“Principles of Agricultural Economics” establishes the foundational economic theories governing agricultural decision-making and consumer behavior. The curriculum explores definitions and scope of economics, economic systems, consumer behavior theory (cardinal and ordinal utility, indifference curves), demand and elasticity concepts, Engel’s law, factors of production (land, labour, capital, enterprise), cost concepts, supply curves, market structures and price determination, factor pricing (rent, wages, interest, profit), macroeconomics aggregates (GDP, GNP, NNP), and public finance.
Topics Covered
- Economics – Definition, Subject Matter, Nature, and Scope of Economics
- Economic Systems – Capitalism, Socialism, and Mixed Economy Frameworks
- Consumer Behavior Theory – Cardinal Utility, Total and Marginal Utility
- Law of Diminishing Marginal Utility and Graphical Derivation of Demand
- Ordinal Utility Approach – Indifference Curves, Budget Line, and Consumer Equilibrium
- Theory of Demand – Individual and Market Demand Schedules and Law of Demand
- Elasticity of Demand – Price, Income, and Cross Elasticity of Demand
- Giffen’s Paradox, Normal, Inferior, Substitute, and Complementary Goods
- Engel’s Law of Family Expenditure and Consumer Surplus Concept
- Factors of Production – Land, Labour, Division of Labour, and Malthusian Theory
- Capital Formation – Forms of Capital, Savings, and Business Organization
- Law of Diminishing Marginal Returns and its Application to Agriculture
- Cost Concepts and Curves – Short-Run and Long-Run Cost Curves
- Theory of Supply – Law of Supply, Supply Curves, and Elasticity of Supply
- Market Structures – Perfect Competition, Monopoly, Monopolistic Competition, and Oligopoly
- Equilibrium Price Determination under Pure and Perfect Competition
- Factor Pricing Theories – Ricardian Rent, Quasi-Rent, and Marginal Productivity
- Wages, Interest (Liquidity Preference Theory), and Profit Theories
- Macroeconomics Concepts – Gross Domestic Product (GDP), GNP, NNP, and Per Capita Income
- Money – Functions of Money, Inflation Causes, Consequences, and Monetary Policies
- Public Finance – Public Revenue, Public Expenditure, and Principles of Taxation
File Details
| Title | Principles of Agricultural Economics |
| File Name | AECO141 – Principles of Agricultural Economics.pdf |
| File Type | PDF Document (.pdf) |
| File Size | 2.29 MB |
| Total Pages | 111 Pages |