COURSE CODE: AEM 201
COURSE TITLE: Principles of Agricultural Economics
NUMBER OF UNITS: 2 Units
COURSE DURATION: Two hours per week
Course Coordinator: Prof. S. Momoh B.Sc., M.Sc., PhD
Office Location: Agric. Econs & Farm Mgt. Department, COLAMRUD
Other Lecturers: Dr. M.A. Shittu, Dr. A.E. Obayelu,
Understanding the basic concepts of economics and agricultural economics; know how and when a problem is an economic problem, how the discipline of agricultural economics started and the relationship between agricultural economics and the other disciplines of agriculture; meaning, types and laws of demand and supply; factors influencing the supply and demand for a commodity; meaning and types of elasticity and how they are measured; use of demand and supply analysis in agriculture; meaning of price and the various ways it can be determined; fixing prices in agriculture; meaning of utility; characteristics of utility; types/ kinds of utility; cardinal and ordinal Utility; total utility, marginal utility, and the law of diminishing marginal utility; meaning of production, production functions and important resources involved in agricultural production; basic characteristics of the three stages of the production function and the Necessary and sufficient conditions for optimal inputs and products combination; meaning, structure and various forms of cost and cost functions; farm management – meaning – scope –objectives; agricultural finance – meaning – micro versus macro finance –need for agricultural finance; agricultural marketing – meaning- importance of agricultural marketing- criteria for categorizing markets – marketing and conditions for efficient marketing- types of marketing function – problems of agricultural marketing; understand the meaning of agricultural linkages : vertical/horizontal integration; agricultural cooperative- meaning- importance of agricultural cooperatives- types – formation of agricultural cooperatives and problems; meaning of model and how to formulate models and its applications in agriculture.