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What is Agricultural Economics

Agricultural Economics is the branch of economics which deals with all aspects of problems related to agriculture.  It is a study of how farmers allocates, distributes, and utilizes the resources it uses, as well as the commodities it produces. It looks at how a farmer selects between several businesses, such as which crop to plant, how to save expenses, and which inputs to use. 

Is Agricultural Economics an Applied Science?

Some agricultural economists have called agricultural economics an applied science. “Agricultural Economics is an applied science,” according to Forster and Leoger, “and as such is concerned with the identification, description, and classification of agricultural economic problems in order to address these issues”.  Black, on the other hand, does not share this viewpoint. Applied science, as we know entails the applying of the principles of a pure science to a given circumstance. Engineering, for example, is an applied science. It explains how to apply physics and other scientific ideas to specific circumstances.

Agricultural economics is a science that explains the cause and effect links between numerous agricultural economic factors. And the relationship that has been discovered can be used to solve a variety of agricultural difficulties. Agricultural economics is thus both a science and an art.

Agriculture Economy

Why is it important?

Agricultural Economics is a branch of economics that analyses the relationship between agriculture and the economy : Agriculture is unavoidable in any economy. The majority of people in developing countries rely on subsistence farming for a living. AgriPolicy, Farm Management, Agribusiness, and other aspects of Agricultural Economics are used to assist these large numbers of farmers in achieving important economic goals.

Price of Agricultural Commodities : Because of perishability, storage, processing, uniqueness, and variety, determining the price of agricultural products is extremely difficult. Agricultural economics analyses the circumstance and projects a price that both producers and consumers can agree on in order to keep agricultural product prices steady and prevent marketplaces filled with bargaining and arguing.

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Agricultural Economics is more than just agribusiness through time, many have come to believe that the entire purpose of Agricultural Economics is to find a commercial opportunity in agriculture and maximize its potential. No, this is  agribusiness. Agribusiness is a part of Agricultural Economics. Agricultural Economics is mainly concerned with the economics of agricultural occurrences.

Agricultural Economics and Prediction : An Agricultural Economist’s primary responsibility is to forecast and predict based on calculations. However, we now live in a period where forecasting the future has become extremely difficult due to technological advancements. As an Agricultural Economist, you draw conclusions using a variety of economic and accounting methodologies.

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Scope of Agricultural Economics

Agricultural economics is more than just a study of a farmer’s behavior on the farm. In some ways, this is the micro analysis. Agricultural issues have a macro level to them as well. Agriculture insecurity and agricultural unemployment are issues that must be addressed, primarily at the macro level.

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The scope of Agricultural economics encompasses more than just “resource economizing.” Agriculture is a significant part of the entire economy, as we all know. The interdependence of the many sectors of the economy is extensively documented. The expansion of one sector is required for the expansion of the other. As a result, we research how agricultural development aids the growth of other sectors of the economy; how labor and capital move into non-agricultural sectors; and how agricultural development originates and maintains the growth of other sectors of the economy in agricultural economics.

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