| Description: | AGRIC232 applies the principles of economics to agricultural problems and the role of agriculture in the United States and world economies. Includes production principles; production costs, supply, and revenue; profit maximization; consumption and demand; price elasticity; market price determination; and competitive versus noncompetitive market models. Examination of the world food situation, including population growth, world food production trends, trade in agricultural products, and agriculture's role in economic growth; agriculture characteristics and inputs (natural, human and capital); the marketing of agricultural products (functional and institutional commodity approaches to marketing, marketing costs, and the operation of the futures market); and agricultural problems and policies (program goals, price and income, and resource use). |
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