AG 901 Introductory Economics of Food, Fiber and Natural Resources: (3-4 Semester Credits)
An introduction to the principles of economics including production principles; production costs, supply and revenue; profit maximization; consumption and demand; price elasticity; market price determination; and competitive versus noncompetitive market models. These principles are applied to agriculture and the role of agriculture in the United States and world economies. Other topics include a survey of the world food situation; natural, human and capital resources; commodity product marketing; and agricultural problems and policies.
The 4-hour course for this descriptor would additionally include macroeconomic topics such as:
- measuring the national economy:
o The circular flow of income
o Measuring inflation
o Unemployment
o Nominal versus real income
- macroeconomic policy:
o fiscal policies
o monetary policies
- international trade:
o absolute versus comparative advantage
o exchange rates
o balance of trade
o balance of payments
o trade policy
REVISED 10/4/2018