Introduction To Agricultural Economics
- Agricultural Sciences
- 200 level
- 2 credit units
- 138 pages
- 19 units
This course provides an introduction to the fundamental principles of agricultural economics. It explores the application of economic theories and concepts to agricultural production, marketing, and resource management. The course covers topics such as demand and supply analysis, production functions, cost analysis, market structures, and agricultural policy. It aims to equip students with the analytical skills necessary for decision-making in the agricultural sector.
About this course
- Difficulty
- Intermediate
- Study hours
- 156 hours
- Maths
- Intermediate
- Content
- Theoretical, case study, problem solving
- Practical work
- No
- Assignments
- Tutor Marked Assignments
- Final Examination
What you'll read
The real module and unit structure of AEM251, taken from the course material NOUN publishes.
One paragraph, so you can see how it reads
AEM251 · UNIT 1: SCOPE AND NATURE OF ECONOMICS
This examination concludes the assessment for the course. The examination will account for 70% of total score. You will be informed of the time for the examination.
What you should be able to do
- Understand the basic concepts of economics and agricultural economics.
- Analyze demand and supply forces in agricultural markets.
- Apply production theory to optimize resource allocation in agriculture.
- Evaluate cost structures and functions in agricultural production.
- Assess the role of agriculture in Nigeria's economic development.
- Identify and solve problems in agricultural marketing.
What it prepares you for
- Agricultural Economist
- Farm Manager
- Agricultural Policy Analyst
- Market Analyst
- Agribusiness Manager
- Farming
- Agribusiness
- Government Agencies
- Research Institutions
- Consulting
Where it gets hard
The units students slow down on, and what makes each one heavy.
- Module 3: Theory of Production
Unit 4: Production Relationships Factor– Factor Relationship
Understanding isoquants requires a strong grasp of three-dimensional thinking and graphical analysis.
- Module 3: Theory of Production
Unit 5: Production Relationships Product–Product Relationship
Calculating the marginal rate of product substitution (MRPS) involves complex mathematical derivations and economic interpretations.
A suggested way through it
13 weeks, about 79 hours in total. Yours will differ.
- Week 1Module 1: Scope and Nature of Economics
Unit 1: Scope and Nature of Economics · 4 hours
Read Unit 1: Understand the definitions of economics and its basic concepts.. Identify how scarcity and alternatives create economic problems.. Complete Tutor-Marked Assignment 1..
Unit 2: Meaning of Agricultural Economics · 4 hours
Read Unit 2: Define agricultural economics and its relationship to other agricultural disciplines.. Explore the various sub-disciplines within agricultural economics.. Complete Tutor-Marked Assignment 2..
- Week 2Module 2: Demand, Supply and Price Theory
Unit 1: Theory of Demand · 5 hours
Read Unit 1: Understand the meaning of demand and the factors influencing it.. Analyze individual and market demand schedules.. Study the law of demand and its exceptions..
- Week 3Module 2: Demand, Supply and Price Theory
Unit 2: Theory of Supply · 5 hours
Read Unit 2: Understand the meaning of supply and the factors influencing it.. Analyze individual and market supply schedules.. Study the law of supply and its exceptions..
- Week 4Module 2: Demand, Supply and Price Theory
Unit 3: Concepts of Elasticities of Demand and Supply · 6 hours
Read Unit 3: Understand the concepts of price, income, and cross elasticity of demand.. Learn how to measure elasticity and its applications.. Solve numerical problems related to elasticity..
- Week 5Module 2: Demand, Supply and Price Theory
Unit 4: Price Theory · 5 hours
Read Unit 4: Understand the meaning of price and the different ways it can be determined.. Differentiate between market price and normal price.. Analyze stable equilibrium conditions..
- Week 6Module 3: Theory of Production
Unit 1: Meaning of Production · 4 hours
Read Unit 1: Understand the meaning of production and the resources involved.. Differentiate between free and economic resources.. Focus on economic agricultural resources..
