Principles of Agricultural Economics provides a clear and systematic introduction to the economic concepts and principles that govern agriculture and allied sectors. Designed for students of agriculture, agribusiness, and rural development, the book connects classical economic theory with the practical realities of farming, markets, and policy.
The text begins with the fundamentals of economics — demand and supply, utility, production, cost, and market structures — and applies them to agricultural systems. It examines farm management decisions, resource allocation, risk and uncertainty in farming, and the economics of inputs such as land, labour, capital, and technology.
Special emphasis is given to agricultural price policy, marketing systems, cooperatives, and international trade, highlighting their role in food security and rural livelihoods. The book also explores contemporary issues such as WTO agreements, climate change economics, sustainability, and the impact of globalization on agriculture.
Supported by illustrations, examples, and case studies, the text is both academically rigorous and practically relevant. It equips students with analytical tools to evaluate farm-level decisions as well as macroeconomic policies affecting the agricultural sector.
As a foundational resource, Principles of Agricultural Economics is indispensable for undergraduates, postgraduates, competitive exam aspirants, and professionals seeking to understand the dynamics of agriculture in an economic framework.
Book Details
Language: English
Compiled By: Department of Agricultural, Economics
Pages: 79
Price: Free
Course Outline of Principles of Agricultural Economics
| S.No. | Chapter Title |
|---|---|
| 1 | Economics: Meaning, Definition |
| 2 | Nature, Scope and Subject Matter, Division of Economics and Importance, Methods of economic investigation, Positive and Normative Economics |
| 3 | Agricultural Economics: Meaning, Definition |
| 4 | Basic Concepts: Good & Service, Utility, Value, Price, Wealth, Welfare |
| 5 | Want: Meaning, Characteristics, Classification and Importance |
| 6 | Theory of consumption: Law of Diminishing Marginal Utility, Law of Equi-Marginal Utility – Meaning, Definition, Assumption, Limitation and Importance; Indifference Curve – Meaning, Definition, Properties, Usefulness |
| 7 | Consumers’ Surplus: Meaning, Definition and Importance |
| 8 | Demand: Meaning, Definition, Types of Demand, Demand Schedule, Demand Curve, Law of Demand, Extension and Contraction, Increase and Decrease in Demand |
| 9 | Elasticity of Demand: Types, Degree, Price Elasticity, Methods of Measurement, Factors influencing Elasticity, Importance |
| 10 | Supply: Meaning, Definition, Stock vs Supply, Law of Supply, Supply Schedule, Supply Curve, Determinants, Elasticity of Supply |
| 11 | Cost: Concepts, Short run and Long run Cost Curves |
| 12 | Market structure: Meaning and Types, Features of Perfect and Imperfect Markets; Price Determination under Perfect Competition; Short-run and Long-run Equilibrium of Firm and Industry; Shut down and Break-even Points |
| 13 | Production: Process, Creation of Utility, Factors of Production, Input-output Relationship |
| 14 | Distribution theory: Meaning, Factor Market and Pricing of Factors of Production – Rent, Wage, Interest and Profit |
| 15 | Population: Importance, Malthusian and Optimum Population Theories, Natural and Socio-economic Determinants, Current Policies and Programs on Population Control |
| 16 | National Income: Meaning and Importance, Circular Flow, Concepts of National Income Accounting, Approaches to Measurement, Difficulties in Measurement |
| 17 | Money: Barter System and its Problems, Evolution, Meaning and Functions of Money, Classification of Money, Money Supply, General Price Index |
| 18 | Banking: Role in Modern Economy, Types of Banks, Functions of Commercial and Central Bank, Credit Creation Policy |
| 19 | Agricultural and Public Finance: Meaning, Micro vs Macro Finance, Need for Agricultural Finance, Public Revenue and Expenditure |
| 20 | Classification of Taxes: Canon of Taxation |
| 21 | Inflation: Meaning, Definition, Types of Inflation |
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