AGRICULTURAL ECONOMICS AND AGRIBUSINESS MANAGEMENT
| Course Code | AEC 101 |
| Course Title | Principle of Economics |
| Credit Hour | 2(2+0) |
| Full Marks | 50 |
| Theory | 50 |
| Practical | 0 |
OBJECTIVES
Upon the completion of this course, the students will be able to have a better understanding of economic theories related to production, consumption, distribution, and welfare.
Syllabus of Principle of Economics in Bsc. Agriculture
Concept and definition of Economics; Subject matter, nature, and relationship with other disciplines. Concepts of economic terms: Goods, Service, utility, value, price, wealth, and welfare. Theories of consumption and indifference curves, the law of demand and supply, elasticity of demand and supply, cost functions, and relationships. Market structure and price analysis. Characteristics and theories of land, labor, and capital. Concept of welfare economics and Pareto optimality. Concept and measurement of national income.
Course Outline
| S.N | Topic / Chapter Name | No. of Lectures |
| 1 | Concept and definition of economics – Adam Smith, Marshall, and Robins | 3 |
| 2 | The subject matter, nature, relationship, and importance of economics | 1 |
| 3 | Terminologies–goods, service, utility, value, wealth, price, equilibrium, want, welfare | 1 |
| 4 | Theories of consumer behavior and indifference curves and their analysis –concept, types, and properties | 4 |
| 5 | Law of demand and elasticity of demand: Price elasticity, income, elasticity, and cross elasticity | 2 |
| 6 | Law of supply and elasticity of supply | 1 |
| 7 | Cost functions and their relationships | 2 |
| 8 | Market and Market structures – concept and characteristics | 2 |
| 9 | Price determination under perfect, monopoly, and monopolistic markets | 3 |
| 10 | Land – characteristics, and theories of rent | 2 |
| 11 | Labor – characteristics, and theories of wages and population | 2 |
| 12 | Capital – characteristics and theories of interest | 2 |
| 13 | Organization – Concept and theory of profit | 1 |
| 14 | Welfare economics: Concept and Pareto optimality | 1 |
| 15 | National income: Concept and measurement | 2 |
| Total | 30 |
REFERENCES
- Chopra, P. N. 2000. Principles of Economics. Kalyani Publishers, New Delhi.
- Hirshleifer, J. 1987. Price Theory and Its Application. Printice Hall of India, New Delhi.
- McConnell, C.R. 1975. Economics: Principles, Problems, and policies, McGraw-Hill, USA.