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Introduction to Agricultural Economics

ISBN: 9780139011900 | 0139011900
Edition: 2nd
Format: Hardcover
Publisher: Prentice Hall
Pub. Date: 10/1/1998

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SummaryTable of Contents
This text presents Agribusinesss vis- -vis Production. The text presents basic concepts of economics applied to the food and fiber industry. The micro and macro focuses influencing the decisions of producers and consumers is quite detailed.
PART I INTRODUCTION1(52)
CHAPTER 1 WHAT IS AGRICULTURAL ECONOMICS?
3(17)
Scope of Economics
4(4)
... MORE
Scarce Resources
5(1)
Making Choices
6(2)
Definition of Economics
8(2)
Microeconomics versus Macroeconomics
8(1)
Positive versus Normative Economics
9(1)
Alternative Economic Systems
9(1)
Definition of Agricultural Economics
10(1)
What Does an Agricultural Economist Do?
10(1)
Role at the Microeconomic Level
10(1)
Role at the Macroeconomic Level
11(1)
Marginal Analysis
11(1)
What Lies Ahead?
11(3)
A Review of Graphical Analysis
14(5)
Constructing a Graph
14(2)
Slope of a Linear Curve
16(1)
Slope of a Nonlinear Curve
17(2)
Exercises
19(1)
CHAPTER 2 THE U.S. FOOD AND FIBER SYSTEM
20(33)
Indices
21(2)
What is the Food and Fiber Industry?
23(3)
Employment
23(1)
Output
24(2)
Changing Complexion of Farming
26(10)
Physical Structure
26(3)
Productivity
29(1)
Profitability
30(3)
Financial Structure
33(3)
Other Sectors in the Food and Fiber Industry
36(15)
Farm Input Suppliers
36(3)
Food Processors, Wholesalers, and Retailers
39(2)
Value Added Process
41(5)
Fiber Manufacturers
46(1)
Shippers and Handlers
46(1)
Importance of Export Markets
46(5)
Exercises
51(2)
PART II UNDERSTANDING CONSUMER BEHAVIOR53(68)
CHAPTER 3 THEORY OF CONSUMER BEHAVIOR
55(19)
Utility Theory
56(4)
Total Utility
56(2)
Marginal Utility
58(2)
Law of Diminishing Marginal Utility
60(1)
Indifference Curve
60(2)
Concept of Isoutility
60(1)
Marginal Rate of Substitution
61(1)
The Budget Constraint
62(7)
Exercises
69(5)
CHAPTER 4 CONSUMER EQUILIBRIUM AND MARKET DEMAND
74(26)
Conditions for Consumer Equilibrium
75(2)
Changes in Equilibrium
77(5)
Changes in Product Price
77(3)
Changes in Other Demand Determinants
80(2)
The Law of Demand
82(4)
Market Demand
82(2)
Interpretation of Market Demand
84(2)
Tastes and Preferences
86(4)
Composition of the Population
86(1)
Attitudes toward Nutrition and Health
86(1)
Food Safety
87(1)
Lifestyles
88(1)
Technological Forces
88(1)
Advertising
89(1)
Consumer Surplus
90(3)
Advanced Topics
93(1)
Extension of Conceptual Framework
93(1)
Exercises
94(6)
CHAPTER 5 MEASUREMENT AND INTERPRETATION OF ELASTICITIES
100(21)
Own-price Elasticity of Demand
101(4)
Income Elasticity of Demand
105(1)
Cross-price Elasticity of Demand
106(1)
Other General Properties
106(12)
Some Real-World Examples
110(2)
Applicability of Demand Elasticities
112(6)
Exercises
118(3)
PART III BUSINESS BEHAVIOR AND MARKET EQUILIBRIUM121(146)
CHAPTER 6 ASSESSING BUSINESS PERFORMANCE
123(18)
Annual Business Reports
126(7)
Business Balance Sheets
126(2)
Business Income Statements
128(2)
Use in Business Planning
130(3)
Cost of Doing Business
133(2)
Explicity versus Implicit Costs
134(1)
Costs in Short Run versus Long Run
134(1)
Measuring Business Revenue
135(1)
Assessing Profit
136(2)
The Accountant versus the Economist
136(1)
Why the Fuss over Profit?
137(1)
What Lies Ahead?
