Agricultural Economics and Trade
Teacher
Dr. Idemakanti Chandrakanth Reddy
Category
Core Courses
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Course Reviews
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Code(Credit) : ASEC 1101 (3-0-0)
Course Objectives
- Help students to contribute to better decision making by farmers, or by agencies servicing agriculture.
- Help students to understand why farmers respond to policies and economic opportunities in the ways they do.
- To acquaint the learner with introductory Agricultural Economics, development of agriculture in India, use of yield increasing inputs, marketing, trade and prices.
CO, PO Mapping
| COs | Course Outcomes | COs mapping with POs |
| CO1 | Understand the principles of micro and macroeconomics and their application to agricultural economics | PO1 |
| CO2 | Evaluate the role of agriculture in economic development and the importance of agricultural planning | PO2 |
| CO3 | Analyze the factors influencing production and costs in agriculture | PO3, PO2 |
Course 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, 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: Cost concepts, short run and long run cost curves.
- Supply: Meaning, 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 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 socio-economic 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, 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.
- Public finance: Meaning, micro v/s macro finance, need for agricultural finance, public revenue and public expenditure.
- Tax: Meaning - Classification – Direct and indirect taxes, methods of taxation - Proportional, progressive, regressive and digressive taxation, agricultural taxation - VAT and GST
- Economic systems: Concepts of economy and its functions, important features of capitalistic.
- Agricultural prices and policy: Meaning and functions of price; administered prices; need for agricultural price policy; International trade in agriculture- theories of absolute and comparative advantage. Trade policies- export promotion and import substitutions policies; tariff and non-tariff barriers; GATT and WTO, SPS measures and competitiveness; Agreement on Agriculture (AoA) and its implications on Indian agriculture; IPR.
References
1. Dewett,K.K. and Varma, J.D.2003.Elementory Economic Theory. S.Chand and Co, New Delhi
2. Dewett,K.K. and Chand,A.2009. Modern Economic Theory. S.Chand and Co, New Delhi
3. Paul A. Samuelson and Nordhus.2010. Economics. 19th Edition, Tata-Mac Graw Hill Education, New Delhi
4. Jhingan,M.L. 1990. Advanced Economic Theory. Vikas Publishing House, New Delhi
5. Koutsoyiannis.2015. Modern Microeconomics. Tata-Mac Graw Hill Publishers, New Delhi
6. The Economy 2016, www.core.econ.org.
7. www.wto.org
8. Subbareddy, Agricultural Economics
Session Plan
Session 1
| Economics: Meaning, scope and subject matter, definitions, activities, approaches to economic analysis |
Session 2
| micro and macro economics, positive and normative analysis. |
Session 3
Session 4
Rationality assumption, concept of equilibrium.
Session 5
| Economic laws as generalization of human behavior. |
Session 6
| Basic concepts: Goods and services, desire, want, demand, utility, cost and price, wealth, capital, income and welfare. |
Session 7
Agricultural economics: meaning, definition, characteristics of agriculture, importance and its role in economic development
Session 8
Agricultural planning and development in the country
Session 9
| Demand: meaning, law of demand, demand schedule and demand curve. |
Session 10
Session 11
Session 13
| Consumer’s equilibrium and derivation of demand curve. |
Session 14
| Concept of consumer surplus |
https://youtu.be/PXzfJtCr9bA?list=PLozHEW87IH9nctOG-uh7GC47u9pfJqRvB
Consumer Surplus & Indifference curves
Session 15
| Elasticity of demand: concept and measurement of price elasticity. |
Session 16
| Income elasticity and cross elasticity |
https://youtu.be/lrGiZ7aTlQo
