DCP1106 Principles of Agricultural Economics

This course introduces the student to the principles of agricultural economics. It looks at the price theory, economic principles and risks and uncertainties in agricultural production. 

Course Objectives

• To explain the principles of agricultural economics 
• To explain the meaning of supply and demand, in relation to agricultural production
• To describe and apply the economic principles and relate them to agricultural production
• To determine and manage agricultural risks and Uncertainties. 

Learning Outcomes
At the end of this course, the student should be able to:

• Explain the relevancy of agricultural economics in agricultural production and the law of scarcity
• Apply the laws of supply and demand, price theory among others in making production decisions
• Explain and relate the the various economic principles to agricultural production.
• Decide on the levels of input to use to maximise profits on the farm, Calculate enterprize gross margins and net profit
• Manage and predict risks and Uncertainties in agricultural production