SlideShare a Scribd company logo
1 of 25
UNIVERSITY OF
MAKENI
AGRICULTURAL
ECONOMICS
WHY ECONOMICS?
Alfred Marshal:
“Economics is the study of mankind in the ordinary
business of life”
In his definition economics has to deal with our
daily activities.
Adam smith:
In his book Wealth of Nation
“An inquiry into the nature and the cause of
wealth of nation”
To him economics is about making wealth
John Stuart Mill
“The practical science of production and
distribution of wealth”.
To him economics is about how people produce
and distribute various goods and services that
required for the maintenance of human existence.
Professor Lord Lionel C. Robbins
Professor Lord Lionel C. Robbins
“The science which study human
behavior as a relationship
between ends and scarce means
which have alternative uses”
Dolan & Lindsey (Economics Sixth Edition)
“The social science that seeks
to understand the choices
people make in using scarce
resources to meet their want”.
L. G. Reynolds
Economics is about economizing; that is,
about choice among alternative uses of
scarce resources. Choices are made by
millions of individuals, business and
government units. Economics examines
how these choices add up to an
economics system, and how this system
operate.
QUIZE 1
1. What do you understand about the term
ECONOMICS?
2. Which other Economists do you know?
Scarce Resources
Natural and biological resources
Natural: land, mineral deposits, water
Biological: livestock, crops
Human resources
 labor
Manufactured resources
 capital, machines, equipment, structures
What is Scarcity in Economics?
In economics, scarcity refers to the limited
resources we have. For example, this can
come in the form of physical goods such as
gold, oil, or land – or, it can come in the form of
money, labour, and capital.
These limited resources have alternate uses.
There are many ways to spend Le50,000, but it
can only be spent on one thing. A consumer
with Le 50,000 in their pocket, they cannot buy
both a pair of trainers AND a nice jumper. That
is the very nature of scarcity.
It limits human wants.
What are the 3 Causes of Scarcity?
1. Demand Driven
Resources become scarce when demand increases faster than supply. As
more people buy goods, there are fewer resources available to others. For
instance, let us say there is a supply of 1 million barrels of oil delivered to the
market – enough to meet demand. However, over the course of a year,
demand increases to over 1.5m barrels.
As a result, oil becomes a relatively scarce resource, driven by the increase
in demand. Oil itself is a scarce resource, but because of the new higher
level of demand, it is relatively scarce. Producers are unable to meet the new
demand, which creates a scarcity of resources in the short-term.
2. Supply Driven
When demand is constant, but supply declines, we
have a supply-driven scarcity. However, this is
created by limited resources. In other words, there
is a dwindling supply that cannot be extended. For
instance, during the cause of Ebola hundreds of
manufacturing plants were closed and it took out a
significant source of supply to both domestic and
international markets. Prices inevitably rose as the
economy took the hit.
3. Structural
Structural scarcity occurs when a certain
resource is scarce to a proportion of the
population. In other words, there is unequal
access to resources because of political
issues or location. For example, people living
in the suburbs may not have the same access
to a doctor, and healthcare as someone living
in a city. In addition, they may not have the
same choice of schooling to send their kids.
Resource scarcity forces consumers and producers
to make choices
Opportunity cost – an implicit cost associated with
economic decisions
Specialization – comparative advantage and the
basis for trade
Individual decisions – maximization of consumer
utility and producer profits
Societal decisions – production possibilities given
existing resources
Making Choices
A nation that is comprised of mostly a desert
climate will have to make economic choices
based on the scarcity of water. Other nations
that have huge populations will have to allocate
resources due to the scarcity of quality air.
Essentially, scarcity causes choices on how to
spend money and allocate other resources.
How does Scarcity Affect Economic Decisions?
Scope of Economics
Microeconomics versus macroeconomics
Micro - individuals or groups of individuals
Macro - broad aggregates at economy level
Fallacy of Composition
That which is true in an individual situation is not
necessarily true in the aggregate
Positive versus normative economics
Positive - “what is”, or “what would happen if”
Normative - “what should be”
Alternative economic systems
Capitalism, socialism, communism
Sierra Leone has mixed economic system
What is Agricultural Economics?
“…an applied social science that deals
with how producers, consumers and
societies use scarce resources in the
production, processing, marketing
and consumption of food and fiber
products.”
What Does an Agricultural Economist Do?
Agricultural economists examine data to determine patterns
and trends in economic activity. They also conduct research to
collect data and market samples. They use the predictions
obtained from their research to inform, influence, and improve
the business decisions of clients and agricultural organizations.
As agricultural economists better determine market indicators
like farm income and food prices, they study many areas, such
as:
Natural resource management
Agricultural policy
Food science
Farm credit
Agricultural marketing systems
Commodity exchanges
Whether they want to offer a short-term forecast or
long-term prediction for some part of the agricultural
market, these professionals must have an excellent
understanding of agricultural production and relevant
economic forces. This involves devising data
collection methods and using appropriate statistical
methods to obtain useful information.
Agricultural economists may also communicate their
findings at seminars and conferences to encourage
further research or investment in a particular area.
References
1. Agricultural Economics, H. Evan Drummond and John W. Goodwin, third
Edition
2. Introduction to Agricultural Economics John B. Penson, Jr and other Sixth
Edition
3. Dolan & Lindsey (Economics Sixth Edition)

