Login Create Account

Back to Course Catalog

ARD251Agricultural Sciences2 Unitsintermediate

Introduction To Agricultural Economics

This course provides an introductory insight into agricultural economics, preparing students for careers in the field. It covers basic economic concepts, demand and supply theories, production and cost theories, and agricultural marketing principles. Students will learn to analyze agricultural problems, understand market dynamics, and evaluate the performance of the agricultural sector in Nigeria's economy. The course also addresses challenges facing Nigerian agriculture and efforts to promote its development.

Generate AI Study Notes

Transform this course into personalized study materials with AI

156h

Study Time

13

Weeks

12h

Per Week

intermediate

Math Level

Course Keywords

Agricultural EconomicsDemand and SupplyProduction TheoryCost AnalysisAgricultural Marketing

Course Overview

Everything you need to know about this course

Course Difficulty

Intermediate Level

Builds on foundational knowledge

65%

intermediate

📊

Math Level

Moderate Math

📖

Learning Type

Theoretical Focus

Course Topics

Key areas covered in this course

1

Scope and Nature of Economics

2

Demand, Supply, and Price Theory

3

Elasticity of Demand and Supply

4

Theory of Production

5

Theory of Cost

6

Agricultural Marketing

7

Agriculture in Nigeria's Economy

Total Topics7 topics

Ready to Start

No specific requirements needed

This course is designed to be accessible to all students. You can start immediately without any prior knowledge or specific preparation.

Assessment Methods

How your progress will be evaluated (2 methods)

Tutor-Marked Assignments

Comprehensive evaluation of course material understanding

Written Assessment

Final Examination

Comprehensive evaluation of course material understanding

Computer Based Test

Career Opportunities

Explore the career paths this course opens up for you

Agricultural Economist

Apply your skills in this growing field

Farm Manager

Apply your skills in this growing field

Agricultural Policy Analyst

Apply your skills in this growing field

Market Analyst

Apply your skills in this growing field

Agribusiness Manager

Apply your skills in this growing field

Industry Applications

Real-world sectors where you can apply your knowledge

FarmingAgribusinessGovernment AgenciesResearch InstitutionsConsulting

Study Schedule Beta

A structured 13-week journey through the course content

Week

1

Module 1: Scope and Nature of Economics

6h

Unit 1: Scope and Nature of Economics

3 study hours

•Define economics and its core concepts.
•Differentiate between wants and scarce resources.
•Understand the concepts of scale of preference and opportunity cost.
•Identify economic problems and their characteristics.

Unit 2: Meaning of Agricultural Economics

3 study hours

•Define agricultural economics and its scope.
•Explain the relationship between agricultural economics and other agricultural disciplines.
•Identify the various sub-disciplines within agricultural economics.
•Discuss the importance of economic principles in agricultural decision-making.

Week

2

Module 2: Demand, Supply and Price Theory

4h

Unit 1: Theory of Demand

4 study hours

•Define demand and differentiate between individual and market demand.
•Explain the law of demand and its exceptions.
•Analyze factors influencing demand and their impact on the demand curve.
•Differentiate between changes in quantity demanded and shifts in the demand curve.

Week

3

Module 2: Demand, Supply and Price Theory

4h

Unit 2: Theory of Supply

4 study hours

•Define supply and differentiate between individual and market supply.
•Explain the law of supply and its exceptions.
•Analyze factors influencing supply and their impact on the supply curve.
•Differentiate between changes in quantity supplied and shifts in the supply curve.

Week

4

Module 2: Demand, Supply and Price Theory

4h

Unit 3: Concepts of Elasticities of Demand and Supply

4 study hours

•Define elasticity and explain its measurement.
•Calculate and interpret price elasticity of demand.
•Discuss the determinants and uses of price elasticity of demand.
•Explain income and cross elasticity of demand and their applications.

Week

5

Module 2: Demand, Supply and Price Theory

4h

Unit 4: Price Theory

4 study hours

•Define price and explain its role in resource allocation.
•Describe the various methods of price determination.
•Differentiate between market price and normal price.
•Analyze the conditions necessary for stable equilibrium in a market.

Week

6

Module 3: Theory of Production

6h

Unit 1: Meaning of Production

3 study hours

•Define production and identify the key resources involved in agricultural production.
•Differentiate between free and economic resources.
•Discuss the characteristics of land, labor, capital, and management as agricultural resources.

Unit 2: Production Function

3 study hours

•Define production function and explain its uses.
•Differentiate between short-run and long-run production functions.
•Discuss the algebraic forms of production functions and their properties.
•Derive and interpret key production function parameters such as average product, marginal product, and elasticity of production.

