Learning Outcomes

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Explain Agricultural Economics and Apply Economic Modeling to Agricultural Sector
Categorize the special characteristics of the agricultural sector and explain how the share of the agricultural sector in the national income changes throughout the stages of economic development
Compare normative and positive approaches used in agricultural modeling and identify fundamental forms of economic modeling used in agriculture
Explain The Theory of Consumer Demand and Market Demand
Name how the utility for a consumer is determined and how the consumer equilibrium is provided.
Define how market demand is determined and list different types of demand functions.
Demonstrate how the demand for food products is determined within the framework of the demand elasticities and universal principles of the agricultural sector.
Summarise the economic factors that cause changes in food demand.
Explain the Production and Resource Use
Explain production decisions of the farmer in the short-run.
Explain optimal output decision of the farmer when input substitution is possible.
Explain optimal output decision of the farmer when the farm produces more than one output.
Analyze how agricultural supply function differs from supply function of the firms in other industries.
Find how agricultural supply response becomes asymmetric.
Explain Market Equilibrium and Product Price for Different Market Structures
Explain agricultural product market equilibrium under perfect competition for different term structures
Explain Cournot, Bertrand and Stackelberg models of oligopoly, identify differences between these three models
Define differentiated products, explain monopolistic competition equilibrium in the short run and long run.
Define monopsony and related terms, recognize examples of monopsony in agricultural product markets
Explain Government Intervention in Agriculture
Explain the reasoning behind the intervention policies in agriculture.
Summarize the factors affecting the development of agricultural policy implementations.
Define the agricultural support policies and their types in Türkiye and their effectiveness.
Explain Macroeconomics of Agriculture
Define the basic concepts of macroeconomics and the differences between calculating methods of Gross Domestic Product.
Show how aggregate income and aggregate output are balanced.
Identify money market equilibrium and the factors that influence changes in equilibrium.
Explain fiscal policy and the operation of automatic stabilizers.
Identify alternative macroeconomic approaches.
Analyze the impact of policy implementation on the agricultural sector and the linkages of the agricultural sector with other sectors.
Explain Agricultural Trade Policy
Assess the structure of the World Trade Organization’s Agreement on Agriculture.
Make use of the special language for agricultural trade policy analysis.
Analyze the welfare impacts of protection by importers.
Analyze the welfare impacts of protection by exporters.
Evaluate different forms of economic integration.
Explain Global Food and Agriculture Issues
Explain the value chains in agriculture, functioning of various domestic and global markets, and interventions to correct market distortions.
Understand the two-way interactions between agriculture and the environment.
Appreciate how important agriculture is in solving the three most important problems in development namely food security, poverty and employment.