In this unit students will learn introduction to livestock economics, basic economic terminologies – micro and macroeconomics, positive and normative economics, resource, scarcity, farm-firm relationships, production etc. Micro-economics- theories of demand, and supply, production, consumption, elasticity – price, income, cross, application of elasticity in managerial decision. Farm production economics – factor substitution and different production/management systems (extensive, semi intensive and intensive), factors of production, marginal cost and return, law of diminishing marginal return, returns to scale, economies of scale and scope. Market equilibrium price and quantity under perfect competition, profit maximization, measurement of technological change. Define the term marketing, livestock marketing, importance of Livestock marketing, livestock marketing environment. Marketing system, marketing channels, marketing organizations, marketing costs and margins, marketing system evaluation, market efficiency. Marketing problems of farmers, preparation of a marketing plan. Import and export of livestock products, policies and institutions. Agreement on sanitary and phyto-sanitary measures (SPS), livestock export regulations, non-tariff, livestock trade and environment, WTO, OIE (World organization for Animal Health).
- Teacher: Vashnika Narayan