This book, Principles of Agricultural Economics, provides a foundational understanding of economic principles with a focus on agriculture. It explores the fundamentals of economics, including concepts such as utility, production, types of goods, costs, and demand elasticity. The text thoroughly covers essential theories and laws, from the Law of Demand to Marginal Utility and Cost of Production, while addressing the unique economic considerations within the agricultural sector. Designed for students, educators, and professionals, this resource offers clear explanations and examples relevant to economic applications in agriculture.
Abstract
Principles of Agricultural Economics introduces the basics of economics tailored to agriculture, exploring concepts like utility, cost, demand, and wealth classification. Key topics include micro and macroeconomic theories, types of goods (e.g., consumer vs. producer goods), cost analysis (fixed vs. variable costs), and elasticity of demand. The book highlights influential economists, such as Adam Smith and Alfred Marshall, and foundational laws like Diminishing Marginal Utility and Equi-Marginal Utility. With real-world applications in agriculture, it’s an essential guide for anyone interested in the economic principles driving agricultural production and resource management.
