What is agricultural economics? -- The U.S. food and fiber industry -- Theory of consumer behavior -- Consumer equilibrium and market demand -- Measurement and interpretation of elasticities -- Introduction to production and resource use -- Economics of input and product substitution -- Market equilibrium and product price : Perfect competition -- Market equilibrium and product price : Imperfect competition -- Natural resources, the environment, and agriculture -- Government intervention in agriculture -- Product markets and national output -- Macroeconomic policy fundamentals -- Consequences of business fluctuations -- Macroeconomic policy and agriculture -- Agriculture and international trade -- Exchange rates and agricultural trade -- Why nations trade -- Agricultural trade policy and preferential trading arrangements.