Introduction to agricultural economics (5^th Ed.)

Known for its strong coverage of macroeconomic theory and international trade, this book 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, the authors discuss individual consumer and producer decision-making, market equilibrium and economic welfare conditions, government intervention in agriculture, macroeconomic policy and international trade. This new edition provides examples not only from the farm, but also throughout the entire food and fiber industry and features updated chapters on natural resources and the government's role in agriculture. Someadditional new features include: Enhanced coverage of natural resource issues. Revised chapter on the government's role in agriculture. Expanded and Updated! Testing Your Economic quotient sections. This is a perfect resource for anyone interested in agriculture.

PART 1. Introduction. Chapter 1. What is Agricultural Economics? Chapter 2. The US Food and Fiber Industry. PART 2. Understanding Consumer Behavior. Chapter 3. Theory of Consumer Behavior. Chapter 4. Consumer Equilibrium and Market Demand. Chapter 5. Measurement and Interpretation of Elasticities. PART 3. Business Behavior and Market Equilibrium. Chapter 6. Introduction to Production and Resource Use. Chapter 7. Economics of Input and Product Substitution. Chapter 8. Market Equilibirium and Product Price: Perfect Competition. Chapter 9. Market Equilibirium and Product Price: Imperfect Competition. PART 4. Government in the Food and Fiber Industry. Chapter 10. Natural Resources, the Environment, and Agriculture. Chapter 11. Government Intervention in Agriculture. PART 5. Macroeconomics of Agriculture. Chapter 12. Product Markets and National Output. Chapter 13. Macroeconomic Policy Fundamentals. Chapter 14. Consequences of Business Fluctuations. Chapter 15. Macroeconomic Policy and Agriculture. PART 6. International Agriculture Trade. Chapter 16. Agriculture and International Trade. Chapter 17. Exchange Rates and Agricultural Trade. Chapter 18. Why Nations Trade. Chapter 19. Agricultural Trade Policy and Preferential Trading Arrangements. Glossary. Index.