Fundamentals of Agricultural Economics
Economics Meaning, compass and subject matter, delineations, conditioning, approaches to profitable analysis; micro and macro economics, positive and normative analysis. Nature of profitable proposition rationality supposition, conception of equilibrium, profitable laws as conception of mortal geste
. Basic generalities Goods and services, desire, want, demand, mileage, cost and price, wealth, capital, income and weal. Agrarian economics meaning, description, characteristics of husbandry, significance and its part in profitable development. Agrarian planning and development in the country.
Demand meaning, law of demand, demand schedule and demand wind, determinants, mileage proposition law of dwindling borderline mileage, equi-borderline mileage principle. Consumer’s equilibrium and derivate of demand wind, conception of consumer fat. Pliantness of demand conception and dimension of price pliantness, income pliantness and cross pliantness. product process, creation of mileage, factors of product, input affair relationship. Laws of returns Law of variable proportions and law of returns to gauge .
Cost Cost generalities, short run and long run cost angles. Supply Stock v/ s force, law of force, force schedule, force wind, determinants of force, pliantness of force. request structure meaning and types of request, introductory features of impeccably competitive and amiss requests. Price determination under perfect competition; short run and long run equilibrium of establishment and assiduity, shut down and break indeed points.
Distribution proposition meaning, factor request and pricing of factors of product. generalities of rent, pay envelope, interest and profit. public income Meaning and significance, indirect inflow, generalities of public income account and approaches to dimension, difficulties in dimension.
Good and services duty( GST)- meaning, description, advantage and disadvantages and its recrimination on Indian frugality. duty meaning, direct and circular levies, agrarian taxation. compass OF
ECONOMICS Whether it's a wisdom or an Art? A Positive wisdom or Normative wisdom? Social Science? Whether it can break practical problems? Whether it covers the Subject matter of economics?
ECONOMICS AS AN ART OR wisdom
An art system of rules for the attainment of a given end. Science teaches us to know; an Art teaches us to do. wisdom ‘ explains and expounds; ‘ Art ‘ directs;’ art imposes precept or proposes rules. So economics is considered as both a wisdom and art contemporaneously. wisdom in its methodology and art in its operation Pure wisdom furnishes the tools with which applied wisdom workshop.
ECONOMICS-POSITIVE AND NORMATIVE
wisdom Positive Science A body of organized knowledge concerning What it is? or what they are? It describes( classical economists view) Positive wisdom does n't indicate what's good or what's bad to the society. It'll simply give results of profitable analysis of a problem. For illustration, “ 85 of the growers are borderline and Small growers in India during 2011 tale ” is a positive statement.
ECONOMICS-POSITIVE AND NORMATIVE
wisdom Normative Science A body of organized knowledge concerning What ought to be? It evaluates “ 85 of the growers are borderline and Small growers in India during 2011 tale is too high ” is normative statement – it's a concern for the policy makers. It also suggests how the mass can be supported. In other words, positive wisdom describes, while normative wisdom evaluates. economics is a positive as well as normative wisdom. AS A SOCIAL wisdom The process of satisfying wants is a social process – economics to study social geste
CAN break SOCIAL PRACTICAL PROBLEMS
With the help of profitable propositions and colorful tools, economics can break the practical problems faced by the mortal being APPROACHES IN ECONOMICS/( DIVISIONS OF ECONOMICS) Traditional approach Consumption Satisfaction of unlimited mortal wants through the use of goods and services( wealth)- Destruction of mileage product Creation of mileage. metamorphosis of palpable & impalpable inputs to goods & services Exchange buying and selling, Price determination and disposal of products. Creation of advanced serviceability for G/ S Distribution rent, stipend, profit and interest. - distribution of prices for the uses of coffers – land, labor, capital and entrepreneur Public Finance How Govt. gets and spends plutocrat? – Study about public expenditure and public profit ultramodern approach Micro Economics It analyses the profitable geste
of individual decision making units similar as consumers, resource possessors, business enterprises, a request, etc. Deals with propositions of resource allocation or pricing. Microeconomics is also called price proposition. significance of Microeconomics Functioning of free enterprise frugality Distribution of goods and services Determination of prices effectiveness in consumption and product Limitation fails to dissect the aggregate employment position of the frugality, aggregate demand, affectation, gross domestic product. Assumption of full employment is n't possible Macro Economics It studies the geste
of the profitable system as a whole. concern with summations and pars of the entire frugality similar as public income, total employment, aggregate force, aggregate demand, aggregate affair, total consumption, savings and investment, general position of prices, etc. It's also called as income proposition. Helps to formulate of useful profitable programs for the nation to remove the problems of severance, affectation, rising prices and poverty Also deals with per capita income, standard of living, poverty etc Limitation individual preference and weal is ignored Hence, the study of both micro and macroeconomics is essential to understand the whole system of profitable conditioning.
METHODOLOGIES IN ECONOMICS
deducible system to make up the wisdom of economics from a many simple conceptions. The system is called the deducible, Analytical, Abstract or A Priori system. General to Particular. Eg. General- dealers get profit and this can be vindicated in case of individual dealers.( Established proposition vindicating existent) Inductive system the data are examined first and grounded on that general principles are laid down. Particular to General Eg. Data on consumption of poor, middle and rich income groups of people are collected, classified, anatomized and conceptions are made which will be tested further with reference to new data ( vindicating individual Developing proposition) Both deducible an inductive styles are useful in profitable analysis
๐ Agricultural Economics
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