Three Lectures:

The nature of the world population, income and food problem

The solutions to the world population, income and food problem

The changing nature of consumer demand for food

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Food Security

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Dimensions of Food Security

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Millennium Development and World Food Security Targets

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World Gross Domestic Product

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China experience: indicator of what will happen in other
poor countries that grow

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China

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A digression into economic ways of thinking
about supply, demand, price

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Factors that increase demand

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So what has happened to agricultural commodity prices?

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Comparative advantage and
trade
Comparative advantage and differences
in costs are the basis for specialised
production and trade.
Whenever potential trading parties have
differences in costs, they can each
benefit from trade.

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Comparative advantage and
trade

Benefits of trade
Trade can benefit everyone in a
society and in different countries
because it allows people to specialise
in activities in which they have a
comparative advantage.

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Applications of comparative
advantage
Should Australia trade with other countries?

International trade can make some

individuals worse off, even while it makes the
country as a whole better off.
Importsgoods produced abroad and sold
domestically
Exportsgoods produced domestically and
sold abroad

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 Each person consumes goods and
services produced by many other people
both in our country and around the
world.
Trade allows everyone to enjoy a greater
quantity and variety of goods and
services.
Trade makes everyone better off
because it allows people to specialise in
those activities in which they have a
comparative advantage both parties to
a trade deal gain
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TRADE NOT AID:

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AGRICULTURAL RESEARCH, DEVELOPMENT
AND EXTENSION

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 Gross value of agricultural
production
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Incl. TFP growth

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Without TFP growth

$ 20080
1955 1965 1975 1985 1995 2005
billion
Financial year ended

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Factors that increase demand

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