AGB 101 - Agricultural Economics

1. Summarize the current industry issues.
   1. Explain the economic impact on the community, state, and nation
   2. Define issues that impact the future of industry
   3. List career opportunities
   4. Identify the major types of economic systems
   5. Describe the international impact of agricultural economics
2. Assess the legal aspect of agriculture
   1. Discuss of the legal implications of U.S. farm programs
   2. Identify the various methods of doing business
3. Investigate agricultural economics conceptual components
   1. Identify the relationship between micro and macro economics
   2. Explain basic economical principles
   3. Demonstrate the law of supply
   4. Demonstrate the law of demand
   5. Explain the concept of price elasticity of demand
   6. Calculate price elasticity of demand
   7. Show the relationship between a variable input and output using a production function
   8. Calculate average value and marginal value for product
   9. Calculate average physical product and marginal physical product
   10. Illustrate the law of diminishing returns
   11. Demonstrate the law of diminishing marginal utility
   12. Demonstrate how to find the profit-maximizing amount of output using the concept of marginal revenue and marginal cost
   13. Demonstrate the importance of input substitution vs. the least-cost combination of two inputs to produce a given amount of output
   14. Describe competitive, supplementary, and complementary enterprise relationships to find the profit-maximizing combination of two enterprises
   15. Demonstrate the marginal revenue/marginal cost principle in the allocation of limited resources
   16. Compare explicit vs. implicit cost
   17. Explain the importance of opportunity cost in managerial decision making
   18. Distinguish the differences between fixed and variable costs
   19. Review terms used in agricultural economics
   20. Analyze the steps in the decision making process
   21. Demonstrate the use of fixed and variable costs in making short run and long-run production decisions
   22. Explain economies of size and their effect on business size and profitability
   23. Describe the principle of comparative advantage and the effect of geographical location on agricultural production
   24. Analyze the four basic resource classification ? land, labor, capital and management for maximum performance
   25. Discuss macroeconomic linkages of agriculture through U.S. explansionary and contractionary monetary policy
   26. Discuss macroeconomic linkage to agriculture through U.S. expansionary and contractionary fiscal policy
4. Appraise proper business management procedures and practices
   1. Identify the different types of business ownership
   2. Determine the appropriate use of credit
   3. Determine business/production goals