Economics of Agriculture <p><strong>Economics of Agriculture welcomes original articles </strong>from researchers from all over the world to publish problem-oriented and high-quality articles. <strong>Economics of Agriculture </strong>publishes articles from wide variety of economic perspectives that address current and relevant issues related to the agricultural system. Economics of Agriculture especially publish articles of the current trends in the agriculture system.</p> <p>The papers submitted for the evaluation and publication into the Journal ECONOMICS OF AGRICULTURE have to match, but are not limited to the following topics (decision will be done by Editor in Chief): Agricultural economics, Farm (agricultural companies) management, Agricultural investments, financing and calculations, Agricultural marketing, Organization of plant, livestock and processing industry production, Rural Development, Sustainable agricultural development, Rural (Agro) tourism, Environmental issues from an aspect of agro economy, Trade with agricultural and food products, Agricultural policies and legislative.</p> en-US (Prof. Drago Cvijanovic) (Prof. Drago Cvijanovic) Fri, 31 Mar 2023 00:00:00 +0000 OJS 60 THE INFLUENCE OF ECONOMIC AND ENERGY CRISIS ON PRICE OF AGRICULTURAL PRODUCTS <p>The purpose of this research is to explain the impact of the economic and energy crisis on the rise of prices of agricultural products and further development of a sustainable agricultural economy in Serbia. In the paper are used comparative data for analysis of the movement of agricultural production and inflation in the last 10 years. The evident result of the research is the great impact of the economic and energy crisis on the rise of prices of agricultural products and rising inflation. The main task of this research is to help to understand factors which are connected to the rise of prices of agricultural products, and to suggest adequate solutions for stopping inflation with the aim to obtain the supply of necessary foods in periods of crisis. In paper are recommended new strategies which will contribute to the proper treatment of agricultural production in the future and sustainable development.</p> Mirjana Dejanović Copyright (c) 2023 Economics of Agriculture Fri, 31 Mar 2023 00:00:00 +0000 THE ROLE OF FINANCIAL MANAGEMENT IN USING DATA MINING IN AGRICULTURAL COMPANIES <p>Analytical methods are an indispensable method of auditing. Auditors typically use classical methods such as horizontal, vertical, regression analysis, such as the Z-score. Very few data mining methods are used at all, which are significantly more accurate in their results than the ones mentioned. The subject of this paper is the application of one of the most efficient methods of data so-called. Group Method of Data Handling –GMDH in agro entities.</p> Tanja Arapović Ilić, Snežana Krstić, Miloš Dašić, Bojan Brajković, Radovan Damnjanović, Dragana Trnavac, Aleksandar Savić Copyright (c) 2023 Economics of Agriculture Fri, 31 Mar 2023 00:00:00 +0000 IMPACT OF AGRICULTURAL PRODUCTION ON GROSS DOMESTIC PRODUCT IN THE REPUBLIC OF SERBIA <p>The goal of this research is to quantify the influence of each segment of agricultural production individually on the formation of the total gross domestic product in Serbia. For the purposes of the research, the gross domestic product at the level of Serbia, expressed at current prices, was used as the dependent variable. On the other hand, the values of agricultural production (plant production, vegetable production and horticultural products, livestock production, production of livestock products, and agricultural services) expressed also in current prices were observed as independent variables. The research used regression analysis. The most important result of this research is that plant production is recommended as the dominant direction of Serbian agriculture, given that its influence is most pronounced when it comes to the formation of the value of agricultural production, and therefore the total gross domestic product of Serbia.</p> Vera Zelenović , Aleksandar Grubor , Jelena Zelenović, Vladan Vučić Copyright (c) 2023 Economics of Agriculture Fri, 31 Mar 2023 00:00:00 +0000 EUROPEAN LEGAL FRAMEWORK OF RURAL DEVELOPMENT POLICY <p>New social demands, opportunities in the green economy, opportunities opened up by digital technology, and the consequences of the COVID-19 pandemic and the spread of remote work have again drawn attention to rural areas. In 2020, the European Commission conducted a public consultation on the long-term vision for rural areas. Support for rural areas is already provided under several EU policies, which contributes to their balanced, fair, green and innovative development. To support the implementation of the action plan, the common agricultural policy (CAP) and the cohesion policy will be of particular importance, which will be accompanied by a whole range of policies from other areas.The aim of this paper is an analysis of the EU legal framework of rural development policy, together with an analysis of the further development of the LEADER approach. Finally, a special focus is placed on the analysis of documents (long-term vision for the EU’s rural areas) that deal with the future of rural development in the EU.