TY - BOOK AU - Penson, John B. TI - Introduction to agricultural economics SN - 9789353436629 (pbk) U1 - 338.1 PY - 2019/// CY - Uttar Pradesh PB - Pearson Education KW - Agriculture -- Economic aspects. Produce trade. Agriculture -- Economic aspects -- United States N1 - Cover -- Title -- Copyright -- Contents -- Part one Introduction -- 1 What Is Agricultural Economics? -- Scope of Economics -- Scarce Resources -- Making Choices -- Definition of Economics -- Microeconomics versus Macroeconomics -- Positive versus Normative Economics -- Alternative Economic Systems -- Definition of Agricultural Economics -- What Does an Agricultural Economist Do? -- Role at Microeconomic Level -- Role at Macroeconomic Level -- Marginal Analysis -- What Lies Ahead? -- Summary -- Key Terms -- Testing Your Economic Quotient -- References -- Graphical Analysis -- 2 The U.S. Food and Fiber Industry -- Indices -- What is the Food and Fiber Industry? -- Changing Complexion of Farming -- Physical Structure -- Specialization, Diversification, Organization, and Contracting -- Productivity -- Profitability -- Financial Structure -- Other Sectors in the Food and Fiber Industry -- Farm Input Suppliers -- Food Processors, Wholesalers, and Retailers -- Value-Added Process -- Fiber Manufacturers -- Shippers and Handlers -- Importance of Export Markets -- Summary -- Key Terms -- Testing Your Economic Quotient -- References -- Part two Understanding Consumer Behavior -- 3 Theory of Consumer Behavior -- Utility Theory -- Total Utility -- Marginal Utility -- Law of Diminishing Marginal Utility -- Indifference Curves -- Concept of Isoutility -- Marginal Rate of Substitution -- The Budget Constraint -- Summary -- Key Terms -- Testing Your Economic Quotient -- Reference -- 4 Consumer Equilibrium and Market Demand -- Conditions for Consumer Equilibrium -- Changes in Equilibrium -- Changes in Product Price -- Changes in Other Demand Determinants -- The Law of Demand -- Market Demand -- Interpretation of Market Demand -- Tastes and Preferences -- Composition of the Population -- Attitudes toward Nutrition and Health -- Food Safety -- Lifestyles Technological Forces -- Advertising and Promotion -- Consumer Surplus -- Summary -- Key Terms -- Testing Your Economic Quotient -- Reference -- 5 Measurement and Interpretation of Elasticities -- Own-Price Elasticity of Demand -- Income Elasticity of Demand -- Cross-Price Elasticity of Demand -- Other General Properties -- Some Real-World Examples -- Applicability of Demand Elasticities -- Applicability to Policymakers -- Applicability to Farmers -- Applicability to Consumers -- Applicability to Input Manufacturers -- Applicability to Food Processors and Trade Firms -- Summary -- Key Terms -- Testing Your Economic Quotient -- References -- Part three Business Behavior and Market Equilibrium -- 6 Introduction to Production and Resource Use -- Conditions for Perfect Competition -- Classification of Inputs -- Land -- Labor -- Capital -- Management -- Important Production Relationships -- The Production Function -- Total Physical Product Curve -- Marginal Physical Product Curve -- Average Physical Product Curve -- Stages of Production -- Assessing Short-Run Business Costs -- Total Costs and the TPP Curve -- Average Costs and the APP Curve -- Marginal Costs and the MPP Curve -- Economics of Short-Run Decisions -- Marginal and Average Revenue -- Level of Output: MC = MR -- Level of Resource Use: MVP = MIC -- What Lies Ahead? -- Summary -- Key Terms -- Testing Your Economic Quotient -- 7 Economics of Input and Product Substitution -- Concept and Measurement of Isoquants -- Rate of Technical Substitution -- The Iso-Cost Line -- Least-Cost Use of Inputs for a Given Output -- Short-Run Least-Cost Input Use -- Effects of Input Price Changes -- Least-Cost Input Use for a Given Budget -- Long-Run Expansion of Input Use -- Long-Run Average Costs -- The Long-Run Planning Curve -- Economics of Business Expansion -- Capital Variable in the Long Run Concept and Measurement of the Production Possibilities Frontier -- Production Possibilities Frontier -- Product Substitution -- Concept and Measurement of the Iso-Revenue Line -- Profit-Maximizing Combination of Products -- Choice of Products in the Short Run -- Effects of Change in Product Prices -- Summary -- Key Terms -- Testing Your Economic Quotient -- Reference -- 8 Market Equilibrium and Product Price: Perfect Competition -- Derivation of the Market Supply Curve -- Firm Supply Curve -- Market Supply Curve -- Own-Price Elasticity of Supply -- Producer Surplus -- Market Equilibrium Under Perfect Competition -- Market Equilibrium -- Total Economic Surplus -- Applicability to Policy Analysis -- Adjustments to Market Equilibrium -- Market Disequilibrium -- Length of Adjustment Period -- Cobweb Adjustment Cycle -- Summary -- Key Terms -- Testing Your