More Related Content

Similar to Agricultural Economics.pptx

Urban economy literature study
Urban economy literature studyUrban economy literature study
Urban economy literature studyAditi Garg
 
Introduction to economics 6 8-2016
Introduction to economics 6 8-2016Introduction to economics 6 8-2016
Introduction to economics 6 8-2016Shweta Iyer
 
Basic concepts in economics and further discussions
Basic concepts in economics and further discussionsBasic concepts in economics and further discussions
Basic concepts in economics and further discussionspaul esguerra
 
1 economics intro
1 economics intro1 economics intro
1 economics introdomsr
 
Economics intro
Economics introEconomics intro
Economics introdomsr
 
Chapter 1 - basic concepts about macroeconomics for BBA
Chapter 1 - basic concepts about macroeconomics for BBAChapter 1 - basic concepts about macroeconomics for BBA
Chapter 1 - basic concepts about macroeconomics for BBAginish9841502661
 
1 Economics, Economic Methods, and Economic PolicyJan Fri.docx
1 Economics, Economic Methods,  and Economic PolicyJan Fri.docx1 Economics, Economic Methods,  and Economic PolicyJan Fri.docx
1 Economics, Economic Methods, and Economic PolicyJan Fri.docxoswald1horne84988
 
Introduction to business 1
Introduction to business 1Introduction to business 1
Introduction to business 1psanandres
 
Business economics
Business economicsBusiness economics
Business economicsvibuchandran
 
Introduction to Macro Economics
Introduction to Macro EconomicsIntroduction to Macro Economics
Introduction to Macro Economicssuparswa
 
What is economics unit1week1
What is economics unit1week1What is economics unit1week1
What is economics unit1week1anobles
 
Building economics.pptx
Building economics.pptxBuilding economics.pptx
Building economics.pptxamatulwasey
 
Assignment of engineering economics by Bishnu Bhandari
Assignment of engineering economics by Bishnu BhandariAssignment of engineering economics by Bishnu Bhandari
Assignment of engineering economics by Bishnu BhandariBishnuBhandari12
 
APPLIED ECONOMICS.pptx
APPLIED ECONOMICS.pptxAPPLIED ECONOMICS.pptx
APPLIED ECONOMICS.pptxivy buncaras
 

Similar to Agricultural Economics.pptx (20)

Economics chap 1
Economics chap 1Economics chap 1
Economics chap 1
 
Urban economy literature study
Urban economy literature studyUrban economy literature study
Urban economy literature study
 
lux segmentation
lux segmentationlux segmentation
lux segmentation
 
Introduction to economics 6 8-2016
Introduction to economics 6 8-2016Introduction to economics 6 8-2016
Introduction to economics 6 8-2016
 
Basic concepts in economics and further discussions
Basic concepts in economics and further discussionsBasic concepts in economics and further discussions
Basic concepts in economics and further discussions
 
1 economics intro
1 economics intro1 economics intro
1 economics intro
 
Economics intro
Economics introEconomics intro
Economics intro
 
Chapter 1 - basic concepts about macroeconomics for BBA
Chapter 1 - basic concepts about macroeconomics for BBAChapter 1 - basic concepts about macroeconomics for BBA
Chapter 1 - basic concepts about macroeconomics for BBA
 
1 Economics, Economic Methods, and Economic PolicyJan Fri.docx
1 Economics, Economic Methods,  and Economic PolicyJan Fri.docx1 Economics, Economic Methods,  and Economic PolicyJan Fri.docx
1 Economics, Economic Methods, and Economic PolicyJan Fri.docx
 
Introduction to business 1
Introduction to business 1Introduction to business 1
Introduction to business 1
 
