Agricultural Economics

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Encyclopedia Britannica provides a wonderful definition of Agricultural Economics or Agronomics stated as follows, “Agricultural economics is the study of the allocation, distribution, and utilization of the resources used, along with the commodities produced, by farming.” The definition simply means agricultural economics deals with the business end of farming.

Many of us can easily speak to how turbulence in the energy sector affects global economics and/or stability in the form of higher inflation, civil unrest, instability in stock market and geopolitical bickering. Believe it or not, turbulence in the agriculture sector can have a greater impact on global economics and/or stability than energy. I ask this question, Can you survive a month without being able to use energy compare to not having food given you are healthy? Many of us look-down on agriculture because we do not know that it consolidate every sector in a nation. Agricultural economics help us to see the importance of agriculture and how it is interconnected into every aspect of our lives.

Agricultural economics focus on tasks such as land usage, maximizing crop yield using minimal input, pricing of agricultural products, distribution of agricultural products, assess feasibility of agricultural projects and much more. In addition, agricultural economics influence various government policies regarding the environment, food management and advancement in science & technology in areas such as genetics.

The list below shows some of the different career areas in agricultural economics:

  • Economic analyst
  • Financial/credit advisor
  • Government or private industry economist
  • Policy analyst or advisor
  • Resource manager
  • Economic consultant
  • Statistician
  • Commodities trader

Reference

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