Economic problems of agriculture. The european background of modern economic life. American economic development. Principles of production and comparative advantage. The law of diminishing returns. Business organization. Farm organization. Exchange value and the market. Demand, supply, and market price. The adjustment of the individual firm. Monopoly and monopolistic competition. Monopoly and agriculture. Money and credit. Price-level movements and agriculture. Labor and wages. Capital and interest. Land returns and land values. Risk, risk bearing and profit. International trade and agriculture. Governement control of foreign trade and the farmer. Taxation and the farmer. Transportation and other public-utility problems. Marketing and coorperation. Agricultural credit. Land utilization. Rural and urban prosperity. The farm problem and the government. Business cycles and depressions. Economic controls in the United States. Capitalism and its critics.