This jargon-free book provides beginning agriculture readers a readable, systematic understanding of the basic concepts and issues in economics as they relate to the food and fiber industry—a major segment of the U.S. economy. Covering the entire scope of key economic principles and their application to the food and fiber system, it traces major microeconomic, macroeconomic, and global forces influencing the decisions of producers and consumers of food and fiber products, and focuses on the leading problems and issues confronting this important industry today. New CD-ROM with Powerpoint presentation of chapter-by-chapter key points, graphs, etc. attached to Instructor's Manual. Extensively revised test bank. Updated and expanded coverage of the role of government in the food and fiber industry in the United States. A comprehensive and complete picture of agricultural economics. Comprehensive micro coverage with heavy emphasis on interpretation/applications of marginal analysis in decision-making. Offers a thorough presentation of macroeconomic issues, focusing on the implications that events elsewhere in the economy have upon price of food and producer profits, as well as consumer economic well-being. Emphasizes how economic forces in domestic and global economics affect the U.S. food and fiber system and the cost of food and fiber products to consumers. For those in the field of agricultural economy.
Providing integrated coverage of microeconomics, sector performance, macroeconomics, and international trade, Introduction to Agricultural Economics, third edition is still the best book on the market today. Written by experts, this text build's the reader's understanding of decisions made by consumers and producers of food and fiber products.
Features of the new edition include: - Covers the FAIR Act now governing farm commodity policy.
- Discusses the changing nature of legislation governing international trade and issues related to agriculture as we approach the next round of WTO legislation.
- Comprehensive coverage of consumer demand, including an entire chapter on key elasticity concepts.
- Develops the market supply curve through coverage of the theory of the firm and its reactions to input prices and product prices.