Business economics
Business economicsBusiness economics
Business economics
 
Economics lesson 1
Economics lesson 1Economics lesson 1
Economics lesson 1
 
AAE- 101
AAE- 101AAE- 101
AAE- 101
 
Introduction to Macro Economics
Introduction to Macro EconomicsIntroduction to Macro Economics
Introduction to Macro Economics
 
What is economics unit1week1
What is economics unit1week1What is economics unit1week1
What is economics unit1week1
 
Building economics.pptx
Building economics.pptxBuilding economics.pptx
Building economics.pptx
 
Assignment of engineering economics by Bishnu Bhandari
Assignment of engineering economics by Bishnu BhandariAssignment of engineering economics by Bishnu Bhandari
Assignment of engineering economics by Bishnu Bhandari
 
Jade june Macro Economics
Jade june Macro EconomicsJade june Macro Economics
Jade june Macro Economics
 
applied eco
applied ecoapplied eco
applied eco
 
APPLIED ECONOMICS.pptx
APPLIED ECONOMICS.pptxAPPLIED ECONOMICS.pptx
APPLIED ECONOMICS.pptx
 

Recently uploaded

Inclusivity Essentials_ Creating Accessible Websites for Nonprofits .pdf
Inclusivity Essentials_ Creating Accessible Websites for Nonprofits .pdfInclusivity Essentials_ Creating Accessible Websites for Nonprofits .pdf
Inclusivity Essentials_ Creating Accessible Websites for Nonprofits .pdfTechSoup
 
ICS2208 Lecture6 Notes for SL spaces.pdf
ICS2208 Lecture6 Notes for SL spaces.pdfICS2208 Lecture6 Notes for SL spaces.pdf
ICS2208 Lecture6 Notes for SL spaces.pdfVanessa Camilleri
 
GRADE 4 - SUMMATIVE TEST QUARTER 4 ALL SUBJECTS
GRADE 4 - SUMMATIVE TEST QUARTER 4 ALL SUBJECTSGRADE 4 - SUMMATIVE TEST QUARTER 4 ALL SUBJECTS
GRADE 4 - SUMMATIVE TEST QUARTER 4 ALL SUBJECTSJoshuaGantuangco2
 
Grade 9 Quarter 4 Dll Grade 9 Quarter 4 DLL.pdf
Grade 9 Quarter 4 Dll Grade 9 Quarter 4 DLL.pdfGrade 9 Quarter 4 Dll Grade 9 Quarter 4 DLL.pdf
Grade 9 Quarter 4 Dll Grade 9 Quarter 4 DLL.pdfJemuel Francisco
 
Measures of Position DECILES for ungrouped data
Measures of Position DECILES for ungrouped dataMeasures of Position DECILES for ungrouped data
Measures of Position DECILES for ungrouped dataBabyAnnMotar
 
Choosing the Right CBSE School A Comprehensive Guide for Parents
Choosing the Right CBSE School A Comprehensive Guide for ParentsChoosing the Right CBSE School A Comprehensive Guide for Parents
Choosing the Right CBSE School A Comprehensive Guide for Parentsnavabharathschool99
 
4.18.24 Movement Legacies, Reflection, and Review.pptx
4.18.24 Movement Legacies, Reflection, and Review.pptx4.18.24 Movement Legacies, Reflection, and Review.pptx
4.18.24 Movement Legacies, Reflection, and Review.pptxmary850239
 
Visit to a blind student's school🧑‍🦯🧑‍🦯(community medicine)
Visit to a blind student's school🧑‍🦯🧑‍🦯(community medicine)Visit to a blind student's school🧑‍🦯🧑‍🦯(community medicine)
Visit to a blind student's school🧑‍🦯🧑‍🦯(community medicine)lakshayb543
 
4.16.24 Poverty and Precarity--Desmond.pptx
4.16.24 Poverty and Precarity--Desmond.pptx4.16.24 Poverty and Precarity--Desmond.pptx
4.16.24 Poverty and Precarity--Desmond.pptxmary850239
 
Student Profile Sample - We help schools to connect the data they have, with ...
Student Profile Sample - We help schools to connect the data they have, with ...Student Profile Sample - We help schools to connect the data they have, with ...
Student Profile Sample - We help schools to connect the data they have, with ...Seán Kennedy
 
EMBODO Lesson Plan Grade 9 Law of Sines.docx
EMBODO Lesson Plan Grade 9 Law of Sines.docxEMBODO Lesson Plan Grade 9 Law of Sines.docx
EMBODO Lesson Plan Grade 9 Law of Sines.docxElton John Embodo
 
