Concepts and Definitions

Bernadette Andreosso-O’Callaghan
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Bernadette Andreosso-O’Callaghan: University of Limerick

Chapter 1 in The Economics of European Agriculture, 2003, pp 4-40 from Palgrave Macmillan

Abstract: Abstract The field of agricultural economics is delineated by the application of economic science tools to the agricultural sector. Economics is the science of the administration of scarce resources (land, labor, capital and management), which are needed in order to produce goods and services that satisfy human wants. Agricultural economics refers to all economic activities connected with the control of living organisms, such as plants and animals. These economic activities gravitate around the production of food, and they involve many different economic actors at different production and transformation stages. The agricultural economist is interested in the process that leads ultimately to the satisfaction of human wants. This process encompasses the conditions of production, the characteristics and evolution of demand, the mechanisms prevailing on agricultural markets, government intervention and world trade conditions.

Keywords: Free Trade; Agricultural Sector; Agricultural Commodity; Reveal Comparative Advantage; Factor Price Equalization (search for similar items in EconPapers)
Date: 2003
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-00117-6_2

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DOI: 10.1057/9780230001176_2

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