Upon successful completion of the course students will be able to:
- Understand the underpinnings of the U.S. agricultural economy and food production systems; recognize the efficiency and equity implications of alternative market structures as they relate to the agricultural sector.
- Understand the economic justification for public intervention in agriculture.
- Evaluate agricultural factor markets and assess outcomes given alternative factor demand and supply scenarios; understand how goals, constraints, incentives, and market rivalry affect economic decisions in agriculture.
- Understand the factors that underlie both the demand and supply functions in order to be able to analyze consumer and producer behavior.
- Determine relevant costs of production to determine the effective scale and scope of operations.
- Understand the structure-conduct-performance paradigm and how the nature of agriculture is affected by market structure.
- Understand the use of futures markets by agriculture and agribusiness to minimize risk exposure.
- Understand how a nation's agricultural economy affects economic development.