Copyright
- Copyright Page
Chapter 1 Introduction to Agricultural and Agribusiness Economics
- 1.0 Learning Objectives
- 1.1 Why Study Agricultural and Agribusiness Economics
- 1.1.1 Definition of Agricultural Economics
- 1.1.2 Agriculture’s Macroeconomic Impact
- 1.1.3 Current Importance to GDP
- 1.1.4 Current Importance to Employment
- 1.1.5 Current Importance to Consumers
- 1.2 Why Applied Economics
- 1.3 The Agribusiness Economic Sectors
- 1.4 The History of Agricultural Economics
- 1.5 The Organization of the Textbook
- 1.6 Summary
- Chapter 1 Homework
- Chapter 1 Quiz
Chapter 2 Economics Primer
- 2.0 Learning Objectives
- 2.1 Choices
- 2.2 Microeconomics
- 2.2.1 Producers
- 2.2.2 Consumers
- 2.3 Analysis of Choice
- 2.3.1 Violations of Model Assumptions
- 2.3.2 Value Judgements
- 2.4 Macroeconomics
- 2.5 Economic Systems
- 2.5.1 Capitalism
- 2.5.2 Classical Socialism
- 2.5.3 Communism or Marxism
- 2.5.4 Historical Perspective of Performance
- 2.5.5 New Socialism Proposal
- 2.5.6 Economic System Summary
- 2.6 Money
- 2.6.1 Prices, Inflation, Deflation and Indices
- 2.6.2 Money History
- 2.6.3 Commodity Money
- 2.6.4 Fiat Money
- 2.6.5 Money in the US
- 2.7 Summary
- Chapter 2 Homework
- Chapter 2 Quiz
Chapter 3 The First Principle of Agriculture and Food Security
- 3.0 Learning Objectives
- 3.1 Definition of Food Security
- 3.2 Population
- 3.3 Green Revolution
- 3.4 Later Malthusians
- 3.5 Current Day
- 3.5.1 United States
- 3.5.2 World
- 3.6 Summary
- Chapter 3 Homework
- Chapter 3 Quiz
Chapter 4 Introduction to Production Agricultural Economics
- 4.0 Learning Objectives
- 4.1 Production Processes
- 4.2 One Input
- 4.3 Marginal Physical Product (MPP)
- 4.4 Average Physical Product
- 4.5 Summary
- Chapter 4 Homework
- Chapter 4 Quiz
Chapter 5 Value Maximization, Market Supply, Producer Demand
- 5.0 Learning Objectives
- 5.1 Value Maximization
- 5.2 Technology and Innovation
- 5.3 Product Price Changes
- 5.4 Input Price Changes
- 5.5 Summary
- Chapter 5 Homework
- Chapter 5 Quiz
Chapter 6 Consumer Choice
- 6.0 Learning Objectives
- 6.1 Utility Maximization
- 6.2 Indifference Curves or Iso-Utility Curves
- 6.3 Budget Line
- 6.4 Consumer Equilibrium
- 6.5 Price Changes and Consumer Choice
- 6.6 Consumer Demand
- 6.7 Market Demand
- 6.8 Summary
- Chapter 6 Homework
- Chapter 6 Quiz
Chapter 7 Consumer Demand Elasticity
- 7.0 Learning Objectives
- 7.1 Price Elasticity of Demand
- 7.2 Changes in Demand and Determinates of Demand
- 7.3 Income Elasticity
- 7.4 Cross-Price Elasticity
- 7.5 Total Revenue
- 7.6 Summary
- Chapter 7 Homework
- Chapter 7 Quiz
Chapter 8 Producer Choice
- 8.0 Learning Objectives
- 8.1 Factor-Factor Relationships: Two Variable Inputs
- 8.1.1 Isoquants
- 8.1.2 Types of Input Substitutes
- 8.1.3 Isocost Line
- 8.1.4 Least Cost
- 8.2 Product-Product Relationships
- 8.3 Expansion of Firm
- 8.4 Summary
- Chapter 8 Homework
- Chapter 8 Quiz
Chapter 9 Production Profit Maximization in the Short Run
- 9.0 Learning Objectives
- 9.1 Profit and Costs
- 9.2 Economic vs. Accounting
- 9.2.1 Farm Accounting
- 9.2.2 USDA Farm Income
- 9.3 Direct vs. Economic Indirect Costs
- 9.4 Direct Fixed vs. Variable Costs
- 9.5 Short-Run Production Costs
- 9.6 Short Run Marginal Analysis
- 9.7 Supply
- 9.8 Summary
- Chapter 9 Homework
- Chapter 9 Quiz
Chapter 10 Perfect Competition
- 10.0 Learning Objectives
- 10.1 Equilibrium in Perfect Competition
- 10.2 Supply and Demand Shifts in Perfect Competition
