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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 governmentrs"s role in agriculture. Some additional new features include: Enhanced coverage of natural resource issues Revised chapter on the governmentrs"s role in agriculture. Expanded and Updated! Testing Your Economic quotient sections Anyone interested in agriculture
Table of Contents
What is Agricultural Economics?
The US Food and Fiber Industry
Understanding Consumer Behavior
Theory of Consumer Behavior
Consumer Equilibrium and Market Demand
Measurement and Interpretation of Elasticities
Business Behavior and Market Equilibrium
Introduction to Production and Resource Use
Economics of Input and Product Substitution
Market Equilibirium and Product Price: Perfect Competition
Market Equilibirium and Product Price: Imperfect Competition
Government in the Food and Fiber Industry
Natural Resources, the Environment, and Agriculture
Government Intervention in Agriculture
Macroeconomics of Agriculture
Product Markets and National Output
Macroeconomic Policy Fundamentals
Consequences of Business Fluctuations
Macroeconomic Policy and Agriculture
International Agriculture Trade
Agriculture and International Trade
Exchange Rates and Agricultural Trade
Why Nations Trade
Agricultural Trade Policy and Preferential Trading Arrangements
Table of Contents provided by Publisher. All Rights Reserved.