Agricultural Economics

Agricultural economics originally called agronomics is a sub-discipline of economics that applies the principles of economics to the agricultural production and livestock. Agronomics was a field of economics also known as land economics which specifically dealt with usage of land for agricultural purposes. Its main focus was on maximizing the crop yield while maintaining a good soil ecosystem.

Agricultural economics today has a much wider scope as it now also includes a variety of applied areas and primarily focuses on seven main topics namely:

• Agricultural environment and resources
• Risk and uncertainty
• Consumption and food supply chains
• Prices and incomes
• Agricultural market structures
• Trade and development
• Technical change and human capital