138(2)
Exercises
140(1)
CHAPTER 7 INTRODUCTION TO PRODUCTION AND RESOURCE USE
141(31)
Conditions for Perfect Competition
142(1)
Classification of Inputs
143(1)
Land
143(1)
Labor
143(1)
Capital
143(1)
Management
144(1)
Important Production Relationships
144(7)
The Production Function
144(1)
Total Physical Product Curve
145(1)
Marginal Physical Product Curve
146(2)
Average Physical Product Curve
148(1)
Stages of Production
149(2)
Assessing Short-run Business Costs
151(4)
Total Costs and the TPP Curve
151(3)
Average Costs and the APP Curve
154(1)
Marginal Costs and the MPP Curve
154(1)
Economics of Short-run Decisions
155(7)
Marginal and Average Revenue
155(1)
Level of Output: MC = MR
156(3)
Level of Resource Use: MVP = MIC
159(1)
A Real-World Application
160(2)
What Lies Ahead?
162(5)
Exercies
167(5)
CHAPTER 8 ECONOMICS OF INPUT SUBSTITUTION
172(25)
Concept and Measurement of Isoquants
173(4)
Rate of Technical Substitution
174(2)
A Case Example
176(1)
The Iso-cost Line
177(2)
Least-cost Use of Inputs for a Given Output
179(3)
Short-run Least-cost Input Use
179(2)
Effects of Input Price Changes
181(1)
Least-cost Input Use for a Given Budget
182(1)
Long-run Expansion of Input Use
183(4)
Long-run Average Costs
184(1)
The Long-run Planning Curve
185(2)
Economics of a Business Expansion
187(3)
Capital Variable in the Long Run
189(1)
Expansion Path Through Isoquants
190(2)
Advanced Topic
192(2)
Exercises
194(3)
CHAPTER 9 ECONOMICS OF PRODUCT SUBSTITUTION
197(15)
Concept and Measurement of the Production Possibilities Frontier
198(3)
Production Possibilities Frontier
198(1)
Product Substitution
198(3)
Concept and Measurement of the Iso-revenue Line
201(2)
Profit-maximizing Combination of Products
203(3)
Choice of Products in the Short Run
204(1)
Effects of Change in Product Prices
205(1)
Long-run Expansion of Production
206(3)
Capital Variable in the Long Run
206(1)
Expansion of Production Possibilities Frontier
207(2)
Exercises
209(3)
CHAPTER 10 MARKET EQUILIBRIUM AND PRODUCT PRICE: PERFECT COMPETITION
212(19)
Derivation of the Market Supply Curve
213(3)
Firm Supply Curve
213(1)
Market Supply Curve
214(1)
Own-price Elasticity of Supply
215(1)
Producer Surplus
216(1)
Market Equilibrium under Perfect Competition
216(6)
Market Equilibrium
217(2)
Total Economic Surplus
219(2)
Applicability to Policy Analysis
221(1)
Adjustments to Market Equilibrium
222(5)
Market Disequilibrium
222(1)
Length of Adjustment Period
223(1)
Cobweb Adjustment Cycle
224(3)
Exercises
227(4)
CHAPTER 11 MARKET EQUILIBRIUM AND PRODUCT PRICE: IMPERFECT COMPETITION
231(36)
Market Structure Characteristics
232(3)
Number of Firms and Size Distribution
232(1)
Product Differentiation
233(1)
Barriers to Entry
233(1)
Economic Environment
234(1)
Classification of Firms
235(1)
Imperfect Competition in Selling
235(13)
Monopolistic Competition
236(5)
Oligopoly
241(3)
Monopoly
244(2)
Comparison of Alternative Market Structures
246(1)
Welfare Effects of Imperfect Competition
246(2)
Imperfect Competition in Buying
248(4)
Monopsony
248(3)
Oligopsony and Monopsonistic Competition
251(1)
Market Structures in Livestock Industry
252(2)
Governmental Regulatory Measures
254(8)
Legislative Acts
254(3)
Ceiling Price
257(1)
Lump-sum Tax
258(1)
Minimum Price
259(3)
Exercises
262(5)
PART IV GOVERNMENT IN THE FOOD AND FIBER INDUSTRY267(50)
CHAPTER 12 GOVERNMENT INTERVENTION IN AGRICULTURE
269(23)
Rationale for Government Intervention
270(1)
Farm Economic Issues
271(6)
Defining the Farm Problem
271(3)
Forms of Government Intervention
274(2)
Food Safety
276(1)
Consumer Issues
277(3)
Adequate and Cheap Food Supply
277(1)
Nutrition and Health
278(1)
Food Subsidies
278(1)
Rural Communities
279(1)
Resource Issues
280(4)
Soil Erosion and Land Use
281(1)
Adequacy of Water Supply
281(2)
Hired Farm Labor
283(1)
Energy
284(1)
International Issues
284(4)
Adequacy of World Food Supply
285(1)
Movement toward Free Trade
286(2)
What Lies Ahead?
