Agricultural Economics and Trade

Teacher

Dr. Idemakanti Chandrakanth Reddy

Category

Core Courses

Course Attendees

Still no participant

Course Reviews

Still no reviews

Course Name : Agricultural Economics and Trade

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

https://youtu.be/2Nq8LN3XGQA

Introduction to Economics & Basic concepts

Session 2

micro and macro economics, positive and normative analysis.

 

https://youtu.be/2Nq8LN3XGQA

Introduction to Economics & Basic concepts

Session 4

Rationality assumption, concept of equilibrium.

https://youtu.be/2Nq8LN3XGQA

Introduction to Economics & Basic concepts

Session 5

Economic laws as generalization of human behavior.

https://youtu.be/2Nq8LN3XGQA

Introduction to Economics & Basic concepts

Session 6

Basic concepts: Goods and services, desire, want, demand, utility, cost and price, wealth, capital, income and welfare.

https://youtu.be/2Nq8LN3XGQA

Introduction to Economics & Basic concepts

Session 7

Agricultural economics: meaning, definition, characteristics of agriculture, importance and its role in economic development

https://youtu.be/NXBopuAyO0w
Agricultural Economics

Session 8

Agricultural planning and development in the country

https://youtu.be/NXBopuAyO0w
Agricultural Economics

Session 9

Demand: meaning, law of demand, demand schedule and demand curve.

https://youtu.be/outYDTq-jPc
Demand & Utility Analysis

Session 10

Determinants of demand, utility theory

 

https://youtu.be/outYDTq-jPc
Demand & Utility Analysis

Session 11

law of diminishing marginal utility

 

https://youtu.be/SljsIacQDbc
Demand & Utility Analysis

Session 12

Session 13

Consumer’s equilibrium and derivation of demand curve.

https://youtu.be/SljsIacQDbc
Demand & Utility Analysis

Session 15

Elasticity of demand: concept and measurement of price elasticity.

https://youtu.be/HHcblIxiAAk
Elasticity of Demand

Session 16

Session 17

Production: process, creation of utility, factors of production.

https://youtu.be/rnEFtyMzjOo
Production Function

Seminar Presentation (Production)

Session 19

Laws of returns: Law of variable proportions and law of returns to scale.

 

https://youtu.be/rnEFtyMzjOo
Production Function

Seminar Presentation (Production)

Session 20

Cost: Cost concepts, short run and long run cost curves

https://youtu.be/qYKJdooEnwU
Cost Function

Seminar Presentation (Cost)

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 26

Distribution theory: meaning, factor market and pricing of factors of production.

https://youtu.be/BzYBad7e-Es

Distribution Theory
Distribution & Wages

Session 27

Concepts of rent, wage, interest and profit.

https://youtu.be/BzYBad7e-Es

Distribution Theory
Distribution & Wages

Session 28

National income: Meaning and importance, circular flow.

https://youtu.be/4V09jl5WIvw
National income and Population

NI and Money

Session 30

Population: Importance, Malthusian and Optimum population theories, natural and socio-economic determinants.

https://youtu.be/4V09jl5WIvw

Malthusian Theory of Population
National income and Population

Session 31

Current policies and programmes on population control

https://youtu.be/4V09jl5WIvw
National income and Population

Session 32

Money: Barter system of exchange and its problems.

https://youtu.be/fTTGALaRZoc

NI and Money
Money & Credit

Session 33

Evolution, meaning and functions of money, classification of money, money supply.

https://youtu.be/fTTGALaRZoc

NI and Money
Money & Credit

Session 34

General price index, inflation and deflation.

https://youtu.be/fTTGALaRZoc
Money & Credit

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

Session 38

Agricultural and Public finance: meaning, micro v/s macro finance, and need for agricultural finance.

https://youtu.be/Iwv0aWXKujk

Agricultural and Public finance
Public Finance

Session 40

Tax: meaning, direct and indirect taxes, agricultural taxation, VAT and GST

https://youtu.be/1H5uU_6Ax_4

Canons of Taxation
Public Revenue (Taxes)

Session 41

Economic systems: Concepts of economy and its functions, important features of capitalistic

https://youtu.be/Fdfru9NHGvE

Economic Systems
Economic Systems & Capitalism

https://youtu.be/SkgENsEHyQc

Session 42

Agricultural prices and policy: Meaning and functions of price; administered prices

https://youtu.be/2rWnmyTZQgs

Agricultural Prices and Policy
Agriultural Price & Policy

Session 43

Need for Agricultural Price and Policy

https://youtu.be/2rWnmyTZQgs
Agriultural Price & Policy

Session 44

International Trade in agriculture- theories of absolute and comparative advantage.

https://www.youtube.com/watch?v=uUmgd1gADtc&pp=ygUiaW50ZXJuYXRpb25hbCB0cmFkZSBpbiBhZ3JpY3VsdHVyZQ%3D%3D

International Trade in Agriculture

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

Session 48

IPR

IPR

https://www.youtube.com/watch?v=4PzOdMSvxW0&pp=ygUSSVBSIGluIGFncmljdWx0dXJl

Our Main Teachers

  Assistant Professor, Department of Agricultural Economics, M S Swaminathan School of Agriculture