AGRI 103 - Agriculture Economics

Lecture - Lab - Credit Hours: 3-0-3
IAI Code: AG 901
This course includes both theoretical and practical applications in production principles, production costs, supply, revenue, profit maximization, consumption and demand, price elasticity, market price determination, as well as competitive versus non-competitive market models. There is an examination of the world food situation and population growth, trade in agricultural products, and agriculture’s role in economic growth along with agricultural characteristics and inputs (both natural and human capital), the marketing of agricultural products including operation of the futures markets, and government farm programs affecting prices, incomes and economic development.