</p> Nina Maksimović Sekulić, Tamara Vujić, Milan Stankovic Copyright (c) 2023 Economics of Agriculture Fri, 31 Mar 2023 00:00:00 +0000 SERBIAN AGRARIAN POLICY IN THE VORTEX OF HIGH INFLATION AND GEOPOLITICAL RISKS <p>Attempts to solve economic crisis by a massive injection of money into the financial system have caused inflation in most highly developed countries. World economy is burdened by a high inflation, excessed demand, over indebtedness, in one word unready for the challenges that followed on the geopolitical level, and have spilled over into the economy. This situation has also affected agriculture, while the rise in food prices was particularly sensitive because it has affected the population life standard. All existing weaknesses of the economic and agrarian policy of Serbia and absence of a serious long-term strategy in this seriously in crisis sector’s development have surfaced. This paper analyses a situation in the Serbian agricultural sector, which has been pressured at the same time by bad agrarian policy, numerous internal weaknesses and big geopolitical risks.</p> Jugoslav Aničić, Milan Vujić, Dušan Aničić, Željko Vojinović Copyright (c) 2023 Economics of Agriculture Fri, 31 Mar 2023 00:00:00 +0000 INTERNATIONAL STANDARDS AND AUTHORIZATIONS OF LABOR INSPECTION IN AGRICULTURE IN CASE OF TERMINATION OF EMPLOYMENT RELATIONSHIP <p>Agricultural work is the oldest form of work, but the rights of agricultural workers are still not sufficiently protected, especially if their legal position is compared to that of employees in other branches of the economy. One of the tools for improving the legal protection of farmers is through the work of labor inspection, as an important element of control over the application of the relevant legal regulations. Even though the legal status of employees in agriculture has seemingly experienced some normative progress, the situation is unfortunately still far from being ideal, especially regarding the protection of their rights in the employment relationship and the manner in which those rights are exercised in practice. In this regard, this paper will address universal international standards in this area and the compliance of domestic Serbian legislation with the relevant conventions and recommendations of the International Labor Organization. Additionally, a particular focus will be placed on protecting agricultural workers against illegal dismissal.</p> Vladimir Radovanović Copyright (c) 2023 Economics of Agriculture Fri, 31 Mar 2023 00:00:00 +0000 RESPONSIBILITY FOR MATERIAL DEFICIENCIES OF GOODS, WITH REFERENCE TO ORGANIC PRODUCT <p>In this paper, the authors discuss the responsibility for material deficiencies of goods, with reference to the organic agriculture products, given the specific and highly demanding production system and the growing demand for organic products in developed countries and in Serbia. An integral part of everyday life is the risk that the goods purchased are more or less materially defective. Organic production methods involve the usage of natural processes and substances, and limit or completely eliminate the use of synthesized agents. Also, producers inevitably suffer from various external influences. The desire of consumers is to buy products which use natural ingredients that are obtained on the basis of natural procedures. Research in this paper has shown that in the creation of an organic product may occur material defects that more or less impair its essence. Therefore, this paper analyzes such shortcomings and also recommends how customers can act when they find themselves in this situation.</p> Ljiljana Dušan Rajnović, Nenad Mihailović, Snežana Cico Copyright (c) 2023 Economics of Agriculture Fri, 31 Mar 2023 00:00:00 +0000 RESEARCHING TRENDS AND FORECASTING FUTURE VALUES OF FRUIT EXPORTS AND IMPORTS OF THE REPUBLIC OF SERBIA <p>Considering that the Republic of Serbia has a surplus in the foreign trade of fruits, the problem of this research refers to the perception of the importance of the foreign trade of fruit of the Republic of Serbia. The subject of the research includes the analysis of previous and future trends in the value of exports and imports of fruits, as one of the most important agro-industrial products. The aim of the research is to determine future trends, as well as to forecast future values of fruit imports and exports using econometric methodology in the field of analysis of variations of time series, i.e. statistical methods of linear trend. The contribution of this research study is multiple, in scientific terms it enriches the existing scientific literature, given that research studies that have addressed this issue are very rare, while in practical terms it provides guidance to producers and exporters of fruits and agricultural policy makers, especially in terms of encouraging fruit exports from the Republic of Serbia in the coming period.