TAILIEUCHUNG - Lecture Macroeconomics (20/e): Chapter 20 - McConnell, Brue, Flynn

Chapter 20 - International trade. In this chapter we will take a look at some key facts about international trade and then start evaluating international trade using comparative advantage. We will also use demand and supply curves to explain how countries determine which goods they will import, which goods they will export, and the price that is charged for these goods. Lastly we will look at trade barriers and how they impact the outcomes of international trade. | Agriculture: Economics and Policy Chapter 20 Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. In this chapter, we start by looking at the economics of agriculture, investigating the elasticity of demand and price trends of agricultural goods. We will then examine reasons that the farming industry has been declining, using supply and demand analysis to explain this as well as the repercussions of the changes in the market. We will also discuss the types and outcomes of government intervention and recent changes in farm policy. Economics of Agriculture Extreme diversity Farm products and food products Short-run price and income instability Inelastic demand Fluctuations in output Fluctuation in demand Dependence on world markets LO1 Agriculture is an extremely diverse industry, comprising everything from cattle ranches and pig farms to vegetable plots and grain farms. Firms can be

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