This book 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 reader that theory actually makes reality more understandable. The book is at the right level and is kept consistently up-to-date-the only text that has been consistently revised!

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

Clearance W. Jensenis 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.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.

* Introduction

* The Farm and Food System

* Consumer Behavior and Demand

* Producer Decision Making: Single-Variable Input

* Producer Decision Making: Two-Variable Inputs and Enterprise Selection

* Production Costs, Supply, and Price Determination

* Competition and the Market

* Imperfect Competition and Market Regulation

* Macroeconomics

* Financial Picture of Agriculture

* Agricultural Price and Income Policies

* Market Agricultural Commodities

* Natural Resources

* Rural Development

* International Economics

* Agriculture's Role in Economic Development

* Global Food Demand and Supply