Agricultural Economics is an introduction to applying principles of agricultural economics to understanding the roles and practices of agriculture in the economy and the behaviour of producers and consumers in the agribusiness and farm sectors.
The content will include the role and operation of agricultural markets; agricultural supply and demand; the role of prices and competition between buyers and sellers in agribusiness markets and efficient use of resources; the theory and application of production economics; and rationale for international trade.
Intended learning outcomes
On completion of this subject, students will have gained:
An understanding of the fundamental economic principles underlying behaviour of agricultural producers and consumers in the economy;
Knowledge of the agricultural economic forces in the economy affecting the operation of agribusiness firms and farms using natural resources to produce food and fibre.
Students will learn to apply economic ways of thinking to questions about producing and consuming agricultural goods and services.