WHAT IS AN AG ECONOMIST?
“…an applied social science that deals with how producers, consumers and societies use scarce resources in the production, processing, marketing and consumption of food and fiber products.”
Economic data analysis related to...
issues like production, resource management, & trade.
Role of Ag Economist
at the Microeconomic Level
MARKET ECONOMIST
RESOURCE ECONOMIST
FINANCIAL ECONOMIST
PRODUCTION ECONOMIST
Role of Ag Economist
at the Macroeconomic Level
INTERNATIONAL TRADE
Forecasting & Modeling
FINANCE SPECIALIST
AG & FOOD POLICY
Marginal Analysis
Marginal analysis in economics is a decision-making tool that evaluates the additional benefits and costs of one more unit of an activity. It is used to determine the optimal level of a decision, such as production or consumption, by increasing activity as long as the marginal benefit outweighs the marginal cost, and decreasing it when the opposite is true.
MARGINAL BENEFIT
DECISION RULE
MARGINAL COST
Production Economist
A Production Economist studies how to efficiently allocate resources —such as land, labor, and technology — to maximize agricultural output, including analyzing feedlot operations for livestock.
Market Economist
A Market Economist focuses on the supply, demand, and pricing of agricultural commodities. This includes roles like a pricing analyst who uses market data to set competitive prices for a farm or company.
Financial Economist
A Financial Economist concentrates on the financial aspects of agriculture, including farm finance, investment, and the development of strategies to manage financial risks.
Resource Economist
A Resource Economist examines the use and allocation of natural resources like land, water, and air quality in an agricultural context.
Ag & Food Policy
An Ag & Food Policy Analyst evaluates the economic impact of government policies on the food and fiber industry, such as subsidies, trade agreements, and land reform.
International Trade & Exchange Rates
An International Trade Analyst assesses how changes in currency values and trade polices affect the competitiveness of agricultural exports and imports. They analyze the impact of trade wars or agreements on market share and prices.
Forecasting & Modeling
A Forecasting & Modeling Analyst uses economic models to forecast future trends, predict the outcomes of policy changes, and understand the economic dynamics of the agricultural sector.
Finance Analyst
A Finance Analyst analyzes the total credit needs for the entire agricultural sector and the financial systems that support it, rather than focusing on individual farms.
Marginal Benefit
Marginal benefit is the additional benefit gained by consuming or producing one more unit.
Marginal Cost
Marginal cost is the additional cost of producing one more unit of a good or service.
Decision-Making Rule
The Decision-Making Rule is a formula used to determine if the optimal level has been reached.
WHAT IS AN AG ECONOMIST?
AMY SCHNEIDER
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Transcript
WHAT IS AN AG ECONOMIST?
“…an applied social science that deals with how producers, consumers and societies use scarce resources in the production, processing, marketing and consumption of food and fiber products.”
Economic data analysis related to...
issues like production, resource management, & trade.
Role of Ag Economist
at the Microeconomic Level
MARKET ECONOMIST
RESOURCE ECONOMIST
FINANCIAL ECONOMIST
PRODUCTION ECONOMIST
Role of Ag Economist
at the Macroeconomic Level
INTERNATIONAL TRADE
Forecasting & Modeling
FINANCE SPECIALIST
AG & FOOD POLICY
Marginal Analysis
Marginal analysis in economics is a decision-making tool that evaluates the additional benefits and costs of one more unit of an activity. It is used to determine the optimal level of a decision, such as production or consumption, by increasing activity as long as the marginal benefit outweighs the marginal cost, and decreasing it when the opposite is true.
MARGINAL BENEFIT
DECISION RULE
MARGINAL COST
Production Economist
A Production Economist studies how to efficiently allocate resources —such as land, labor, and technology — to maximize agricultural output, including analyzing feedlot operations for livestock.
Market Economist
A Market Economist focuses on the supply, demand, and pricing of agricultural commodities. This includes roles like a pricing analyst who uses market data to set competitive prices for a farm or company.
Financial Economist
A Financial Economist concentrates on the financial aspects of agriculture, including farm finance, investment, and the development of strategies to manage financial risks.
Resource Economist
A Resource Economist examines the use and allocation of natural resources like land, water, and air quality in an agricultural context.
Ag & Food Policy
An Ag & Food Policy Analyst evaluates the economic impact of government policies on the food and fiber industry, such as subsidies, trade agreements, and land reform.
International Trade & Exchange Rates
An International Trade Analyst assesses how changes in currency values and trade polices affect the competitiveness of agricultural exports and imports. They analyze the impact of trade wars or agreements on market share and prices.
Forecasting & Modeling
A Forecasting & Modeling Analyst uses economic models to forecast future trends, predict the outcomes of policy changes, and understand the economic dynamics of the agricultural sector.
Finance Analyst
A Finance Analyst analyzes the total credit needs for the entire agricultural sector and the financial systems that support it, rather than focusing on individual farms.
Marginal Benefit
Marginal benefit is the additional benefit gained by consuming or producing one more unit.
Marginal Cost
Marginal cost is the additional cost of producing one more unit of a good or service.
Decision-Making Rule
The Decision-Making Rule is a formula used to determine if the optimal level has been reached.