DESCRIPTION OF COURSES
AGR 014 FUNDAMENTALS OF ECONOMICS AND BUSINESS MANAGEMENT (1L + 1P) I
The objective of this introductory course is to familiarise students with the basic concepts of economics and management as related to agriculture. The course also attempts to inform the students about the latest global developments that have a bearing on trade, food products safety and quality and IPRs.
Basic concepts in economics; micro- versus macro-economics; positive and normative economics; scarcity and choice; utility concept; production possibilities frontier; opportunity cost concept. Theory of demand and supply; laws of demand and supply; concept of elasticity and its estimation.
Theory of production and costs; laws of returns; total average and marginal products and costs; profit maximisation.
National income; concept of national income; estimation of national income.
Agribusiness and agribusiness management; major functions of managers – planning, organising, directing, and controlling. Major functional areas of a business and their management – production, marketing, finance, personnel.
Global issues in business – WTO; tariffs; non-tariff barriers; international product quality / safety standards, intellectual property issues.
Application of quantitative techniques in economics and management – concept of cost-benefit analysis; break-even analysis, network techniques for managing projects, optimization and allocation techniques; decision analysis.
Estimation of demand and supply elasticities. Total, average and marginal costs computation. Revenue concepts. National income estimation. Organisational charts. Break-even analysis. Optimization techniques – transportation methods. Project management -PERT/CPM and Decision trees/analysis