Advanced communication systems, sophisticated financial markets, and new trading relationships interconnect nations and businesses like never before. Every farmer and agribusiness now competes in a world market. Agriculture and agribusiness are no longer limited to the traditional family farm while the farm as a unique economic entity still exists, many decisions about food production and distribution are made by large, multinational corporations. Knowledge of economic theory as it relates to agriculture, resources, and food is crucial for anyone involved in agricultural production. In this accessible book, Seitz, Nelson, and Halcrow introduce the principles of micro- and macroeconomics to students with no prior background in the subject. Additional sections cover market concepts, the role of agriculture in economic development, and the relationships between economics and policy. Examples throughout the book are drawn from contemporary issues in resources, agriculture, and food, including many international examples.