Week

7

Module 3: Theory of Production

4h

Unit 3: Production Relationships Factor Product Relationship

4 study hours

•Explain the factor-product relationship and its importance in agricultural decision-making.
•Describe the three stages of the production function curve and their characteristics.
•Apply mathematical concepts to interpret the three stages of production.
•Determine the optimal input combination for profit maximization.

Week

8

Module 3: Theory of Production

4h

Unit 4: Production Relationships Factor- Factor Relationship

4 study hours

•Explain the factor-factor relationship and its role in input substitution.
•Define and interpret isoquants and the marginal rate of input substitution (MRIS).
•Analyze the three stages of production under the factor-factor relationship.
•Determine the optimal input combination for cost minimization and profit maximization.

Week

9

Module 3: Theory of Production

4h

Unit 5: Production Relationships Product-Product Relationship

4 study hours

•Explain the product-product relationship and its application in enterprise combination.
•Define and interpret the production possibility curve (PPC) and the marginal rate of product substitution (MRPS).
•Classify products based on their relationship (competitive, complementary, supplementary, joint).
•Determine the optimal product combination for profit maximization.

Week

10

Module 4: Theory of Cost

6h

Unit 1: Meaning and Structure of Costs

3 study hours

•Define cost and differentiate between accounting costs, opportunity costs, and private costs.
•Explain the structure of farm costs and the importance of imputed costs.
•Discuss the factors influencing the cost of production.

Unit 2: Measurement of Costs

3 study hours

•Describe the classical measures of cost (total cost, variable cost, fixed cost).
•Explain the relationship between total cost, variable cost, and fixed cost.
•Discuss the importance of cost measurement in farm business analysis.

Week

11

Module 4: Theory of Cost

4h

Unit 3: Agricultural Cost Functions

4 study hours

•Define cost function and explain its derivation from the production function.
•Describe the shape of the total cost, total variable cost, and total fixed cost functions.
•Derive and interpret average cost functions (ATC, AVC, AFC) and marginal cost function.
•Analyze the relationship between average cost and marginal cost.

Week

12

Module 5: Agricultural Marketing

8h

Unit 1: Meaning of Markets

4 study hours

•Define market and explain the conditions for a market to exist.
•Discuss the importance of markets in economic analysis.
•Differentiate between various types of markets based on degree of competition, volume of trade, and commodity traded.

Unit 2: Types of Markets

4 study hours

•Explain the criteria for categorizing markets.
•Differentiate between perfect and imperfect markets.
•Describe the characteristics of retail and wholesale markets.
•Discuss different types of commodity markets.

Week

13

Module 6: Agriculture in Nigeria's Economy

12h

Unit 3: Agricultural Marketing

6 study hours

•Define agricultural marketing and explain its importance.
•Discuss the unique characteristics of agricultural products and their impact on marketing.
•Describe the various marketing functions (exchange, physical, facilitating).
•Identify the major problems of agricultural marketing in Nigeria.

Unit 1: Agriculture in Nigeria's Economic Development

6 study hours

•Evaluate the performance of the agricultural sector in Nigeria's economic development.
•Analyze the characteristics of the Nigerian agricultural sector.
•Discuss the contributions of agriculture to the nation's economy.
•Identify the problems facing the Nigerian agricultural sector (technical, socio-economic, organizational, institutional).

This study schedule is in beta and may not be accurate. Please use it as a guide and consult the course outline for the most accurate information.

Course PDF Material

Read the complete course material as provided by NOUN.

Access PDF Material

Study Tips & Exam Preparation

Expert tips to help you succeed in this course

1

Review all unit objectives and ensure you can explain each concept clearly.

2

Practice solving numerical problems related to elasticity, production functions, and cost analysis from Units 3-11.

3

Create concept maps linking demand and supply factors (Module 2) to market equilibrium (Unit 4) and price determination.

4

Focus on understanding the three stages of production (Module 3) and their implications for optimal resource allocation.

5

Study the characteristics of agricultural products (Unit 3, Module 5) and how they influence marketing strategies.

6

Analyze past TMA questions and identify recurring themes and key concepts.

7

Allocate sufficient time to review the challenges and development efforts in Nigerian agriculture (Module 6).

8

Create flashcards for key terms and definitions from each unit to aid memorization.

9

Practice explaining complex concepts to peers or family members to solidify your understanding.

10

Review the recommended textbooks and references for additional examples and explanations.

Related Courses

Other courses in Agricultural Sciences that complement your learning

Crop Anatomy, Taxonomy and Physiology

Principles Of Soil Science

Introductory Agricultural Engineering

View All Agricultural Sciences Courses