Keywords
Livestock economics, Agricultural economics, Theory of demand, Utility and marginal utility, Theory of supply, Cost of production, Microeconomics in agriculture, Factors of production, Resource allocation in farming, Economics of animal husbandry, Farm-level decision making, Positive and normative economics, Traditional vs modern economics, Production function, Capital and entrepreneurship in agriculture, Labour economics in rural sectors, Economic terms in livestock, Economic models in farming, Market analysis in agriculture, Economic efficiency in livestock productionLivestock Economics for Students & Entrepreneurs
authored by: Devesh ThakurLength: 152 mm | Breadth: 17.75 mm | Height: 229 mm | Imprint: NIPA | Weight: 500 GMS
The book is designed as a foundational resource for students and practitioners in the fields of agricultural sciences, animal husbandry, and rural development. With a clear, structured approach, this book introduces readers to the fundamental principles of economics while applying them to real-world scenarios in the livestock and agriculture sectors.
Beginning with the evolution of economic thought, the book contrasts traditional and modern perspectives, exploring both positive and normative economics. It defines and contextualizes essential economic terms, building a strong conceptual foundation for learners.
Key microeconomic principles such as the theory of demand, utility, marginal analysis, supply, costs, and production theories are discussed in detail. The book also examines the four factors of production—land, labour, capital, and entrepreneurship—with specific attention to their role in livestock-based enterprises.
Through practical examples, economic models, and simplified explanations, this textbook equips students with the analytical tools to:
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Understand market dynamics
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Evaluate livestock production systems
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Assess resource use efficiency
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Make informed economic decisions in farming and agribusiness
This book is ideal for undergraduate students of agricultural economics, veterinary sciences, and agribusiness management, as well as extension professionals and development planners seeking to integrate economic thinking into livestock-related sectors. It provides a bridge between theoretical economics and the practical realities of rural and livestock-based economies
Devesh Thakur: Assistant Professor Department of Veterinary and AH Extension Education DGCN College of Veterinary and Animal Sciences Himachal Pradesh Agricultural University Palampur, 176061, Himachal Pradesh
1 Introduction to Economics and Livestock Economics
2 Economics Explored: Traditional and Modern Approaches Positive and Normative Perspectives
3 Basic Terms and Concepts in Economics
4 Theory of Demand
5 Utility and the Law of Diminishing Marginal Utility
6 Theory of Supply & Theory of Costs
7 Theories of Production
8 Factors of Production: Land, Labour, Capital & Entrepreneur
References