Bsc Agriculture Economics class | bsc Ag first year 2nd sem / 2nd year agriculture economics lecture

Bsc Agriculture Economics Lecture 3rd | bsc Ag first year 2nd sem / 2nd year agriculture economics
ECONOMICS : LECTURE 1ST | B.Sc Agriculture 2nd Semester Agriculture Economics class, notes, topic1st
AGECON-121
Fundamentals of Agricultural Economics
Theory
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.. 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. Dernand: meaning, law of demand, demand schedule and demand curve, determinants, utility theory, law of diminishing marginal utility, equi-marginal utility principle. Consumer's equilibrium, 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: Cost concepts, short run and long run cost curves. Supply: Stock v/s supply, law of supply, supply schedule, supply curve, determinants of supply, elasticity of supply. Market structure: meaning and types of market, basic features of perfectly competitive markets. Price determination under perfect competition in short run. Distribution theory: meaning, factor market and pricing of factors of production. Concepts of rent, wage, interest and profit. National income: Meaning and importance,
concepts of national income accounting and approaches to measurement. Population: Importance, Malthusian population theory, current policies and programmes on population control. Money meaning and functions of money, general price index, inflation and deflation. Banking: types of banks, functions of commercial Bank. Tax: meaning, direct and indirect taxes, agricultural taxation, VAT & GST. Economic systems: meaning of capitalistic, socialistic and mixed economies.
Lecture Schedule-
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FARMERS LOVE AGRICULTURE
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