Unit Code: AGR505
Unit Title: Agriculture Economics
Economics underpins human societies and decision making. This unit covers the following topics: basic economic concepts including classic productivity resources (labour, capital, and land); economic principles of production and their application in agriculture; marginal analysis, the law of diminishing marginal returns; production concepts, average product, the optimum level of input use, product selection, competitive advantage, risk; marginal costing, variable and common costs; gross margins, net margins; net farm income; and economic concepts in agriculture marketing.