lectur1 - Introduction to Agricultural Economics With...

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Unformatted text preview: Introduction to Agricultural Economics With Herman Sampson WELCOME TO ARE 012 Microeconomics: ( the “trees”) Studies economic behavior of individual decision making units such as, ◆ Consumers ◆ Resource Owners ◆ Business Firms (producers) in a market economy At times, micro will study economic behavior at the industry level Macroeconomics: (the “forest”) Studies the aggregate level of economic activity, ◆ Economic system’s value of total output: GDP ◆ Level of National Income ◆ Total Level of Unemployment ◆ General Price Level of the Economy: Inflation Macroeconomics: (the “forest”) we will deal with some macroeconomic topics first, then concentrate on microeconomics Normative Economics: Normative: subjective, value laden, emotional “What ought to be” economics Rx and/or Policy oriented Hear a bunch of normative economic statements during political elections Positive Economics: Positive: Objective, without emotion or value judgment!...
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This note was uploaded on 12/06/2011 for the course ECON 101, 102, taught by Professor Staff during the Fall '10 term at Rutgers.

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lectur1 - Introduction to Agricultural Economics With...

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