AEM 201 Course Synopsis

COURSE CODE:    AEM 201
COURSE TITLE:    Principles of Agricultural Economics
NUMBER OF UNITS: 2 Units
COURSE DURATION
:  Two hours per week

COURSE DETAILS:
Course Coordinator: Prof. S. Momoh B.Sc., M.Sc., PhD
Email: siakamomoh2000@yahoo.com
Office Location: Agric. Econs & Farm Mgt. Department, COLAMRUD
Other Lecturers: Dr. M.A. Shittu, Dr. A.E. Obayelu,

COURSE SYNOPSIS
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.

 

AEM 201 Lecture Note

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