. Each chapter offers extensive review opportunities that let students test their knowledge of important concepts and prepare for exams. The Seventh Edition has been thoroughly revised to provide the most up-to-date coverage of the dynamic food and fiber industry within the global economy.

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Table of contents
  • Part I: Introduction
  • 1. What is Agricultural Economics?
  • 2. The U.S. Food and Fiber Industry
  • Part II: Understanding Consumer Behavior
  • 3. Theory of Consumer Behavior
  • 4. Consumer Equilibrium and Market Demand
  • 5. Measurement and Interpretation of Elasticities
  • Part II: 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 IV: Government in the Food and Fiber Industry
  • 10. Natural Resources, the Environment, and Agriculture
  • 11. Government Intervention in Agriculture
  • Part V: Macroeconomics of Agriculture
  • 12. Product Markets and National Output
  • 13. Macroeconomic Policy Fundamentals
  • 14. Consequences of Business Fluctuations
  • 15. Macroeconomic Policy and Agriculture
  • Part VI: International Agricultural Trade
  • 16. Agricultural Trade and Exchange Rates
  • 17. Why Nations Trade
  • 18. Agricultural Trade Policy and Preferential Trading Arrangements
  • Glossary
  • Index
Features & benefits
  • 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.      
    • Offers coverage of macroeconomics and agricultural programs and policies that allow students to further understand the domestic economy.
    • Includes coverage of international trade to help 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, government intervention in agriculture, macroeconomic policy, and finally international trade so that readers build their understanding in a logical manner.
    • Covers natural resource issues and government programs indigenous to the agricultural sector.
    • Addresses policy implications in respective chapters.
    • Includes extensive treatment of the important concept of 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. 
    • UPDATED: Restructures Chapter 11 dealing with government’s role in agriculture, including updated coverage of the crop insurance feature in current farm commodity policy.
    • UPDATED: Revises Chapters 12-15 dealing with key macroeconomic topics and how macroeconomic events affect agriculture.
  • Extensive chapter review, teaching, and learning materials:

    • NEW: Features a new four-colour design to better capture student interest and make the economic concepts easier to grasp.
    • UPDATED: Reflects the most current available data in all tables and figures to help students contextualise the information presented.
    • EXPANDED: Helps students review and prepare for exams using updated end-of-chapter TEQ (Testing Your Economic Quotient) questions.
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