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What is Agricultural Economics
Transcript of What is Agricultural Economics
What decisions do they make?
1. What to produce?
2. How to produce it?
3. How much to produce?
4. When to produce?
5. For whom to produce?
Resources are scarce
There are different types of resources
Natural and Biological
Land, minerals, oil and natural gas, etc.
Machines, equipment, structures
Agricultural economics is a branch of economics that focuses on how producers, consumers, and societies allocate scarce resources among competing alternatives in the food and fiber industries.
Levels of Economic Activity
Focuses on firms or households
Objective is to maximize profit (firm) or utility (household)
Focuses on the entire economy at national and international level
World events are important
Positive vs. Normative Economics
What would happen if...
Behaviour is explained or predicted, but not judged.
What should be...
What ought to be...
Important for policy
Politics will likely determine which alternative one favours
Assumptions in microeconomics
1. Actors in economics models are rational
2. Free information
4. Objective of firm is to maximize profit
5. Ceteris Paribus (all else equal)
And why should I care?
What is Agricultural Economics?
As social scientists, agricultural economists deal with both the laws of human nature as well as the laws of the physical sciences.
More than just farm economics, although that is much of the history of ag econ
What to produce?
What means of production?
Where should I produce it?
Should I remain independent?
How to produce it?
Independent or Alliance?
How much to produce?
Should we produce here?
Wait a minute...I can't 'really'
control how much I produce
What do you do when there is a surplus?
How do you allocate production if there
is a deficit?
Should we produce regular carrots or should we produce
When should we produce?
Seriously, though, timing is
important for some crops
For whom to produce?
What lies ahead??
1. How does economics inform policy?
2. Supply and Demand
4. Consumers and Markets
5. International Trade
AGRC 113 -- January 8, 2013
Please vote in the Doodle poll
No tutorial this week (probably will be one next week)
Crop Production Show -- who's going?
Tumblr blog on course topics (http://www.tumblr.com/blog/ericmicheelsagrc113)
Come to the Table -- Global Youth Ag Summit
One Minute Essay
You have one minute to write this. I am not looking for a Pulitzer Prize. But you must write in sentences.
The assumption of profit maximization is a strong one. What might be some other objectives that firms pursue?