ROLES IN A STAGE PRODUCTION in arts.pptx
ROLES IN A STAGE PRODUCTION in arts.pptxROLES IN A STAGE PRODUCTION in arts.pptx
ROLES IN A STAGE PRODUCTION in arts.pptxVanesaIglesias10
 
USPS® Forced Meter Migration - How to Know if Your Postage Meter Will Soon be...
USPS® Forced Meter Migration - How to Know if Your Postage Meter Will Soon be...USPS® Forced Meter Migration - How to Know if Your Postage Meter Will Soon be...
USPS® Forced Meter Migration - How to Know if Your Postage Meter Will Soon be...Postal Advocate Inc.
 
ENG 5 Q4 WEEk 1 DAY 1 Restate sentences heard in one’s own words. Use appropr...
ENG 5 Q4 WEEk 1 DAY 1 Restate sentences heard in one’s own words. Use appropr...ENG 5 Q4 WEEk 1 DAY 1 Restate sentences heard in one’s own words. Use appropr...
ENG 5 Q4 WEEk 1 DAY 1 Restate sentences heard in one’s own words. Use appropr...JojoEDelaCruz
 
Dust Of Snow By Robert Frost Class-X English CBSE
Dust Of Snow By Robert Frost Class-X English CBSEDust Of Snow By Robert Frost Class-X English CBSE
Dust Of Snow By Robert Frost Class-X English CBSEaurabinda banchhor
 
How to Add Barcode on PDF Report in Odoo 17
How to Add Barcode on PDF Report in Odoo 17How to Add Barcode on PDF Report in Odoo 17
How to Add Barcode on PDF Report in Odoo 17Celine George
 
AUDIENCE THEORY -CULTIVATION THEORY - GERBNER.pptx
AUDIENCE THEORY -CULTIVATION THEORY -  GERBNER.pptxAUDIENCE THEORY -CULTIVATION THEORY -  GERBNER.pptx
AUDIENCE THEORY -CULTIVATION THEORY - GERBNER.pptxiammrhaywood
 

Recently uploaded (20)

FINALS_OF_LEFT_ON_C'N_EL_DORADO_2024.pptx
FINALS_OF_LEFT_ON_C'N_EL_DORADO_2024.pptxFINALS_OF_LEFT_ON_C'N_EL_DORADO_2024.pptx
FINALS_OF_LEFT_ON_C'N_EL_DORADO_2024.pptx
 
Inclusivity Essentials_ Creating Accessible Websites for Nonprofits .pdf
Inclusivity Essentials_ Creating Accessible Websites for Nonprofits .pdfInclusivity Essentials_ Creating Accessible Websites for Nonprofits .pdf
Inclusivity Essentials_ Creating Accessible Websites for Nonprofits .pdf
 
ICS2208 Lecture6 Notes for SL spaces.pdf
ICS2208 Lecture6 Notes for SL spaces.pdfICS2208 Lecture6 Notes for SL spaces.pdf
ICS2208 Lecture6 Notes for SL spaces.pdf
 
GRADE 4 - SUMMATIVE TEST QUARTER 4 ALL SUBJECTS
GRADE 4 - SUMMATIVE TEST QUARTER 4 ALL SUBJECTSGRADE 4 - SUMMATIVE TEST QUARTER 4 ALL SUBJECTS
GRADE 4 - SUMMATIVE TEST QUARTER 4 ALL SUBJECTS
 
Grade 9 Quarter 4 Dll Grade 9 Quarter 4 DLL.pdf
Grade 9 Quarter 4 Dll Grade 9 Quarter 4 DLL.pdfGrade 9 Quarter 4 Dll Grade 9 Quarter 4 DLL.pdf
Grade 9 Quarter 4 Dll Grade 9 Quarter 4 DLL.pdf
 
Measures of Position DECILES for ungrouped data
Measures of Position DECILES for ungrouped dataMeasures of Position DECILES for ungrouped data
Measures of Position DECILES for ungrouped data
 
Choosing the Right CBSE School A Comprehensive Guide for Parents
Choosing the Right CBSE School A Comprehensive Guide for ParentsChoosing the Right CBSE School A Comprehensive Guide for Parents
Choosing the Right CBSE School A Comprehensive Guide for Parents
 
