Agricultural economics introduces basic economic principles and analytic tools and applies them to the analysis of production decisions and marketing and policy issues in the agricultural sector. The course is designed to help students familiarize with the characteristics of agricultural production; the role of agriculture and food industry in economic development; consumer behavior of agricultural products; agricultural markets, agricultural demand and supply analysis; measurement and interpretation of elasticity; economics of input and product substitution; the environment and agriculture; government intervention in agriculture and food industry; impacts of various policy actions on agriculture; agricultural trade; and agricultural futures market.