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Oct 03, 2024
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AGB 101 - Agricultural Economics Credits: 3 Lecture Hours: 3 Lab Hours: 0 Practicum Hours: 0 Work Experience: 0 Course Type: Open The study of economic principles and their application to the distribution of agricultural supplies. Competencies
- Summarize the current industry issues.
- Explain the economic impact on the community, state, and nation
- Define issues that impact the future of industry
- List career opportunities
- Identify the major types of economic systems
- Describe the international impact of agricultural economics
- Assess the legal aspect of agriculture
- Discuss of the legal implications of U.S. farm programs
- Identify the various methods of doing business
- Investigate agricultural economics conceptual components
- Identify the relationship between micro and macro economics
- Explain basic economical principles
- Demonstrate the law of supply
- Demonstrate the law of demand
- Explain the concept of price elasticity of demand
- Calculate price elasticity of demand
- Show the relationship between a variable input and output using a production function
- Calculate average value and marginal value for product
- Calculate average physical product and marginal physical product
- Illustrate the law of diminishing returns
- Demonstrate the law of diminishing marginal utility
- Demonstrate how to find the profit-maximizing amount of output using the concept of marginal revenue and marginal cost
- Demonstrate the importance of input substitution vs. the least-cost combination of two inputs to produce a given amount of output
- Describe competitive, supplementary, and complementary enterprise relationships to find the profit-maximizing combination of two enterprises
- Demonstrate the marginal revenue/marginal cost principle in the allocation of limited resources
- Compare explicit vs. implicit cost
- Explain the importance of opportunity cost in managerial decision making
- Distinguish the differences between fixed and variable costs
- Review terms used in agricultural economics
- Analyze the steps in the decision making process
- Demonstrate the use of fixed and variable costs in making short run and long-run production decisions
- Explain economies of size and their effect on business size and profitability
- Describe the principle of comparative advantage and the effect of geographical location on agricultural production
- Analyze the four basic resource classification ? land, labor, capital and management for maximum performance
- Discuss macroeconomic linkages of agriculture through U.S. explansionary and contractionary monetary policy
- Discuss macroeconomic linkage to agriculture through U.S. expansionary and contractionary fiscal policy
- Appraise proper business management procedures and practices
- Identify the different types of business ownership
- Determine the appropriate use of credit
- Determine business/production goals
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