Introduction to Agricultural Economics, Global Edition

Series
Pearson
Author
John B. Penson / Oral Capps / C. Parr Rosson / Richard T. Woodward  
Publisher
Pearson
Cover
Softcover
Edition
6
Language
English
Total pages
432
Pub.-date
January 2015
ISBN13
9781292073064
ISBN
1292073063
Related Titles


Product detail

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9781292073064
Introduction to Agricultural Economics, Global Edition
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Description

For courses in Introduction to Agricultural or Applied Economics

 

Introduction to Agricultural Economics, Sixth Edition, provides students with a systematic introduction to the basic economic concepts and issues impacting the U.S. food and fiber industry and offers strong coverage of macroeconomic theory and international trade. The Teaching and Learning Package includes an Instructor’s Manual and PowerPoint slides.

 

Teaching and Learning Experience:

Strong coverage of macroeconomics, the role of government, and international agricultural trade: The coverage of macroeconomics and agricultural programs and policies allows students to further understand the domestic market economy.

 

Building block approach: Discusses individual consumer and producer decision-making, market equilibrium and economic welfare conditions, government intervention in agriculture, macroeconomic policy, and international trade.

 

Extensive chapter review: Each chapter contains an extensive list of questions designed to test student comprehension of the material covered.



 

Features

For courses in Introduction to Agricultural or Applied Economics

 

Introduction to Agricultural Economics, Sixth Edition, provides students with a systematic introduction to the basic economic concepts and issues impacting the U.S. food and fiber industry and offers strong coverage of macroeconomic theory and international trade. The Teaching and Learning Package includes an Instructor’s Manual and PowerPoint slides.

 

Teaching and Learning Experience:

Strong coverage of macroeconomics, the role of government, and international agricultural trade: The coverage of macroeconomics and agricultural programs and policies allows students to further understand the domestic market economy.

 

Building block approach: Discusses individual consumer and producer decision-making, market equilibrium and economic welfare conditions, government intervention in agriculture, macroeconomic policy, and international trade.

 

Extensive chapter review: Each chapter contains an extensive list of questions designed to test student comprehension of the material covered.

 

Hallmark Features:

 

Strong coverage of macroeconomics, the role of government, and international agricultural trade:

  • Examines how macroeconomic policy, government regulations and international trade agreements impact farmers, ranchers, agribusinesses, financial institutions, and consumers of food and fiber products.  
  • The coverage of macroeconomics and agricultural programs and policies allows students to further understand the domestic market economy.
  • The coverage of international trade helps students understand events in today's global economy. 

Building block approach:

  • Provides students with a systematic introduction to the basic concepts and issues in economics as they relate to both the food and fiber industry. 
  • Focuses first on individual consumer and producer decision making, then market equilibrium and economic conditions, then government intervention in agriculture, then macroeconomic policy, and finally international trade.
  • Covers natural resource issues and government programs indigenous to the agricultural sector. 
  • Addresses Policy implications in the respective chapters. 
  • Includes extensive treatment of the important concept of demand and elasticity and its relevance to understanding revenue and economic welfare implications.
  • Introduces the notion of production and the supply curve for the firm, along with market equilibrium.
  • Covers perfect and imperfect competition to complete the picture of microeconomics.  

Extensive chapter review:

  • Each chapter contains an extensive list of questions designed to test student comprehension of the material covered. These questions are labeled EQs (economic quotients).
  • An instructor's manual is provided with answers to the EQ questions, and a test bank is provided with answers.   

Instructor support materials:

  • Includes updated PowerPoint slides and an Instructor’s Manual with Test Bank.
  • Supplies instructors with visuals and materials that support each lecture and decrease course preparation time.

New to this Edition

Strong coverage of macroeconomics, the role of government, and international agricultural trade:

  • New! Restructured chapter on macroeconomics of agriculture where the decade-by-decade history review has been replaced by a graphical presentation of how changes in macroeconomic policy affect farm revenue, profit, land prices, and producer net worth.
  • New! Redesign of chapters dealing with international agricultural trade where four chapters have been reduced to three chapters with no loss in coverage of key concepts.
  • Examines how macroeconomic policy, government regulations and international trade agreements impact farmers, ranchers, agribusinesses, financial institutions, and consumers of food and fiber products.  
  • Coverage of macroeconomics and agricultural programs and policies allows students to further understand the domestic market economy.
  • Coverage of international trade helps students understand events in today's global economy. 

Building block approach:

  • New! Updated tables and figures from the fifth edition address changes in the economy in recent years.
  • New! Updated chapter on the role of government in agriculture offers coverage of farm policy and particularly insights into the new Farm Bill.
  • Provides students with a systematic introduction to the basic concepts and issues in economics as they relate to both the food and fiber industry. 
  • Focuses first on individual consumer and producer decision making, then market equilibrium and economic conditions, then government intervention in agriculture, then macroeconomic policy, and finally international trade.
  • Covers natural resource issues and government programs indigenous to the agricultural sector. 
  • Addresses Policy implications in the respective chapters.
  • Includes extensive treatment of the important concept of demand and elasticity and its relevance to understanding revenue and economic welfare implications.
  • Introduces the notion of production and the supply curve for the firm, along with market equilibrium.
  • Covers perfect and imperfect competition to complete the picture of microeconomics.  

Extensive chapter review:

  • New! Expanded TEQ (Testing Your Economic Quotient) questions at the end of each chapter help students test their understanding of material in each chapter and give them an idea of what potential test questions may look like.
  • Each chapter contains an extensive list of questions designed to test student comprehension of the material covered. These questions are labeled EQs (economic quotients). 
  • An instructor's manual is provided with answers to the EQ questions, and a test bank is provided with answers. 


Table of Contents

Part One: Introduction

1.    What is Agricultural Economics?

2.    The U.S. Food and Fiber Industry

 

Part Two: Understanding Consumer Behavior

3.    Theory of Consumer Behavior

4.    Consumer Equilibrium and Market Demand

5.    Measurement and Interpretation of Elasticities

 

Part Three: Business Behavior and Market Equilibrium

6.    Introduction to Production and Resource Use

7.    Economics of Input and Product Substitution

8.    Market Equilibrium and Product Price: Perfect Competition

9.    Market Equilibrium and Product Price: Imperfect Competition

 

Part Four: Government in the Food and Fiber Industry

10.  Natural Resources, the Environment, and Agriculture

11.  Government Intervention in Agriculture

 

Part Five: Macroeconomics of Agriculture

12.  Product Markets and National Output

13.  Macroeconomic Policy Fundamentals

14.  Consequences of Business Fluctuations

15.  Macroeconomic Policy and Agriculture

 

Past Six: International Agricultural Trade

16.  Agricultural Trade and Exchange Rates

17.  Why Nations Trade

18.  Agricultural Trade Policy and Preferential Trading Arrangements

 

Glossary

Index