INCLUSIVE EDUCATION PRACTICES FOR TEACHERS AND TRAINERS.pptx
INCLUSIVE EDUCATION PRACTICES FOR TEACHERS AND TRAINERS.pptxINCLUSIVE EDUCATION PRACTICES FOR TEACHERS AND TRAINERS.pptx
INCLUSIVE EDUCATION PRACTICES FOR TEACHERS AND TRAINERS.pptx
 
4.18.24 Movement Legacies, Reflection, and Review.pptx
4.18.24 Movement Legacies, Reflection, and Review.pptx4.18.24 Movement Legacies, Reflection, and Review.pptx
4.18.24 Movement Legacies, Reflection, and Review.pptx
 
Visit to a blind student's school🧑‍🦯🧑‍🦯(community medicine)
Visit to a blind student's school🧑‍🦯🧑‍🦯(community medicine)Visit to a blind student's school🧑‍🦯🧑‍🦯(community medicine)
Visit to a blind student's school🧑‍🦯🧑‍🦯(community medicine)
 
4.16.24 Poverty and Precarity--Desmond.pptx
4.16.24 Poverty and Precarity--Desmond.pptx4.16.24 Poverty and Precarity--Desmond.pptx
4.16.24 Poverty and Precarity--Desmond.pptx
 
Student Profile Sample - We help schools to connect the data they have, with ...
Student Profile Sample - We help schools to connect the data they have, with ...Student Profile Sample - We help schools to connect the data they have, with ...
Student Profile Sample - We help schools to connect the data they have, with ...
 
EMBODO Lesson Plan Grade 9 Law of Sines.docx
EMBODO Lesson Plan Grade 9 Law of Sines.docxEMBODO Lesson Plan Grade 9 Law of Sines.docx
EMBODO Lesson Plan Grade 9 Law of Sines.docx
 
ROLES IN A STAGE PRODUCTION in arts.pptx
ROLES IN A STAGE PRODUCTION in arts.pptxROLES IN A STAGE PRODUCTION in arts.pptx
ROLES IN A STAGE PRODUCTION in arts.pptx
 
USPS® Forced Meter Migration - How to Know if Your Postage Meter Will Soon be...
USPS® Forced Meter Migration - How to Know if Your Postage Meter Will Soon be...USPS® Forced Meter Migration - How to Know if Your Postage Meter Will Soon be...
USPS® Forced Meter Migration - How to Know if Your Postage Meter Will Soon be...
 
ENG 5 Q4 WEEk 1 DAY 1 Restate sentences heard in one’s own words. Use appropr...
ENG 5 Q4 WEEk 1 DAY 1 Restate sentences heard in one’s own words. Use appropr...ENG 5 Q4 WEEk 1 DAY 1 Restate sentences heard in one’s own words. Use appropr...
ENG 5 Q4 WEEk 1 DAY 1 Restate sentences heard in one’s own words. Use appropr...
 
LEFT_ON_C'N_ PRELIMS_EL_DORADO_2024.pptx
LEFT_ON_C'N_ PRELIMS_EL_DORADO_2024.pptxLEFT_ON_C'N_ PRELIMS_EL_DORADO_2024.pptx
LEFT_ON_C'N_ PRELIMS_EL_DORADO_2024.pptx
 
Dust Of Snow By Robert Frost Class-X English CBSE
Dust Of Snow By Robert Frost Class-X English CBSEDust Of Snow By Robert Frost Class-X English CBSE
Dust Of Snow By Robert Frost Class-X English CBSE
 
How to Add Barcode on PDF Report in Odoo 17
How to Add Barcode on PDF Report in Odoo 17How to Add Barcode on PDF Report in Odoo 17
How to Add Barcode on PDF Report in Odoo 17
 
AUDIENCE THEORY -CULTIVATION THEORY - GERBNER.pptx
AUDIENCE THEORY -CULTIVATION THEORY -  GERBNER.pptxAUDIENCE THEORY -CULTIVATION THEORY -  GERBNER.pptx
AUDIENCE THEORY -CULTIVATION THEORY - GERBNER.pptx
 