288(4)
CHAPTER 13 SUPPORTING FARM PRICES AND INCOMES
292(25)
Price and Income Support Mechanisms
294(9)
Loan Rate Mechanism
294(2)
Set-Aside Mechanism
296(3)
Target Price Mechanism
299(1)
Conservation Reserve Mechanism
300(1)
Commodities Covered by Government Programs
301(2)
Phasing Out of Supply Management
303(1)
Domestic Demand Expansion Programs
304(2)
Importance of Export Demand
306(8)
Calculating Total Demand Elasticity
307(1)
Impact of Rising Export Demand
308(1)
Impact on Farm Revenue of Wheat Producers
309(2)
Implications for Policy
311(3)
Exercises
314(3)
PART V MACROECONOMICS OF AGRICULTURE317(128)
CHAPTER 14 PRODUCT MARKETS AND NATIONAL OUTPUT
319(28)
Circular Flow of Payments
320(3)
Barter Economy
320(1)
Monetary Economy
321(2)
Composition and Measurement of Gross Domestic Product
323(3)
Consumption, Savings, and Investment
326(10)
Determinants of Planned Consumption
327(3)
Determinants of Planned Saving
330(2)
Determinants of Planned Investment
332(4)
Equilibrium National Income and Output
336(6)
Aggregate Expenditures
336(1)
The keynesian Cross
337(1)
Deriving Aggregate Demand Curve
337(1)
Aggregate Supply and Full Employment
338(3)
Recessionary and Inflationary Gaps
341(1)
What Lies Ahead?
342(4)
Exercises
346(1)
CHAPTER 15 CONSEQUENCES OF BUSINESS FLUCTUATIONS
347(23)
Fluctuations in Business Activity
348(3)
Nature of Business Fluctuations
348(1)
Indicators of Economic Activity
349(2)
Consequences of Business Fluctuations
351(10)
Unemployment
351(2)
Inflation
353(7)
Short-run Phillips Curve
360(1)
Macroeconomic Policy Options
361(7)
Laissez-faire Macroeconomic Policy
362(1)
Demand-oriented Macroeconomic Policy
362(2)
Supply-oriented Macroeconomic Policy
364(4)
Exercises
368(2)
CHAPTER 16 MONEY, MONEY MARKETS, AND MONETARY POLICY
370(25)
Characteristics of Money
371(2)
Functions of Money
371(1)
Money versus Near Monies
372(1)
Backing of Money
372(1)
Federal Reserve System
373(5)
Organization of the Federal Reserve System
373(2)
Functions of the Federal Reserve System
375(2)
Monetary Policy Instruments
377(1)
Changing the Money Supply
378(6)
Creation of Deposits
378(4)
Monetary Policy and the Money Supply
382(2)
Money Market Equilibrium
384(2)
Demand for Money
384(1)
Equilibrium Conditions
385(1)
Effects of Monetary Policy on the Economy
386(7)
Transmission of Policy
386(1)
Combating Recessionary Gaps
387(1)
Combating Inflationary Gaps
388(1)
Combating Stagflation
389(1)
Microeconomic Perspectives
389(1)
Potential Problems in Policy Implementation
390(3)
Exercises
393(2)
CHAPTER 17 FISCAL POLICY AND BUDGET DEFICITS
395(23)
The Federal Budget
396(4)
Federal Expenditures
396(2)
Federal Receipts
398(1)
Budget Deficit
398(2)
The National Debt
400(5)
National Debt and GDP
401(1)
Interest Payments and GDP
402(1)
Ownership of National Debt
403(1)
Burdening Future Generations?
403(2)
Fiscal Policy Options
405(8)
Automatic Policy Instruments
405(1)
Discretionary Policy Instruments
406(2)
Fiscal Policy and Aggregate Demand
408(1)
Combating Recessionary Gaps
409(2)
Combating Inflationary Gaps
411(1)
Combating Stagflation
412(1)
Difficulties in Policy Implementation
412(1)
What Lies Ahead?