</p> Biljana Stankov, Milijana Roganović, Milan Mihajlović Copyright (c) 2023 Economics of Agriculture Fri, 31 Mar 2023 00:00:00 +0000 UNDERSTANDING FARMERS’ BAHAVIOUR REGARDING PESTICIDE USE IN VOJVODINA REGION <p>Requirements to provide high and stable yields and highquality agricultural products at reasonable prices are hard to meet without any use of pesticides. However, in addition to significant positive effect their application often has adverse effects on human health and environment. This study aims to uncover crop farmers’ behaviour regarding pesticide use in Serbia’s region of Vojvodina. The research was conducted based on farmers’ self-assessment regarding the application of pesticides. The results show that farmers have a serious and responsible approach concerning certain aspects of pesticide use. They generally follow recommendations, particularly concerning the preharvest interval, as well as the washing and maintenance of equipment. However, they often neglect other aspects, especially those related to their own safety protection. The study concludes that the mechanisms of appropriate sharing of information and farmers’ education should be addressed by decision-makers and that the advisory service should play a strong role in this process.</p> Jelena Despotović, Vesna Rodić, Danica Bošnjak, Vesna Miltojević Copyright (c) 2023 Economics of Agriculture Fri, 31 Mar 2023 00:00:00 +0000 ECONOMIC EFFICIENCY ASSESSMENT OF INVESTMENTS IN AGRICULTURAL PRODUCTION <p>The purpose of this study is to assess the economic benefits of agricultural production and provide guidance to manufacturers and investors interested in agriculture. This paper applies dynamic efficiency evaluation methods i.e. net present value, profitability index, and internal rate of return, together with the sensitivity analysis that is useful in cases of market turbulences. The presented investment is purchasing 10 hectares of arable land and cultivating two alternative crops: corn and soybeans. Research results and projections imply that both scenarios are acceptable and economically profitable with the preference for the cultivation of corn giving better economic efficiency. This study can provoke further investment evaluations with dynamic capital budgeting methods in other crops or implementation of mechanization in agricultural production.</p> Boris Kuzman, Mirela Momčilović, Dajana Ercegovac, Dragana Milić Copyright (c) 2023 Economics of Agriculture Fri, 31 Mar 2023 00:00:00 +0000 CONSUMER ATTITUDES AND HABITS ABOUT PRODUCTS WITH GEOGRAPHICAL INDICATION IN SERBIA <p>To market products with geographical indications in the best possible way, it is necessary to examine the attitudes and habits of consumers. The subject of this paper is a survey on habits and attitudes of consumers about products with GI in Serbia. The aim of this paper is to examine the level of familiarity, attitudes, and habits of consumers, as well as to determine the knowledge and interest in these products. Citizens of Serbia participated in the research (n = 399). The methodology is based on a questionnaire that obtained the data that were processed via t-test statistical methods for independent samples, one-factor analysis of variance, the χ² test, and Pearson’s correlation coefficient. Based on the conducted research, it can be stated that about 70% of respondents are willing to pay a higher price for these products.</p> Miloš Ćirić, Ivana Ćirić, Tatjana Pivac, Snežana Besermenji Copyright (c) 2023 Economics of Agriculture Fri, 31 Mar 2023 00:00:00 +0000 ANALYZING THE IMPACT OF REDUCING FOOD LOSSES OF RICE ON FOOD SECURITY IN BENIN <p>A substantial amount of rice grains is lost along the value chain, contributing to food insecurity among farming households in Benin. While food losses are inevitable along the value chain, it is imperative to determine the minimum acceptable loss for rice. This study aims to quantify the food losses of rice and determine its effect on food security using the Food Consumption Score (FCS) and Linear model. The results show a positive effect of a low loss rate on the FCS. In addition, a low loss rate increases the probability of FCS by 82.4 for the overall rice farmers and 83.7 for the efficient rice producers. Thus, reducing the loss rate throughout the food chain to a maximum of 10% would increase the amount of local rice on the market and allow producers to achieve food security. The study recommends sensitizing stakeholders along the rice value chain on strategies or technologies to reduce losses.