Agricultural Economics.pptx

  • 3.
  • 4. Alfred Marshal: “Economics is the study of mankind in the ordinary business of life” In his definition economics has to deal with our daily activities.
  • 5.
  • 6. Adam smith: In his book Wealth of Nation “An inquiry into the nature and the cause of wealth of nation” To him economics is about making wealth
  • 7. John Stuart Mill “The practical science of production and distribution of wealth”. To him economics is about how people produce and distribute various goods and services that required for the maintenance of human existence.
  • 9. Professor Lord Lionel C. Robbins “The science which study human behavior as a relationship between ends and scarce means which have alternative uses”
  • 10. Dolan & Lindsey (Economics Sixth Edition) “The social science that seeks to understand the choices people make in using scarce resources to meet their want”.
  • 11. L. G. Reynolds Economics is about economizing; that is, about choice among alternative uses of scarce resources. Choices are made by millions of individuals, business and government units. Economics examines how these choices add up to an economics system, and how this system operate.
  • 12. QUIZE 1 1. What do you understand about the term ECONOMICS? 2. Which other Economists do you know?
  • 13. Scarce Resources Natural and biological resources Natural: land, mineral deposits, water Biological: livestock, crops Human resources  labor Manufactured resources  capital, machines, equipment, structures
  • 14. What is Scarcity in Economics? In economics, scarcity refers to the limited resources we have. For example, this can come in the form of physical goods such as gold, oil, or land – or, it can come in the form of money, labour, and capital.
  • 15. These limited resources have alternate uses. There are many ways to spend Le50,000, but it can only be spent on one thing. A consumer with Le 50,000 in their pocket, they cannot buy both a pair of trainers AND a nice jumper. That is the very nature of scarcity. It limits human wants.
  • 16. What are the 3 Causes of Scarcity? 1. Demand Driven Resources become scarce when demand increases faster than supply. As more people buy goods, there are fewer resources available to others. For instance, let us say there is a supply of 1 million barrels of oil delivered to the market – enough to meet demand. However, over the course of a year, demand increases to over 1.5m barrels. As a result, oil becomes a relatively scarce resource, driven by the increase in demand. Oil itself is a scarce resource, but because of the new higher level of demand, it is relatively scarce. Producers are unable to meet the new demand, which creates a scarcity of resources in the short-term.
  • 17. 2. Supply Driven When demand is constant, but supply declines, we have a supply-driven scarcity. However, this is created by limited resources. In other words, there is a dwindling supply that cannot be extended. For instance, during the cause of Ebola hundreds of manufacturing plants were closed and it took out a significant source of supply to both domestic and international markets. Prices inevitably rose as the economy took the hit.
  • 18. 3. Structural Structural scarcity occurs when a certain resource is scarce to a proportion of the population. In other words, there is unequal access to resources because of political issues or location. For example, people living in the suburbs may not have the same access to a doctor, and healthcare as someone living in a city. In addition, they may not have the same choice of schooling to send their kids.
  • 19. Resource scarcity forces consumers and producers to make choices Opportunity cost – an implicit cost associated with economic decisions Specialization – comparative advantage and the basis for trade Individual decisions – maximization of consumer utility and producer profits Societal decisions – production possibilities given existing resources Making Choices
  • 20. A nation that is comprised of mostly a desert climate will have to make economic choices based on the scarcity of water. Other nations that have huge populations will have to allocate resources due to the scarcity of quality air. Essentially, scarcity causes choices on how to spend money and allocate other resources. How does Scarcity Affect Economic Decisions?
  • 21. Scope of Economics Microeconomics versus macroeconomics Micro - individuals or groups of individuals Macro - broad aggregates at economy level Fallacy of Composition That which is true in an individual situation is not necessarily true in the aggregate Positive versus normative economics Positive - “what is”, or “what would happen if” Normative - “what should be” Alternative economic systems Capitalism, socialism, communism Sierra Leone has mixed economic system
  • 22. What is Agricultural Economics? “…an applied social science that deals with how producers, consumers and societies use scarce resources in the production, processing, marketing and consumption of food and fiber products.”
  • 23. What Does an Agricultural Economist Do? Agricultural economists examine data to determine patterns and trends in economic activity. They also conduct research to collect data and market samples. They use the predictions obtained from their research to inform, influence, and improve the business decisions of clients and agricultural organizations. As agricultural economists better determine market indicators like farm income and food prices, they study many areas, such as: Natural resource management Agricultural policy Food science Farm credit Agricultural marketing systems Commodity exchanges
  • 24. Whether they want to offer a short-term forecast or long-term prediction for some part of the agricultural market, these professionals must have an excellent understanding of agricultural production and relevant economic forces. This involves devising data collection methods and using appropriate statistical methods to obtain useful information. Agricultural economists may also communicate their findings at seminars and conferences to encourage further research or investment in a particular area.
  • 25. References 1. Agricultural Economics, H. Evan Drummond and John W. Goodwin, third Edition 2. Introduction to Agricultural Economics John B. Penson, Jr and other Sixth Edition 3. Dolan & Lindsey (Economics Sixth Edition)