Case study - Airlines Industry
Types of Elasticity
Session 17
| Production: process, creation of utility, factors of production. |
Session 19
| Laws of returns: Law of variable proportions and law of returns to scale. |
Session 20
| Cost: Cost concepts, short run and long run cost curves |
Session 21
| Supply: Meaning, law of supply, supply schedule, supply curve |
https://youtu.be/lyUQZZ75DpE
Supply and Elasticity of Supply
Session 22
| Determinants of supply, elasticity of supply |
https://youtu.be/lyUQZZ75DpE
Supply and Elasticity of Supply
Session 23
| Market structure: meaning and types of market, basic features of perfectly competitive and imperfect markets. |
https://youtu.be/Z9e_7j9WzA0
Market Structure (Perfect & Imperfect competition)
Session 24
| Price determination under perfect competition |
https://youtu.be/Z9e_7j9WzA0
Market Structure (Perfect & Imperfect competition)
https://youtu.be/OLaqDnx5tws
Price determination under perfect competition
Session 25
| Short run and long run equilibrium of firm and industry, shut down and break even points. |
https://youtu.be/i605cdQmrhI
Oligopoly Case Study on Cartels
Market Structure
https://youtu.be/gi7jx5IJtik
https://www.tutor2u.net/economics/reference/inflation-causes-of-inflation
Session 26
| Distribution theory: meaning, factor market and pricing of factors of production. |
Session 27
| Concepts of rent, wage, interest and profit. |
Session 28
| National income: Meaning and importance, circular flow. |
Session 29
| Concepts of national income accounting and approaches to measurement, difficulties in measurement. |
https://youtu.be/mjJmo5mN5yA?list=PL-uRhZ_p-BM52EbMG1NR1ZfG9tEvcxE4u
https://ideas.ted.com/why-we-shouldnt-judge-a-country-by-its-gdp/
Session 30
| Population: Importance, Malthusian and Optimum population theories, natural and socio-economic determinants. |
Malthusian Theory of Population
National income and Population
Session 31
Current policies and programmes on population control
Session 32
| Money: Barter system of exchange and its problems. |
Session 33
| Evolution, meaning and functions of money, classification of money, money supply. |
Session 34
| General price index, inflation and deflation. |
Session 35
| Banking: Role in modern economy, types of banks. |
Role of banking in the modern economy
Case Study - The-Yes-Bank-Crisis
Session 36
| Functions of commercial and central bank |
Role of banking in the modern economy
Case Study - The-Yes-Bank-Crisis
Session 37
| Credit creation policy |
Role of banking in the modern economy
Case Study - The-Yes-Bank-Crisis
Session 38
| Agricultural and Public finance: meaning, micro v/s macro finance, and need for agricultural finance. |
Session 39
| Public revenue and public expenditure. |
Session 40
| Tax: meaning, direct and indirect taxes, agricultural taxation, VAT and GST |
Session 41
| Economic systems: Concepts of economy and its functions, important features of capitalistic |
Session 42
| Agricultural prices and policy: Meaning and functions of price; administered prices |
Session 43
Need for Agricultural Price and Policy
Session 44
International Trade in agriculture- theories of absolute and comparative advantage.
https://www.youtube.com/watch?v=uUmgd1gADtc&pp=ygUiaW50ZXJuYXRpb25hbCB0cmFkZSBpbiBhZ3JpY3VsdHVyZQ%3D%3D
Session 45
Trade Policies- export promotion and import substitutions policies, tariff and non-tariff barriers.
https://www.youtube.com/watch?v=uUmgd1gADtc&pp=ygUiaW50ZXJuYXRpb25hbCB0cmFkZSBpbiBhZ3JpY3VsdHVyZQ%3D%3D
Session 46
GATT and WTO, SPS measure and competitiveness
https://www.youtube.com/watch?v=a71aVM93b9g&pp=ygUlZ2F0dCBhbmQgd3RvIGluIGFncmljdWx0dXJlIG1hcmtldGluZw%3D%3D
Session 47
Agreement on Agriculture (AoA) and its implications on Indian Agriculture.
https://www.youtube.com/watch?v=r9CWFs2COg8&pp=ygUlZ2F0dCBhbmQgd3RvIGluIGFncmljdWx0dXJlIG1hcmtldGluZw%3D%3D
Our Main Teachers
Assistant Professor, Department of Agricultural Economics, M S Swaminathan School of Agriculture