Economic thinking is vital in agriculture, as a farmer’s livelihood depends on the outcomes of their decisions. Governments also require economic information to make policy decisions on behalf of communities.

On this course, you’ll explore key economic principles that will help you to make sense of the changes that have occurred in agriculture and understand why different agricultural economic decisions have been made.

You’ll cover subjects like agricultural production methods, input levels, resource conservation, and sustainable agricultural production, as you consider how improved economic thinking can positively impact these areas.

What topics will you cover?

• Explore the history of agricultural production and prices, and examination into the reasons behind changes in production and prices.
• Develop understanding of water availability, peak phosphorus, herbicide resistance, and climate change.
• Look at the relationship between inputs and outputs, the optimal level of an input, the question of pollution from inputs, and flat payoff functions.
• Evaluate land conservation practices, weighing benefits and costs correctly and non-economic factors.
• Discuss the importance of extending economics beyond the farm gate.
• Discuss government policies that support agriculture, protect the rural environment, policies with problems and justifications for agricultural policy.