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ABUS 101 Week 2 of notes

by: Melinda Notetaker

ABUS 101 Week 2 of notes ABUS 101

Melinda Notetaker
CSU Chico
GPA 3.25
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Intro to Ag Business
Jacob Brimlow

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About this Document

These notes have a light overview of Ch. 2 Introduction to Agricultural Economics
Intro to Ag Business
Jacob Brimlow
Class Notes
ABUS 101, Agricultural Business




Popular in Intro to Ag Business

Popular in Economcs

This 3 page Class Notes was uploaded by Melinda Notetaker on Saturday January 30, 2016. The Class Notes belongs to ABUS 101 at California State University Chico taught by Jacob Brimlow in Winter 2016. Since its upload, it has received 12 views. For similar materials see Intro to Ag Business in Economcs at California State University Chico.


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Date Created: 01/30/16
ABUS 101 February 1 2016 Ch 2 Introduction to Agricultural Economics Economic system has to determine When What How gt to Produce How much For whom Water allocation Price or command 0 Well irrigation Price to buy a well Command regulations and laws on usage 0 Water districts Command contro decisions that will affect production restrictions amp regulations 0 Tunnels about Delta in recent news Government trying to allocate water command February 3 2016 USDA United State Department of Agriculture CDFA California Department of Food and Agriculture Drought Why we have reservoirs and why we want snow in the mountains o Reservoirs uses Recreation Flood control energy Agriculture 0 Snow is a massive water reservoir holds water till it gets warm and trickles down to reservoir What will become of the future Agriculture 0 There is only 1 farmer under 35 for every 6 farmers over sixtyfive o Succession ownership transferred ex Death is the most riskiest time for an industry 0 Agricultural business needs to prepare themselves by state planning succession planning and financial advising 0 So that the bank will not take their land 0 To know who will take over the business next if something unexpected were to happen 0 The planning of financial needs necessary to keep the company thriving after an unexpected event Economic system Water use examples 0 Water is scarce everywhere but especially in the American West Basic Skills of Agricultural Economists ABUS 101 o The study of agricultural economists provides the student with an opportunity to explore phenomena common to everyday life from the perspective of an analytical scientist Scientific Inquiry The objective of any scientific inquiry is to 1 Observe and describe a particular range of phenomena 2 Organize those observations into recognizable patterns 3 Formulate quotlawsquot where sufficient regularity warrants a The law gives scientist a basis on which to make predictions and decisions Economic Models Analytical scientist observe consumer behavior price movements international trade trendsetc o It is impossible for economists to explain much less predict aH behavior different people act differently 0 An expected pattern of economic behavior is called an economic model 0 Basic building block in the logic of the economist A model usually will include 0 Some assumptions about human behavior 0 Other assumptions about the institutional environment in which a particular form of human behavior takes place Are the assumptions valid If not the results have no value are useless At best economic models approximate reality in a matter that enhances our ability to conceptualize and simplify the real world we are examining February 5 2016 Introduction to Agricultural Economics Economics divided in three parts microeconomics market economics and macroeconomics Microeconomics of production economics of the individual producer or firm management decisions Microeconomics of consumption consumer is faced with economic problem of limited resources 0 Ex The economics of the individual consumer making decisions about the allocation of the family budget Market an interaction between potential buyers and potential sellers 0 Most common price determination mechanism ABUS 101 Macroeconomics considers the entire economic system national or international level Focuses on how total economic system operates and how various institutions affect the vitality of the economic system Main topics include unemployment rate rate of inflation federal deficit A market is not a marketplace o The former refers to an interaction of buyers and sellers while the latter to a physical location


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