The second edition of this introductory text, for students of agriculture, has been thoroughly updated. The addition of a chapter on government policy and agriculture acquaints students with the aspects of the policy process which has made such an impact in this area. The balanced text describes universal economic principles illustrated primarily by examples drawn from farming and the food industry. At the end of each chapter is an exercise making use of the preceding material, and completion of these exercises forms an integral part of the teaching function of this text. Extended answers to the questions posed in the exercises, a list of essay questions, and suggested further reading are given at the end of the book.


For students of agriculture and related studies in universities and agricultural colleges.

Table of Contents

What is economics? Explaining the Short behaviour of individuals (theory of consumer choice). Demand and supply - the price mechanism in a market economy. Markets and competition. Production economics (theory of the firm). Factos of production and their rewards (theory of distribution). Some problems of using the market as a resource allocator. Macro-economics - the workings of the whole economy. International trade. Government policy and agriculture. Suggested further reading. Essay questions. Appendix. Suggested answers and explanations for the exercises following each chapter. Index


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