Economics of Production
The first category is the economics of production. Economists are responsible for balancing production with market demand at the most cost-effective and highly profitable means possible.
The second category is financial management. This will tackle the financial aspect of running the actual production and managing the entire process.
The third category involves marketing. Agricultural economists are responsible for identifying a potential market that will give the business a steady stream of demand for its Agricultural products. They are also responsible for creating a pricing system that will balance out the company's need for profit with affordability.
The fourth category involves Agricultural policies. All farming and food businesses are required to follow certain policies as implemented by the government and other sectors. Economists make sure that the business is able to follow them all.
The fifth category is agriculture development. Development strategies are created not just for the benefit of the company but for the entire economy as well.
The sixth category is research. This is essential for creating techniques and solutions that will solve financial and economic problems related to the business of agriculture.
The seventh category is environmental economics. For this category, Agricultural economists are tasked to evaluate the kinds of Agricultural production methods used and its effects to the natural environment.
Economists are also responsible for monitoring the market and all the economic factors that could possibly affect production and income generation. Using various techniques, they can make calculated forecasts on where the market and the stocks are heading and make the necessary actions to ensure the life of the business.
To become an economist, one should have a four-year degree on economics. Most of the universities in the country offer a bachelor's degree but very few schools have masters or doctorate programs for this field. This course usually involves general education, Agricultural and economic courses.
Qualifications for the job can vary from one employer to another. These positions are usually in-demand in both government and private sectors. Most of the job offers come from the academe, the research industry, commercial and non-profit organizations.
The most common jobs for economists in the business involve farm management, marketing, and environmental management. For those who do not want to work under a single company, economists also have the option of being a private consultant. An independent consultant will allow you to work for multiple companies, increasing your earning capabilities.
Apart from that, food companies are also in need of Agricultural economists. Economists working in this kind of business are responsible for giving advice on what raw materials to use for production.