What is Economics?
Economics is the study of what individuals, institutions, and economic systems do, or should do, as they deal with the problem of satisfying virtually unlimited wants with scarce resources. Economics deals with choices and optimization, typically embedded in a market system where the notion of equilibrium is essential and where prices play a crucial role. Economics provides a logical and ordered way of looking at a wide variety of issues, and the principles of economics are finding growing applicability in a number of fields. An understanding of economic concepts can provide substantial personal and social benefits.
CARD study shows that farmland values fall for second consecutive year
Average Iowa farmland value is now estimated to be $7,633 per acre—having dropped in value for the second consecutive year. Per acre value declined $310, or 3.9 percent, since last year’s survey. Farmland values have now fallen almost 13 percent from the historically high 2013 values.
Ag Bus Club receives endowment
Farm Credit Services of America, a national ag lending institution, presented a check for $100,000 to the Ag Business Club at their December meeting.
Kling featured in STORIES article
A story about Catherine Kling's work in natural resource and environmental economics is featured in the latest issue of STORIES magazine, CALS' alumni magazine. The edition focuses on research and extension on soil and water.