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Concepts and Definitions

  • Bernadette Andreosso-O’Callaghan
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  • 106 Downloads

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 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Bernadette Andreosso-O’Callaghan 2003

Authors and Affiliations

  • Bernadette Andreosso-O’Callaghan
    • 1
  1. 1.University of LimerickIreland

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