AGBS 201 - Microeconomics in Agriculture

• Define and explain economic terms.
• Use formulas to calculate values for given data. Such as, elasticity, time value of money, costs, revenues, and Profit.
• Create graphical representation of data. Such as, production function, cost curves, supply, demand, indifference curve, production possibilities curve, budget line.
• Interpret graphs to detect patterns.
• Interpret data to make economic decisions.
• Evaluate the effects of changes in demand and supply on the market price and equilibrium quantity and explain the rationing function of prices.
• Describe advantages and disadvantages of various forms of business organization.
• Compare and contrast characteristics and output / pricing decisions of perfectly competitive firms to the imperfectly competitive solutions.
• Explain the rationale for government regulation of business and their effects.

1. Economics as a science
2. Creating and interpreting graphs
3. Scarcity and the World of Trade-offs
4. Demand and Supply
5. Consumer Choice
6. Elasticity
7. Rents, Profits and the Financial Environment of Business
8. The Firm: Cost and Output Determination
9. Market Models
10. Regulation and Antitrust behavior