AGRI Grovestudies
Agricultural Economics
Definitions
It is an applied field of economics in which the principles of choice are applied in the use of scarce resources such as land, labour, capital and management in farming and allied activities.
- Prof. Gray has defined agricultural economics as “The science in which the principles and methods of economics are applied to the special conditions of agricultural industry”
- According to Prof. Hibbard, “Agricultural economics is the study of relationships arising from the wealth-getting and wealth-using activity of man in agriculture”.
- In the words of Goodwin, “Agricultural economics as a social science is concerned with human behaviour during the process of producing, processing, distributing and consuming the products on farms and ranches.”
Subject Matter
Broadly, the subject matter of agricultural economics can be studied under five divisions:
- Agricultural Production and Farm Management
- Agricultural Finance
- Agricultural Marketing and price policy
- Livestock and other agri-businesses
- Economic Planning and agricultural policy
