Basic economic principles and theories focusing on product markets, resource markets, production costs and market structure for farms, ranches and input sectors within agriculture. Government's role and impact are also studied. An extension of principles of microeconomics with emphasis on the economic analysis of households, firms, and governments in the product markets and resource markets. Demand analysis is based on consumer preferences, utility and income. Firm costs and profit maximizing conditions are derived under various market structures.
Attention is devoted to economic models and general equilibrium analysis.
The extension and application of basic macroeconomic principles to the aggregate United States economy. Emphasis is placed on full employment, inflation, interest rate, national debt, trade, monetary and fiscal policies and aggregate economic models. Specific attention involves governments role in marketing, market basket, price spreads, price analysis, future market and contract marketing. An economic analysis of the structure, problems and nature of communities and revitalization. The dimensions and causes of poverty and alternatives for development will be discussed.