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Chapter 1 Review - Chapter 1 What is Agricultural Economics...

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Chapter 1: What is Agricultural Economics? LEARNING OBJECTIVES Define economics and agricultural economics. Distinguish between the fields of macroeconomics and microeconomics. Discuss the difference between positive and normative economic policy analysis. Identify the three measures of economic performance in the economy. Discuss the economist's role at the microeconomic and macroeconomic level. Graphs and other useful tools CHAPTER SUMMARY The purpose of this chapter was to define the field of agricultural economics as a subset of the general field of economics. The major points made in this chapter may be summarized as follows: 1. Scarce resources are human and non-human resources that exist in a finite quantity. Scarce resources can be subdivided into three groups: (1) natural and biological resources, (2) human resources, and (3) manufactured resources. 2. Resource scarcity forces both consumers and farmers to make choices.
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