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This text is designed for a one-quarter or one-semester course in introductory agricultural economics or agribusiness. It examines the structure and organization of the agricultural industry, then discusses basic micro- and macroeconomics principles as they apply to agriculture. Principles of economics are used to demonstrate to the student that theory actually makes reality more understandable.
• This text examines the structure and organization of the agricultural industry, then discusses basic micro- and macroeconomics principles as they apply to agriculture.
• At the end of each chapter there is a brief biographical sketch of an individual who has made a major contribution to the literature in agricultural economics and agribusiness.
• New, specialized words and phrases are introduced in bold within the text and are then listed at the end of the chapter.

New to this Edition:

• Updated data and policies coverage, as well as revised applied chapters, makes this the most current text on the market.
• There is a new Chapter 16 on Agriculture's role in economic development.
• Chapter 13 on natural resources has been revised-(1) externality problems, or what is called market failure which results when producers fail to internalize all environmental impacts, are addressed; and (2) a discussion on how governments can correct market failure by applying regulations, taxes, or marketable permit schemes.
• Chapter 17 on global food demand and supply has been revised to reflect the changing factors affecting the global demand and supply of food.

Gail L. Cramer

Gail L. Cramer is currently L. C. Carter Chair Professor in the Department of Agricultural Economics and Agribusiness at the University of Arkansas, a position he has held since 1987. He attained his Bachelor's degree in 1963 from Washington State University, his Master's degree from Michigan State University in 1964, and his Ph.D. in Agricultural Economics from Oregon State University in 1967.

Clearance W. Jensen

Clearance W. Jensen is currently Professor Emeritus in the Department of Agricultural Economics and Economics, an appointment he has enjoyed since 1980.
He attended Montana State College where he was granted Bachelors and Masters degrees in Agricultural Economics and Economics in 1951 and 1952. Further graduate work at Michigan State University was completed, where he received the Ph.D. degree in Agricultural Economics and Economics in 1958.

Douglas D. Southgate, Jr.

Douglas D. Southgate, Jr. is a Professor of agricultural economics at Ohio State University, where he also has directed the International studies Center and the Latin American Studies Program. He was awarded a bachelor's degree in economics by the University of Oregon in 1974 and was elected to Phi Beta Kappa. He completed his Ph.D. in agricultural economics at the University of Wisconsin, in 1980, and the same year joined the faculty at Ohio State. He was promoted to associate professor in 1986 and to full professor in 1995.