AGR 1200 Agricultural Economics
Introductory course on the basic principles of agricultural economics. Principles of supply and demand, resource economics, production optimization, price elasticity, market price determination, competitive versus noncompetitive market models, and agricultural public policy. These principles are applied to agriculture and the role of agriculture in the United States and world economies.
- Demonstrate understanding of the nature and structure of the agriculture industry in the U.S.
- Demonstrate understanding of the macroeconomic concepts of fiscal and monetary policies, and financial intermediation, and their impact on agriculture markets.
- Apply the principles of market structures, optimization, supply, demand, and equilibrium to appropriately explain consumer level prices of agricultural products.
- Demonstrate understanding of the economic concepts of consumer choice as they apply to agricultural products.
- Demonstrate understanding of the economic concepts of elasticity and its impact on consumer behavior and pricing.
- Demonstrate understanding of the role of government regulation and policy formation that impact agriculture markets.
- Demonstrate understanding of the importance of international trade as it relates to agriculture.
- Apply economic principles to understand agricultural activity in the U.S.
Credit Hours: 3
- Classroom: 3 hours
- Division: Business and Public Services
- Department: Agriculture
- Repeatable Credit: No
- Offered Online: No