Fundamentals of Agricultural Economics
Fundamentals of Agricultural Economics is a basic book that provides a foundational understanding of economics focusing on its application in agriculture. It covers meaning, scope, of economics, micro and macroeconomics, and Agricultural planning and development in the country. This is the basic fundamental subject for first year BSc Agriculture students. If you’re looking for Fundamentals of Agricultural Economics notes you’re at the perfect place. Here, you can find all BSc Agriculture notes at one platform. We have updated the Fundamentals of Agricultural Economics notes as per the latest ICAR 5th Dean Committee syllabus. Here you will also find the Fundamental of Agricultural Economics syllabus and notes.
| Course Name | Fundamentals of Agricultural Economics |
| Number of pages | 115 |
| PDF Size | 1.15 MB |
| Syllabus | As per ICAR 5th Dean committee |
| Course | BSc Agriculture |
| Semester | 2nd Semester |
| Language | English |
| Notes Source | RSKVV, ICAR |
Fundamentals of Agricultural Economics Syllabus
Economics: Meaning, scope and subject matter, definitions, activities, approaches to economic analysis; micro and macro economics, positive and normative analysis. Nature of economic theory; rationality assumption, concept of equilibrium, economic laws as generalization of human behavior. Basic concepts: Goods and services, desire, want, demand, utility, cost and price, wealth, capital, income and welfare. Agricultural economics: meaning, definition, characteristics of agriculture, importance and its role in economic development. Agricultural planning and development in the country. Demand: meaning, law of demand, schedule and demand curve, determinants, utility theory; law of diminishing marginal utility, equi-marginal utility principle. Consumer’s equilibrium and derivation of demand curve, concept of consumer surplus. Elasticity of demand: concept and measurement of price elasticity, income elasticity and cross elasticity. Production: process, creation of utility, factors of production, input output relationship. Laws of returns: Law of variable proportions and law of returns to scale. Cost: concepts, short run and long run cost curves. Supply: Stock v/s supply, law of supply, schedule, supply curve, determinants of supply, elasticity of supply. Market structure: meaning and types of market, basic features of perfectly competitive and imperfect markets. Price determination under perfect competition; short run and long run equilibrium of firm and industry, shut down and break even points. Distribution theory: meaning, factor market and pricing of factors of production. Concepts of rent, wage, interest and profit. National income: Meaning and importance, circular flow, concepts of national income accounting and approaches to measurement, difficulties in measurement. Population: Importance, Malthusian and Optimum population theories, natural and socioeconomic determinants, current policies and programmes on population control. Money: Barter system of exchange and its problems, evolution, meaning and functions of money, classification of money, supply, general price index, inflation and deflation. Banking: Role in modern economy, types of banks, functions of commercial and central bank, credit creation policy. Agricultural and public finance: meaning, micro v/s macro finance, need for agricultural finance, public revenue and public expenditure. Tax: meaning, direct and indirect taxes, agricultural taxation, VAT. Economic systems: Concepts of economy and its functions, important features of capitalistic, socialistic and mixed economies, elements of economic planning.
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