Agriculture has existed as a human practice for as long as human civilizations have. We may state quite safely that the moment when the human race discovered they could grow their food instead of relying on hunting was the moment that ultimately set us apart from all the other stakeholders of the kingdom Animalia and had cemented the steps that led to what we are today. However, while agriculture may have begun purely as a source of sustenance, it has now expanded to be a significant contributor to any country’s economic pursuits.
The expansion has not happened by accident; there have been, and are going on, innumerable studies on the science of growing life out of minuscule seeds – countless universities have since incorporated agricultural studies in their curriculum, and Australia is no exception. It is now home to exquisite subjects on agriculture, of which, agricultural economics forms a popular majority. To keep up with the ever-increasing scope and complexity of the subject, students often seek out Agricultural Economics academic assistance through online tutoring from the more knowledgeable sources, one of which is our Agricultural Economics assignment writing service.
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Agricultural economics studies the commodities produced by farming while including thorough knowledge of how the resources used in the practice are allocated, distributed, and utilized. As the branch has spread out, the study of technology, finance, banking, marketing, etc., have grown to become essential parts of the curriculum.
In general, one can state that when a large portion of a country’s population is dependent on agriculture as its sole source of income, the average national revenue is low. As a country advances economically, the relative significance of agriculture declines. One of the prime reasons behind this had been pointed out by the 19th - century German statistician Ernst Engel, who discovered that the more the income increased, the less likely it was to be expended on food.
This fact would have largely surprised the erstwhile economists, who, based on the Law of Diminishing Returns, feared that the limited land area of the populated continents would ultimately prove to be detrimental as their ability to feed the growing population would get impacted pretty negatively. However, the assumption was rooted in the self-sufficient agricultural system where a farming family would produce enough to sustain itself, but barely any as surplus. It did not consider the arts and methods that were later incorporated into the agricultural regime, giving rise to the necessity for subjects like Agricultural Economics.
Agricultural economics combines the technical aspects of agriculture with business elements like management, marketing, and financing. It includes researching the natural resources and agribusiness elements like processing and promoting the agricultural items for sale and evaluating the market for the products across the globe.
Some of the disciplines associated with agricultural economics are ecological and water resource economics, resource economics, and econometrics. This branch inculcates in the students an expansive knowledge of business administration and economics used in agriculture, agribusiness, and agricultural policies.
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