Agricultural Economics: Agricultural economics is a branch of applied economics that takes the tools of both micro and macroeconomics and uses them to solve problems in a specific area. Food crises, commodity price booms and busts, environmental concerns and trade tensions are just some of the focuses of the analysis undertaken in agricultural economics. Agricultural economics concerns itself with the study of the production and consumption of food in both developed and developing countries along with analysis of the policies that shape the world's largest industry.