</p> Rico Amoussouhoui, Kuassi Auxence Aristide Akpa, Smith G. Nkhata, Jan Banout Copyright (c) 2023 Economics of Agriculture Fri, 31 Mar 2023 00:00:00 +0000 LOCAL DEVELOPMENT INITIATIVES IN SERBIA’S RURAL COMMUNITIES AS PREREQUISITE FOR THE LEADER IMPLEMENTATION: AGRICULTURAL ADVISORS’ PERCEPTIONS <p>The Leader approach, as a national measure of rural development is still in the initial development phase in the Republic of Serbia. In the coming period, more intense support for the implementation of this measure is expected, from the national/regional/local budget and through the IPARD III 2021-2027 pre-accession support program. How effectively the available support funds will be used largely will depend on local stakeholders in rural communities, primarily citizens and civil society representatives, and the capacity of their development initiatives. Based on the perceptions of 118 agricultural advisors involved in the study and using descriptive statistics, one-way analysis of variance and Pearson’s coefficient, the authors found a moderately capacity of local development initiatives in rural communities in the Republic of Serbia that does not differ by the regions, as well as the moderate positive correlation between the quality of life and capacity of local development initiatives.</p> Vesna Paraušić, Zorana Kostić, Jonel Subić Copyright (c) 2023 Economics of Agriculture Fri, 31 Mar 2023 00:00:00 +0000 THE DEVELOPMENT OF COUNTRYSIDE WALKING TOURISM IN THE TIME OF THE POST-COVID CRISIS <p>With low investment, countryside walking tourism contributes to the rapid recovery of rural tourism in the post-covid time. The research purpose is to examine factors that impact the interest of tourists in the state-supported countryside walking tourism. The sample consisted of 467 respondents from the general public. The SPSS software was used for processing data. The results indicated that safety, content, and price are the most influential factors. For females, slightly more important factors were related to the possibility of consuming authentic food and beverages, buying traditional handmade products, the inclusion of the local population, and the well-being of urban residents. A village, with authentic local houses and cuisine, and local tour guides, are the epicenter of countryside walking tourism. Embedding countryside walking tourism in sustainable rural tourism development policies is recommended. The research contributes to the integration between sustainable rural development and sustainable tourism development.</p> Danka Milojković, Milena Nikolić, Katarina Milojković Copyright (c) 2023 Economics of Agriculture Fri, 31 Mar 2023 00:00:00 +0000 PERCEPTIONS OF WINE HEALTH BENEFITS AND EFFECTS OF WINE CONSUMPTION ON WELL-BEING <p>The purpose of the survey was to identify and analyze moderate wine consumption of Croatian autochthonous wine varieties. The survey was conducted in 2019 and 2020 on the Croatian Science Foundation scientific project “Vinum Sanum”. Dimensions of wine and health benefits, wine quality, labelling, positive and negative effects on wine labels and psychological well-being were assessed with a questionnaire from 374 participants. Results indicated that wine was perceived as a healthy beverage, consumed as part of healthy life style. Health benefits were perceived positively through cardiac, physical health and psychological well-being. Most important quality features were: origin; micro region, terroir, PGI/PDO (protected geographic origin/protected designation of origin), vintage, ageing and sugar content. This survey might be used as scientific evidence for developing health claims for wine, for producers to use health enhancing properties of wines and create packages and/or labels which may boost the positive perception of wine health benefits.</p> Anita Silvana Ilak Peršurić, Sara Rossi, Ena Bestulić, Sanja Radeka Copyright (c) 2023 Economics of Agriculture Fri, 31 Mar 2023 00:00:00 +0000 GASTRONOMY AS AN EFFECTIVE TOOL FOR RURAL PROSPERITY - EVIDENCE FROM RURAL SETTLEMENTS IN REPUBLIC OF SERBIA <p>Food and gastronomy certainly occupy a special position in rural promotion. The aim of the research was to determine to what extent the local population believes that the gastronomic offer affects rural prosperity. The results show that all the factors of the tourist offer are of satisfactory quality and have a significant influence in predicting the rural development of countryside in Serbia, and that respondents in the middle age category believe that gastronomy determines rural prosperity. Material status has no statistical significance in the difference in the perception of the impact of gastronomy on rural development, but in relation to the age category, results show a statistically significant difference. The research has an obvious importance in the theoretical and applied aspect, as a complement to the existing literature, as well as an aid in the strategic planning of the development of rural settlements in Serbia.