This course presents a range of basic economic theory. Students who take this course will be prepared to understand the basis for most economic and management decisions. They will have a firm foundation for more advanced work in economics, agricultural economics, and related courses in agricultural and allied disciplines. The first section of the course begins with an introduction to economics and the concepts of resources, agriculture, and food. The second section covers the microeconomic concepts of demand, production and supply. Market concepts make up the third part of this course. The main topics include the forms of market competition; elasticity of supply and demand; and the determinants of supply demand and elasticity.