Unit 2: Production Function · 4 hours
Read Unit 2: Understand the meaning of production function and its types.. Learn about agricultural production functions and their uses.. Study algebraic forms of production functions..
- Week 7Module 3: Theory of Production
Unit 3: Production Relationships Factor Product Relationship · 5 hours
Read Unit 3: Understand the factor-product relationship.. Study the three stages of the production function curve.. Learn about optimal input combination..
- Week 8Module 3: Theory of Production
Unit 4: Production Relationships Factor– Factor Relationship · 5 hours
Read Unit 4: Understand the factor-factor relationship.. Learn about isoquants and the marginal rate of input substitution.. Study optimal input combination and profit maximization..
- Week 9Module 3: Theory of Production
Unit 5: Production Relationships Product–Product Relationship · 5 hours
Read Unit 5: Understand the product-product relationship.. Learn about the production possibility curve and the marginal rate of product substitution.. Study optimal product combination and profit maximization..
- Week 10Module 4: Theory of Cost
Unit 1: Meaning and Structure of Costs · 4 hours
Read Unit 1: Understand the meaning of cost and its various forms.. Learn about the structure of farm costs.. Differentiate accounting, opportunity and private costs..
Unit 2: Measurement of Costs · 4 hours
Read Unit 2: Understand the different measures of cost.. Study the classical measurement of cost.. Differentiate total, variable and fixed costs..
- Week 11Module 4: Theory of Cost
Unit 3: Agricultural Cost Functions · 5 hours
Read Unit 3: Understand the meaning of cost functions.. Analyze the shape of the cost functions.. Learn about average cost and marginal cost..
- Week 12Module 5: Agricultural Marketing
Unit 1: Meaning of Markets · 4 hours
Read Unit 1: Understand the definition of a market and the conditions for its existence.. Learn about the importance of markets.. Relate market to demand and supply..
Unit 2: Types of Markets · 4 hours
Read Unit 2: Understand the criteria for categorizing markets.. Study perfect and imperfect markets.. Learn about retail and wholesale markets..
- Week 13Module 5: Agricultural Marketing
Unit 3: Agricultural Marketing · 6 hours
Read Unit 3: Understand the definition of agricultural marketing and its importance.. Learn about marketing functions and the problems of agricultural marketing.. Complete Tutor Marked Assignment..
Preparing for the exam
- Review all key definitions and concepts from each unit, creating flashcards for quick recall.
- Practice solving numerical problems related to demand, supply, elasticity, and cost functions.
- Create concept maps linking production theory to cost analysis and marketing strategies.
- Focus on understanding the assumptions and limitations of each economic model.
- Analyze case studies of agricultural production and marketing in Nigeria, identifying key challenges and opportunities.
Questions students ask about this course
What is AEM251 about?
This course provides an introduction to the fundamental principles of agricultural economics. It explores the application of economic theories and concepts to agricultural production, marketing, and resource management. The course covers topics such as demand and supply analysis, production functions, cost analysis, market structures, and agricultural policy. It aims to equip students with the analytical skills necessary for decision-making in the agricultural sector.
How many units does AEM251 have?
AEM251, Introduction To Agricultural Economics, has 19 units across 6 modules, over 138 pages of course material. You can read it one unit at a time.
How many credit units is AEM251?
AEM251 carries 2 credit units, at 200 level in Agricultural Sciences.
Is AEM251 hard?
AEM251 is rated intermediate level, with intermediate mathematical content. It is mostly theoretical, case study and problem solving work.
How long does AEM251 take to study?
About 156 hours of study, spread across its 19 units.
How is AEM251 assessed?
AEM251 is assessed by Assignments, Tutor Marked Assignments and Final Examination.
What can I do with AEM251?
Agricultural Economist, Farm Manager, Agricultural Policy Analyst, Market Analyst and Agribusiness Manager.