Introduction to Agricultural Economics, 7th edition

  • John B. Penson
  • Oral Capps
  • C Parr Rosson
  • Richard T. Woodward


A systematic overview of the economic forces influencing the food and fiber industry.

Introduction to Agricultural Economics provides students with a systematic, building block introduction to the basic economic concepts and issues impacting the U.S. food and fiber industry today. Thorough coverage of microeconomic and macroeconomic theory, the role of government, and international trade policies allows readers to gain an understanding of domestic consumers and overseas markets. Each chapter offers extensive review opportunities that let students test their knowledge of important concepts and prepare for exams. The Seventh Edition has been thoroughly revised to provide the most up-to-date coverage of the dynamic food and fiber industry within the global economy. 

Table of contents

Part I: Introduction

1. What is Agricultural Economics?

2. The U.S. Food and Fiber Industry


Part II: Understanding Consumer Behavior

3. Theory of Consumer Behavior

4. Consumer Equilibrium and Market Demand

5. Measurement and Interpretation of Elasticities


Part II: Business Behavior and Market Equilibrium

6. Introduction to Production and Resource Use

7. Economics of Input and Product Substitution

8. Market Equilibrium and Product Price: Perfect Competition

9. Market Equilibrium and Product Price: Imperfect Competition


Part IV: Government in the Food and Fiber Industry

10. Natural Resources, the Environment, and Agriculture

11. Government Intervention in Agriculture


Part V: Macroeconomics of Agriculture

12. Product Markets and National Output

13. Macroeconomic Policy Fundamentals

14. Consequences of Business Fluctuations

15. Macroeconomic Policy and Agriculture


Part VI: International Agricultural Trade

16. Agricultural Trade and Exchange Rates

17. Why Nations Trade

18. Agricultural Trade Policy and Preferential Trading Arrangements





Published by Pearson (March 22nd 2017) - Copyright © 2018