NATIONAL OPEN UNIVERSITY OF NIGERIA COURSE CODE …

1 NATIONAL OPEN UNIVERSITY OF NIGERIACOURSE CODE :AEM 251 COURSE TITLE: introduction TO agricultural ECONOMICSAEM 251 COURSE GUIDE AEM 251 introduction TO agricultural ECONOMICSC ourse WriterDr. S. O. Ojo Dept of agricultural Economics and ExtensionFederal UNIVERSITY of TechnologyAkure Programme LeaderProf A. AdebanjoSchool of Science and TechnologyNational Open UNIVERSITY of CoordinatorDr N. E. MundiSchool of Science and TechnologyNational Open UNIVERSITY of NigeriaLagosNATIONAL OPEN UNIVERSITY OF NIGERIAiiCOURSEGUIDEAEM 251 COURSE GUIDE NATIONAL Open UNIVERSITY of NigeriaHeadquarters14/16 Ahmadu Bello WayVictoria IslandLagosAbuja officeNo.

2 5 Dar es Salaam Street,Off Aminu Kanu CrescentWuse II, AbujaNigeriae-mail: byNational Open UNIVERSITY of NIGERIA Printed 2008 ISBN: 978-058-317-3 All Rights ReservediiiAEM 251 COURSE GUIDE CONTENTS You will Learn in this through this and Examination and introduction to agricultural economics is a two unit degree COURSE available to all students offering agriculture and agriculture related courses at the Nation Open UNIVERSITY of NIGERIA . Many non- agricultural economics students think that economics has no place in the study of agriculture and agricultural science.

3 They believe that since agriculture is mainly concerned with provision of food the emphasis should therefore stop at the level of increased production. agricultural economics is the application of economic principles to the operations of the agricultural industry. Like the pure economics, it is concerned with resource allocation in the agricultural industry. The study of agricultural economics has enabled us to know what to do, not only to ensure increased agricultural production, but, also how to produce profitably, productively and efficiently. It also teaches how to ensure the agricultural products get to the final consumers in the place and form they want it at affordable You will Learn in this CourseThis COURSE consists of six modules which are sub-divided into units.

4 This COURSE guide tells you what the COURSE is all about. What COURSE materials you will be using and also suggests some general guidelines for the amount of time you are likely to spend on each unit of the COURSE in order to complete it on also gives you guidance in respect of your tutor marked assignment (TMA) which will be made available in the assignment file. Please attend those tutorial sessions. The COURSE will introduce you to the rudiments of agricultural 251 COURSE GUIDE COURSE AimsThe COURSE aims to provide an introductory insight into the field of agricultural economics with a view to prepare the student for a future career in agricultural economics.

5 COURSE ObjectivesTo achieve the aims set out, the COURSE has a set of objectives which are set out as specific objectives under each unit. You should read these objectives before you study the unit. After going through this COURSE you should be able to: (1)Understand the basic concepts of economics and agricultural economics(2)Know how and when a problem is an economic problem(3)How the discipline of agricultural economics started and the relationship between agricultural economics and the other disciplines of agriculture(4)Meaning, types and laws of demand and supply(5)Factors influencing the supply and demand for a commodity(6)Meaning and types of elasticity and how they are measured(7)Use of demand and supply analysis in agriculture(8)Meaning of price and the various ways it can be determined(9)

6 The meaning of production, production functions and important resources involved in agricultural production.(10)Basic characteristics of the three stages of the production function and the Necessary and sufficient conditions for optimal inputs and products combination (11)Meaning, structure and various forms of cost and cost functions(12)Meaning and Importance of markets and criteria for Categorizing Markets(13)Marketing and conditions for efficient marketing (14)Meaning and types of marketing functions(15)Major problems of agricultural marketing(16)Be able to evaluate the performance of the agricultural sector in the nation s economy.

7 (17)Various classes of problems facing the Nigerian agriculturevAEM 251 COURSE GUIDE (18)Efforts at Solving the Problems of agricultural Development in NIGERIA .(19)Some of the programmes to develop the agricultural sector:Working through the CourseThis COURSE involves that you devote a lot of time to read and study the contents. Each unit contains self assessment exercises for this COURSE and at certain points in the COURSE you would be required to submit assignments for assessment the end of this COURSE , there is a final examination. I would therefore advice that you attend the tutorial sessions where you would have the opportunity of comparing knowledge with your colleagues.

8 COURSE MaterialsYou will be provided with the following materials COURSE guide Study units References Assignments Presentation scheduleStudy UnitsModule 1 Scope and Nature of EconomicsUnit 1 Scope and Nature of EconomicsUnit 2 Meaning of agricultural EconomicsModule 2 Demand, Supply and Price TheoryUnit 1 Theory of DemandUnit 2 Theory of Supply Unit 3 Concepts of Elasticities of Demand and SupplyUnit 4 Price TheoryModule 3 Theory of ProductionUnit 1 Meaning of Production Unit 2 Production FunctionUnit 3 Production Relationships Factor Product RelationshipUnit 4 Production Relationships Factor Factor RelationshipUnit 5 Production Relationships Product Product RelationshipviAEM 251 COURSE GUIDE Module 4 Theory of CostUnit 1 Meaning and Structure of CostsUnit 2 Measurement of CostsUnit 3 agricultural Cost

9 FunctionsModule 5 agricultural MarketingUnit 1 Meaning of MarketsUnit 2 Types of MarketsUnit 3 agricultural MarketingviiAEM 251 COURSE GUIDE Module 6 Agriculture in NIGERIA s EconomyUnit 1 Agriculture in NIGERIA s economic DevelopmentUnit 2 Problems of Nigerian AgricultureText Books and ReferencesAdegeye and Dittoh (1985): Essentials of agricultural Economics. CARD Anderson, D. J. (1981) Economics of West Africa. Macmillan J L and Hardaker J B (1993) Farm Management Research for Small Farmer Development FAO , J P and Orazen, P (1978) Production Economics Theory with Application.

10 John Wiley and Sons (1966): A textbook of Economics. Macdonald& Evans R L (1970) Marketing of agricultural Products. Macmillan Publishers, New York. Olayide, and Heady (1982): introduction to agricultural Production Economics. UNIVERSITY Press, Ibadan. UNIVERSITY of , O L and Imoudu, P B (1998) Institutional Reforms for agricultural Development (Essays in Honour of Late Professor Segun Famoriyo) Published by Triumph Books Publishers, Ijebu are two components of assessment for this COURSE : a)The tutor marked assignment (TMA) b)The end of COURSE AssignmentThe TMA is the continuous assessment component of your COURSE .