Agricultural Economics

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Abstract

Agricultural economics is the application of economic principles and financial management relating to the economic, social and environmental performances of agricultural businesses. This extends beyond the farm gate to encompass a broader range of food and fibre related activity which contributes significantly to the nation's output. This subject introduces some … For more content click the Read More button below.

Agricultural economics is the application of economic principles and financial management relating to the economic, social and environmental performances of agricultural businesses. This extends beyond the farm gate to encompass a broader range of food and fibre related activity which contributes significantly to the nation's output. This subject introduces some key economic theories and financial management tools for decision making in agriculture in Australia from a domestic and international perspective.

Syllabus

Part A - Market and Price Analysis - Introduction to Australian agriculture; consumer demand and elasticity; profit maximisation and supply;market equilibrium; and imperfect competitionPart B - Production and Cost Analysis - Production and optimal input selection; optimal combinations of inputs and outputs; costs of production; enterprise performance and gross margin … For more content click the Read More button below.

Learning outcomes

Upon successful completion of this subject, students should:

Be able to understand the forces of supply and demand and how they determine price in the market

Be able to identify core principles of microeconomics, especially related to agricultural production, cost analysis and prices and application of these economic principles to selected farm management problems

Be able to demonstrate an awareness of various agricultural industries and characteristics of their market structures

Be able to interpret and apply basic algebra and graphical representation to present economic concepts

Be able to understand the relevance of private and social costs in agricultural production and market failure