Known for its strong coverage of macroeconomic theory and international trade, Introduction to Agricultural Economics provides students 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 continues to take a broad perspective-providing examples not only from the farm, but also throughout the entire food and fiber industry-and features a new chapter on natural resources, an updated design, and margin notes throughout.