Introduction to Agricultural Economics, 7th Edition
©2018 |Pearson | Available
John B. Penson
Oral Capps, Jr.
C. Parr Rosson, III, Texas A & M University
Richard T. Woodward, Texas A&M University
©2018 |Pearson | Available
For courses in Introduction to Agricultural or Applied Economics
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.
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Sample chapter is available for download in PDF format.
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Strong coverage of macroeconomics, the role of government, and international agricultural trade:
Building block approach:
Extensive chapter review, teaching, and learning materials:
The Seventh Edition has been thoroughly revised to provide students with the most up-to-date coverage of the dynamic food and fiber sector within the global economy.
UPDATED: Restructures Chapter 11 dealing with government’s role in agriculture, including updated coverage of the crop insurance feature in current farm commodity policy.
UPDATED: Revises Chapters 12-15 dealing with key macroeconomic topics and how macroeconomic events affect agriculture.
Features a new four-color design to better capture student interest and make the economic concepts easier to grasp.
UPDATED: Reflects the most current available data in all tables and figures to help students contextualize the information presented.
EXPANDED: Helps students review and prepare for exams using updated end-of-chapter TEQ (Testing Your Economic Quotient) questions.
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
TestGen Computerized Test Bank for Introduction to Agricultural Economics, 7th Edition
Penson, Capps, Rosson, III & Woodward
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Instructor's Resource Manual (Download only) for Introduction to Agricultural Economics, 7th Edition
Penson, Capps, Rosson & Woodward
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Penson, Capps, Rosson, III & Woodward
Introduction to Agricultural Economics Student Edition -- VitalSource eText Access Card -- National, 7th Edition
Penson, Jr., Capps, Jr., Rosson, III & Woodward
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John B. Penson, Jr., holds the titles of Regents Professor and Stiles Endowed Professor of Agriculture in the Department of Agricultural Economics at Texas A&M University. He is also a senior scientist with the Norman Borlaug Institute for International Agriculture. Penson received a Ph.D. degree in agricultural economics from the University of Illinois. Penson has taught courses in Korea, Japan, Guatemala, Nicaragua, and Ecuador. His research has focused on the macroeconomics of agriculture and portfolio credit risk analysis. He has also conducted research in the Middle East and Eurasia.
Oral Capps, Jr., holds the titles of Executive Professor and Regents Professor in the Department of Agricultural Economics at Texas A&M University. He is a certified business economist and co-director of the Agribusiness, Food and Consumer Economics Research Center at Texas A&M University. He is also holder of the Southwest Dairy Marketing Endowed Chair. He received a Ph.D. in agricultural economics from Virginia Tech. He has received numerous teaching and research awards and is recognized internationally for his research in demand and price analysis.
C. Parr Rosson III is Professor and Department Head of the Agricultural Economics Department at Texas A&M University. He received his Ph.D. in agricultural economics from Texas A&M University. Rosson works in the areas of international trade and international marketing. He currently chairs the Education Committee of the Texas—Cuba Trade Alliance. He served on the Grains, Feed, Oilseeds and Planting Seeds Agricultural Trade Advisory Committee for the U.S. Trade Representative and U.S. Department of Agriculture from 2001 to 2015. He has conducted projects in Latin America, the Middle East, and Asia.
Richard T. Woodward is Professor in the Department of Agricultural Economics at Texas A&M University. His research is in the general area of environmental and resource economics. His recent research projects have focused on the use of transferable permits to address water quality and fishery challenges and problems of choice under uncertainty.
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