- 10.3 Disequilibrium in Perfect Competition
- 10.4 Characteristics of Perfect Competition
- 10.5 Market Efficiency, Consumer and Producer Surplus, Dead Loss Weight
- 10.6 Summary
- Chapter 10 Homework
- Chapter 10 Quiz
Chapter 11 Market Structure with Imperfect Competition
- 11.0 Learning Objectives
- 11.1 Market Characteristics in Perfect and Imperfect Competition
- 11.2 Monopolistic Competition
- 11.3 Oligopoly and Oligopsony
- 11.3.1 Neoclassical Approach
- 11.3.2 Game Theory
- 11.3.2.1 Prisoner’s Dilemma: Caught Colluding
- 11.3.2.2 Repeated Games: Cheating
- 11.4 Monopoly and Monopsony
- 11.5 Agricultural Cooperatives
- 11.5.1 History of Cooperatives
- 11.5.2 Agricultural Cooperatives Today
- 11.6 Summary
- Chapter 11 Homework
- Chapter 11 Quiz
Chapter 12 Agricultural Innovation with the Application of Economics
- 12.0 Learning Objectives
- 12.1 The Substitution of Capital for Labor 1840s-1950s
- 12.2 The McCormick Reaper– Not Just Technical Innovation: A Brief Case Study
- 12.3 Implement Innovation & Animal Power 1850s-1920s
- 12.4 The Tractor Age 1920s-1930s
- 12.5 Chemical Inputs & Mechanized Harvesting 1940s-1950s
- 12.6 1960s-Present
- 12.6.1 Specialization
- 12.6.2 Vertical Integration
- 12.7 Summary
- Chapter 12 Homework
- Chapter 12 Quiz
Chapter 13 Early History of Agriculture: Panics and Depressions
- 13.0 Learning Objectives
- 13.1 Panic of 1819 and Agriculture
- 13.2 Post-Panic of 1819
- 13.3 Panic of 1837
- 13.4 The Depression 1893
- 13.4.1 Conditions Preceding
- 13.4.2 Causes
- 13.5 The Great Depression
- 13.5.1 Preceding the Great Depression
- 13.5.2 During the Great Depression
- 13.5.3 Causes
- 13.5.4 Outcomes
- 13.6 The Farm Financial Crisis of the 1980s
- 13.6.1 Preceding the Farm Financial Crisis
- 13.6.2 Causes
- 13.7 Summary
- Chapter 13 Homework
- Chapter 13 Quiz
Chapter 14 Governmental Legislation Pre-Depression
- 14.0 Learning Objectives
- 14.1 Pre-Industrial Revolution
- 14.2 Legislation of the 1860-Early 1900s
- 14.3 Summary
- Chapter 14 Homework
- Chapter 14 Quiz
Chapter 15 Farm Support
- 15.0 Learning Objectives
- 15.1 The Great Depression
- 15.2 The 1940s-1950s
- 15.3 The 1960s-1970s
- 15.4 The 1980s- 1990s
- 15.5 The 2000s – Present
- 15.6 Current
- 15.7 Summary
- Chapter 15 Homework
- Chapter 15 Quiz
Chapter 16 References
- 16.1 Chapter 1 References
- 16.2 Chapter 2 References
- 16.3 Chapter 3 References
- 16.4 Chapter 4 References
- 16.5 Chapter 5 References
- 16.6 Chapter 6 References
- 16.7 Chapter 7 References
- 16.8 Chapter 8 References
- 16.9 Chapter 9 References
- 16.10 Chapter 10 References
- 16.11 Chapter 11 References
- 16.12 Chapter 12 References
- 16.13 Chapter 13 References
- 16.14 Chapter 14 References
- 16.15 Chapter 15 References
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Nathan Beta Test

This Introductory Agricultural & Agribusiness Economics textbook is an applied social science textbook designed to introduce you to agricultural economics as a discipline, agribusiness as an industry, and agriculture as a public sector component. Chapter questions and quizzes are included to develop critical thinking skills like creative thinking, analysis, evaluation, and synthesis of information. The questions and quizzes also develop quantitative skills like manipulating and analyzing numerical data or observable facts, resulting in informed conclusions.

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