413(3)
Exercises
416(2)
CHAPTER 18 MACROECONOMIC POLICY AND AGRICULTURE
418(27)
Impacts of Policy Actions on the General Economy
419(3)
Market Interest Rates
419(1)
Real GDP and Disposable Income
419(1)
Unemployment Rate
420(1)
Inflation Rate
421(1)
Foreign Exchange Rate
421(1)
Impacts of Policy Actions on Agriculture
422(7)
Farm Product Prices
422(2)
Farm Input Prices
424(1)
Farm Interest Rates
425(1)
Net Farm Income
426(2)
Farmland Prices
428(1)
A Brief History Lesson
429(9)
The 1970s: A Decade of Expansion
429(3)
The 1980s: A Decade of Contraction
432(6)
The 1990s: A Decade of Change
438(7)
Status of the Macroeconomy
438(1)
Status of the Agricultural Economy
439(1)
Federal Farm Policies
440(5)
PART VI INTERNATIONAL AGRICULTURAL TRADE445
CHAPTER 19 AGRICULTURE AND INTERNATIONAL TRADE
447(27)
Growth and Instability in Agricultural Trade
448(4)
Export Boom and Bust
449(1)
Moves toward Trade Liberalization
450(2)
The Importance of Agricultural Trade
452(3)
Increased Export Dependence
452(1)
Greater Dependence on Imports
453(1)
Farm and Nonfarm Impacts of Exports
454(1)
The Composition of Agricultural Trade
455(4)
The Role of Agricultural Exports
456(1)
The Role of Agricultural Imports
456(3)
Direction of U.S. Agricultural Trade
459(6)
Emerging Export Market Trends
460(1)
Key Regional Markets
460(3)
Major Import Suppliers
463(2)
U.S. Agricultural Trade Performance
465(9)
The Balance of Trade
468(6)
CHAPTER 20 EXCHANGE RATES AND AGRICULTURAL TRADE
474(32)
Exchange Rates and the Foreign Exchange Market
475(3)
Exchange Rates Defined
475(1)
The Foreign Exchange Market
476(2)
The Balance of Payments
478(5)
The Current Account
479(2)
The Private Capital Account
481(1)
Official Settlements Account
481(1)
The United States as a Debtor Nation
481(2)
The International Monetary System
483(6)
The Gold Standard and the Interwar Years
483(1)
The Bretton Woods System
484(2)
The Present International Monetary System
486(2)
The European Monetary System
488(1)
Exchange Rate Determination
489(5)
Demand and Supply of Foreign Currencies
489(1)
Relative Interest Rates
490(2)
Changes in Relative Prices
492(1)
Balance of Trade Impacts
492(1)
The Role of Expectations
493(1)
Exchange Rates and U.S. Agricultural Trade
494(4)
Exchange Rate Indices
495(1)
Exchange Rate Impacts on Prices
496(1)
Exchange Rates and International Competition
497(1)
Exchange Rates and Agricultural Policy
498(1)
Considerations for Policy Coordination
498(8)
Macroeconomic Policy Coordination
499(1)
Domestic Agricultural Policy Coordination
500(6)
CHAPTER 21 WHY NATIONS TRADE
506(15)
Why Trade?
507(7)
Absolute Advantage
508(2)
Comparative Advantage
510(2)
Factors Affecting Comparative Advantage
512(1)
Comparative Advantage and Competitive Advantage
512(2)
Gains from Trade
514(7)
The Importance of Exchange and Specialization
514(1)
Distribution of the Gains from Trade
515(6)
CHAPTER 22 AGRICULTURAL TRADE POLICY
521(27)
Trade and Welfare
522(4)
Autarky or the Closed Economy
522(1)
Trade and Partial Equilibrium
523(2)
Welfare Gains from Trade
525(1)
Why Restrict Trade?
526(2)
Protectionism in Agriculture
526(1)
Arguments against Trade
527(1)
Trade Restrictions
528(10)
Import Policies
529(6)
Domestic Agriculture and Food Policies
535(1)
Export Policies
536(2)
Agricultural Trade Policy Making
538(10)
The General Agreement on Tariffs and Trade
538(2)
The United Nations Conference on Trade and Development
540(1)
U.S. Agricultural Trade Policy Formulation
541(7)
CHAPTER 23 EMERGING ISSUES IN AGRICULTURAL TRADE: THE FORMATION OF PREFERENTIAL TRADING ARRANGEMENTS
548
The Importance of Preferential Trading Arrangements
549(1)
Forms of Economic Integration
550(1)
Reasons for Preferential Trading Arrangements
551(2)
Preferential Trading Arrangements and the GATT
551(1)
Counter Economic and Political Power in Other Parts of the World
552(1)
Reduce Side Effects
553(1)
Foster Political Stability and Economic Prosperity
553(1)
Do Preferential Trading Arrangements Create or Divert Trade?
553(5)
Static Effects
554(3)
Dynamic Effects
557(1)
Provisions of the North American Free Trade Agreement
558

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