Economic Quotient -- 9 Market Equilibrium and Product Price: Imperfect Competition -- Market Structure Characteristics -- Number of Firms and Size Distribution -- Product Differentiation -- Barriers to Entry -- Economic Environment -- Classification of Firms -- Imperfect Competition in Selling -- Monopolistic Competition -- Oligopoly -- Monopoly -- Comparison of Alternative Market Structures -- Welfare Effects of Imperfect Competition -- Imperfect Competition in Buying -- Monopsony -- Oligopsony and Monopsonistic Competition -- Market Structures in Livestock Industry -- Governmental Regulatory Measures -- Legislative Acts -- Ceiling Price -- Lump-Sum Tax -- Minimum Price -- Summary -- Key Terms -- Testing Your Economic Quotient -- References -- Part four Government in the Food and Fiber Industry -- 10 Natural Resources, the Environment, and Agriculture -- Agriculture and the Environment -- Water Pollution -- Air Pollution -- Global Climate Change -- Other Environmental Impacts Economics of the Environment -- Efficient Property Rights -- Efficiency and Externalities in Agriculture -- Environmental Policies -- The Economics of the Resources of Agriculture -- Soil Quality and Quantity -- The Economics of Soil Conservation -- Characteristics of Soil -- Discounting and Present Value Analysis -- The Present Value of Soil Resources -- Practice: The Dust Bowl -- Water as an Economic Asset -- Government Policies for Agriculture, Natural Resources, and the Environment -- Soil Erosion Policies and the Conservation Reserve Program -- Other Federal Incentive Programs for Agricultural Conservation -- Environmental Regulations -- The Endangered Species Act -- Summary -- Key Terms -- Testing Your Economic Quotient -- References -- 11 Government Interventionin Agriculture -- Rationale for Government Intervention -- Farm Economic Issues -- Historical Perspective on the Farm Problem -- Forms of Government Intervention -- Consumer Issues -- Adequate and Cheap Food Supply -- Nutrition and Health -- Food Safety -- Food Subsidies -- Historical Support Mechanisms -- Loan Rate Mechanism -- Set-Aside Mechanism -- Target Price Mechanism -- Countercyclical Payments Mechanism -- Conservation Reserve Mechanism -- Commodities Covered by Government Programs -- Phasing Out of Supply Management -- Domestic Demand Expansion Programs -- Importance of Export Demand -- Summary -- Key Terms -- Testing Your Economic Quotient -- References -- Part five Macroeconomics of Agriculture -- 12 Product Markets and National Output -- Circular Flow of Payments -- Barter Economy -- Monetary Economy -- Composition and Measurementof Gross Domestic Product -- Consumption, Savings, and Investment -- Determinants of Planned Consumption -- Determinants of Planned Saving -- Determinants of Planned Investment -- Equilibrium National Income and Output -- Aggregate Expenditures The Keynesian Cross -- Deriving Aggregate Demand Curve -- Aggregate Supply and FullEmployment -- Recessionary and Inflationary Gaps -- What Lies Ahead? -- Summary -- Key Terms -- Testing Your Economic Quotient -- References -- 13 Macroeconomic Policy Fundamentals -- Characteristics of Money -- Functions of Money -- Money versus Near Monies -- Backing of Money -- Federal Reserve System -- Organization of the Federal Reserve System -- Functions of the Federal Reserve System -- Monetary Policy Instruments -- Changing the Money Supply -- Creation of Deposits -- Monetary Policy and the Money Supply -- Money Market Equilibrium -- Demand for Money -- Equilibrium Conditions -- Effects of Monetary Policy on the Economy -- Transmission of Policy -- Combating Recessionary Gaps -- Combating Inflationary Gaps -- Microeconomic Perspectives -- The Federal Budget -- Federal Expenditures -- Federal Receipts -- Budget Deficit -- The National Debt -- National Debt and GDP -- Ownership of National Debt -- Burdening Future Generations? -- Fiscal Policy Options -- Automatic Policy Instruments -- Discretionary Policy Instruments -- Fiscal Policy and Aggregate Demand -- Combating Recessionary Gaps -- Combating Inflationary Gaps -- Summary -- Key Terms -- Testing Your Economic Quotient -- References -- 14 Consequences of Business Fluctuations -- Fluctuations in Business Activity -- Nature of Business Fluctuations -- Indicators of Economic Activity -- Consequences of Business Fluctuations -- Unemployment -- Inflation -- Short-Run Phillips Curve -- Macroeconomic Policy Options -- Laissez-faire Macroeconomic Policy -- Demand-Oriented Macroeconomic Policy -- Supply-Oriented Macroeconomic Policy -- Summary -- Key Terms -- Testing Your Economic Quotient -- References -- 15 Macroeconomic Policy and Agriculture -- A Historical U.S. Perspective -- The Big Five -- Rate of Inflation 16 agricultural trade and exchange rates 17 why nations trade 18 agricultural trade policy and preferential trading ER -