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Chapters 1-5

by: Shelby Seaquist

Chapters 1-5 AGEC 105

Shelby Seaquist
Texas A&M

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Chapters 1-5 material for exam 1
Intro To Ag Economics
Dr. Oral Capps, Jr.
Study Guide
AG, Economics, Finance Ag Agriculture Agribusiness Ag Econ, agriculture
50 ?




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This 2 page Study Guide was uploaded by Shelby Seaquist on Friday September 23, 2016. The Study Guide belongs to AGEC 105 at Texas A&M University taught by Dr. Oral Capps, Jr. in Fall 2016. Since its upload, it has received 4 views. For similar materials see Intro To Ag Economics in Ag Economics at Texas A&M University.

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Date Created: 09/23/16
Intro To Ag Economics 105 Texas A&M Dr. Capps Exam 1 Study Guide  Definition of Ag Economics o Ag Economics is an applied social science that deals with how producers,  consumers, and societies use scarce resources in the production,  marketing, and consumption of food and fiber products  12­15% of the nation’s output is farmers food and fiber related activity  Scarcity definition o Refers to the finite quantity of resources that are available to meet  society’s needs  Scarce resources include o Natural and biological resources o Human resources (labor) o Manufactured resources (machines and equipment)  Resource scarcity forces consumers and producers to make choices  Opportunity cost­ an implicit cost associated with economic decisions. o The next best alternative choice o Example: Opportunity cost associated with pursuing a degree at Texas  A&M instead of immediately getting a job.  Profit= Revenue – Cost o Revenue= Price x Quantity  Specialization­ comparative advantage and the basis for trade o According to agriculture: what grows or makes the best profit in a specific area  Microeconomics versus Macroeconomics o Micro­ individuals or groups of individuals  Ex: Who demands goods and services and producers who supply  goals and services, and determination of prices of those goods and  services o Macro­ broad aggregates at economy level  Ex: growth of the nations GDP (Growth Domestic Product), gaps  between the economy’s potential GDP & current GDP, trade off  between unemployment and inflation.  Positive versus normative economics o Positive­ “what is” or “what would happen if?” o Normative­ “what should be?” and “what ought to be?”  Definition of Economics Intro To Ag Economics 105 Texas A&M Dr. Capps o A social science that deals with how consumers, producers and societies  choose among the alternative uses of scarce resources in the process of  producing, exchanging, and consuming goods and services.  Different 


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