TAILIEUCHUNG - Lecture Introduction to economics: Social issues and economic thinking: Chapter 14 - Wendy A. Stock

Chapter 14 - Farm policy. After completing this unit, you should be able to: Describe the history and evolution of government agricultural policy, demonstrate how inelastic demand influences agricultural goods’ prices, describe the main components of . farm policy,. | Introduction to Economics: Social Issues and Economic Thinking Wendy A. Stock PowerPoint Prepared by Z. Pan Chapter 14 Farm Policy Copyright © 2013 John Wiley & Sons, Inc. / Photo Credit: ©AVTG/iStockphoto 1 Describe the history and evolution of government agricultural policy Demonstrate how inelastic demand influences agricultural goods’ prices Describe the main components of . farm policy Demonstrate the impacts of price supports in agriculture Illustrate the impacts of supply restriction policies Illustrate the impacts of demand enhancement policies Asses the costs and benefits of recent . farm policy Copyright © 2013 John Wiley & Sons, Inc. 2 After studying this chapter, you should be able to: 2 In 2008, despite a presidential veto and criticism from the United Nations, the World Trade Organization, and several other international and national organizations, a new . farm bill was passed. Formally known as the Food, Conservation, and Energy Act of 2008, it is a $288 billion program that finances direct payments, loan and insurance programs, and a wide variety of other supports for agricultural producers. Copyright © 2013 John Wiley & Sons, Inc. 3 introduction 3 Copyright © 2013 John Wiley & Sons, Inc. 4 Declining Employment and Increased Concentration in agriculture 4 Copyright © 2013 John Wiley & Sons, Inc. 5 Agricultural Population as percent of Total Population in Various Countries 5 Supply-side Explanations: Technological change and increased productivity Demand-side Explanations: Increased incomes and increased population Copyright © 2013 John Wiley & Sons, Inc. 6 Forces behind changes in agriculture industry 6 Copyright © 2013 John Wiley & Sons, Inc. 7 Changes in Demand and Supply of agricultural goods 7 The elasticity of demand for agricultural commodities ranges from − for fluid milk to − for pork. The inelastic demand implies that changes in supply in agricultural markets do not cause large changes in equilibrium quantity but do cause .

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