This innovative book will provide beginning students in agriculture with a systematic introduction to the basic concepts and issues in economics as they relate to a major segment of the US economy - the food and fiber industry. The coverage traces the major microeconomic and macroeconomic forces influencing the decisions of producers and consumers of food and fiber products. Outstanding features of this new book include the economic principles and practices affecting producers and consumers of food and fiber products; answers to the question "What is agricultural economics?" by defining the field of economics, and then developing a definition of agricultural economics based on the role that agricultural economists play at both the micro and macro levels; description of concepts in an easy-to-understand style supported by excellent graphical analysis; thorough coverage of international agricultural trade issues; a sound instructional framework in each chapter composed of chapter overviews, chapter summaries, definitions of key terms, references, and suggestions for further reading; addressing the entirety of the food and fiber industry; five chapters on the economics of agriculture; and a discussion on the impact of trade and the international aspects of agriculture.
This textbook provides a systematic introduction to the major concepts and issues in economics, specifically as they relate to agriculture. Focusing on the decisions made by consumers and producers of food and fiber products, it covers microeconomic aspects, sector performance, market equilibrium, government regulation, macroeconomics, and international trade. Unlike most texts on the subject, this book does not restrict its coverage to farm economics, but looks at the entire industry. The authors teach at Texas A&M University. Annotation c. Book News, Inc., Portland, OR (booknews.com)