Description: Helping readers understand the governing economic forces behind our agricultural industry, this jargon-free survey provides a systematic introduction to the basic concepts and issues in economics as they relate to the food and fiber industry - a major segment of the U.S. economy. Covering key economic principles and their application to the food and fiber system, it traces microeconomic, macroeconomic, and global forces influencing the decisions of producers and consumers of food and fiber products, and focuses on the leading problems and issues confronting this important industry today. Contains comprehensive micro coverage with heavy emphasis on interpretation/applications of marginal analysis in decision-making, and comprehensive macro coverage with discussions on the implications that events elsewhere in the economy have upon price of food and producer profits, as well as consumer economic well-being. Considers trade theory and issues facing domestic producers and consumers in light NAFTA and trade liberalization. Now looks at the effect of the 1996 FAIR Act, and presents a new chapter on resource economics.

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