This text features complete coverage of both the micro and macro facets of agricultural economics and agribusiness. The eighth edition has been updated to include recent agricultural data and contains the same pedagogy as the previous editions.

This book examines the structure and organization of the agricultural industry, then discusses basic micro and macroeconomics principles as they apply to agriculture. Principles of economics are used to demonstrate to the reader that theory actually makes reality more understandable. The book is at the right level and is kept consistently up-to-date-the only text that has been consistently revised!

Introduction. The Farm and Food System. Consumer Behavior and Demand. Producer Decision Making: Single-Variable Input Functions. Producer Decision Making: Two-Variable Inputs and Enterprise Selection. Production Costs, Supply, and Price Determination. Competition and the Market. Imperfect Competition and Market Regulation. Macroeconomics. Financial Picture of Agriculture. Agricultural Price and Income Policies. Marketing Agricultural Commodities. Natural Resources. Rural Development. International Economics. Agriculture's Role in Economic Development. Global Food Demand and Supply. A List of Reference Books for the Beginning Student. Basic Sources of Agricultural Statistics. Glossary. Photo Credits. Index.