</p> Jovan Bugarčić, Drago Cvijanović, Dragan Vukolić, Miloš Zrnić, Tamara Gajić Copyright (c) 2023 Economics of Agriculture Fri, 31 Mar 2023 00:00:00 +0000 A FAHP AND VIKOR METHOD FOR EVALUATION OF THE FINANCIAL PERFORMANCE OF AGRICULTURE COMPANIES LISTED ON THE BELGRADE STOCK EXCHANGE <p>Decision-making can be improved by using different models by financial statements users for different purposes. In this paper, the FAHP model was implemented for financial performance evaluation of companies operating within the A-agriculture, forestry and fisheries sectors on the Belgrade Stock Exchange. In addition, we used the VIKOR method, for ranking companies against the results achieved. With all the constrains shown, the research presented in this paper, raises questions for insight and future development, through the possibilities of ranking the financial performance of the company.</p> Milorad Kovjanić, Predrag Vukadinović, Snežana Knežević, Tijana Obradović, Aleksandra Mitrović, Aleksandar Grgur, Marko Milašinović Copyright (c) 2023 Economics of Agriculture Fri, 31 Mar 2023 00:00:00 +0000 THE INFLUENCE OF CALCIFICATION AND NPK FERTILIZERS ON THE ECONOMICS OF TRITICALE PRODUCTION <p>The tests were performed on the property of the Agricultural and Chemical School “Doctor Djordje Radic” in Kraljevo, on pseudogley soil, during a two-year period (2015/16 and 2016/17). Based on the analysis of production value and total variable costs, a production calculation was made. Elements of economic efficiency (productivity, economy and profitability) were calculated for all four variants of fertilization. The tests showed a significant variation in grain yield in the tested fertilization variants. During the two-year research, the T2 variant fertilized with mineral nutrients with increased phosphorus dose (NP2K) had the most favorable values of economic efficiency indicators. Variant T2 can be considered the most profitable and most cost-effective, regardless of the fact that the yield and production value were the highest in variant T4, which is fertilized with a combination of mineral nutrients with increased doses of phosphorus, lime and organic fertilizers.</p> Violeta Babić, Vera Rajičić, Dragan Terzić, Marijana Dugalić, Nenad Đurić, Marija Vučić Copyright (c) 2023 Economics of Agriculture Fri, 31 Mar 2023 00:00:00 +0000 DYNAMICS OF SPA TOURISM STATISTICS IN SELECTED COUNTRIES OF CENTRAL AND EASTERN EUROPE <p>Spas were attracting visitors since ancient times. Study aims to monitor the changes in spa tourism statistics in the period of 2010-2020 for the selected countries of Central and Eastern Europe (Croatia, Hungary, Serbia and Slovenia), with particular attention given to the average development rate (ADR) and average growth rate (AGR), and overnight stays and an average length of stay. The reference to the consequences of the Covid-19 pandemic on overnight stays and an average length of stay was discussed as well. Moreover, upon analysis of the existing tourism data for the period of 2010-2020, prediction of the post-pandemic period (until 2023-2025) was also implemented with the use of a linear model. In addition, using the broad criteria of a four-night stay as a minimum stay for medical treatments, Serbia has shown the characteristics of a medical spa, while Slovenia and Croatia could be characterized as “wellness medical”, and finally Hungary was considered as a wellness spa destination.</p> Jelena Čeperković , Slobodan Čerović Copyright (c) 2023 Economics of Agriculture Fri, 31 Mar 2023 00:00:00 +0000 MANAGING EMPLOYEE PERFORMANCE IN THE AGRICULTURAL SECTOR: IMPORTANCE OF HUMAN CAPITAL DEVELOPMENT <p>Contemporary business conditions, the global food crisis, and the post-epidemic recession have led agricultural firms to reconsider human capital’s role in the overall business. Previous research points to the problem of low efficiency in the use of resources in the agricultural sector when it comes to investment and development of human capital. The aim of the study is to analyze the contribution of human capital to employee performance in agricultural firms in Serbia. Human capital is observed through human capital efficiency (HCE). Employee performance is observed through value-added per employee, net profit per employee, operating revenue per employee, and labor productivity. VAIC methodology for calculating HCE was applied in the paper. The sample includes 177 active agricultural firms that operated in Serbia in 2021. Based on the results, it can be concluded that HCE positively contributes to the observed employee performance, except in the case of value-added per employee.</p> Jasmina Ognjanović, Marko Slavković, Marijana Bugarčić Copyright (c) 2023 Economics of Agriculture Fri, 31 Mar 2023 00:00:00 +0000