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Agriculture Economics and the American Economy

Objectives:. Define Economics.Explain three major components of economics.Discuss three basic economic questions.Explain six types of economic systems.Discuss economics from a historical perspective.Discuss the role of government versus individuals in the economic system.. Objectives cont.'d.

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Agriculture Economics and the American Economy

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    1. Agriculture Economics and the American Economy Chapter 2

    2. Objectives: Define Economics. Explain three major components of economics. Discuss three basic economic questions. Explain six types of economic systems. Discuss economics from a historical perspective. Discuss the role of government versus individuals in the economic system.

    3. Objectives cont.’d Describe the characteristics of the American economy. Differentiate between macroeconomics and microeconomics. Differentiate between positive and normative economics. Explain agricultural economics.

    4. Introduction Today’s world is complex and continually changing. The successful agribusiness manager must possess a basic understanding of economic principles to react to these changes. To understand agricultural economics, the agribusiness manager must first understand basic economic principles.

    5. Definitions of Economics There are many definitions of economics. Consider each of the following definitions, look for key words and phrases, and then form your own definition. Economics is the study of allocation of scarce resources among competing alternatives. Economics is the study of how individuals and countries decide how to use scarce resources to fulfill their wants. Economics is the “study of how society allocates scarce resources and goods.”

    6. Economics is “the science of allocating scarce resources (land, labor, capital, and managements) among different and competing choices and utilizing them to best satisfy human wants. Economics “is a study of how to get the most satisfaction for a given amount of money or to spend the least money for a given need or want.” Economics is the study of how scarce resources are transformed into goods and services to satisfy our most pressing wants, and how these goods and services are distributed.

    7. Economics is “the study of the decisions involved in producing, distributing, and consuming goods and services.” Economics “is a social science that studies how consumers, producers, and societies choose among the alternative uses of scarce resources in the process of producing, exchanging, and consuming goods and services.” Economics is “concerned with overcoming the effects of scarcity by improving the efficiency with which scarce resources are allocated among their many competing uses, so as to best satisfy human wants.”

    8. Three major components of Economics Three key words or phrases can be drawn from each of these definitions: scarcity, types of resources, and wants and needs.

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