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 Cvijanovi?) (Prof. Drago Cvijanovi?) Thu, 30 Jun 2022 20:21:34 +0000 OJS 60 TENDENCIES AND PREDICTION OF INDUSTRIAL PLANT PRODUCTION IN SERBIA <p>After grain Industrial plants is the second largest group of crops in Vojvodina, and it is cultivated on around 400-450 thousand hectares. The most common is sunflower, followed by soybeans, sugar beets, oilseed rape and the least cultivated one is tobacco. The research analyzes the harvested area, annual production and yield of these most important types of industrial plants in Vojvodina in the period from 2005 to 2019. Descriptive statistics were used for analysis, based on the determined average annual rates of change in the analyzing period, which was base for prediction of production characteristics for the next five years, 2020-24. The average harvested area in analyzed period was: sunflower 173,000 ha, soybeans 160,000 ha, oilseed rape 14,000 ha, sugar beet 60,000 ha and tobacco 3,000 ha. The results of prediction show that will be certain changes in the sowing structure of industrial plants in Vojvodina.</p> Srboljub Nikolić, Beba Mutavdžić, Nebojša Novković, Zorica Sredojević, Miroslav Bjegović, Dragana Tekić Copyright (c) 2022 Economics of Agriculture Thu, 30 Jun 2022 00:00:00 +0000 THE IMPACT OF FOOD AND WINE HARMONIZATION ON THE EXPERIENCE AND FUTURE INTENTIONS OF THE GUEST <p>In order to find out whether the guests like to pair food and wine, a research was conducted on the basis of experiences on harmonization of food and wine in Belgrade. The aim of the research was to determine whether sociodemographic characteristics influence the factors of gastro-oenological offer. In order to contribute to the development of catering facilities and their offerings, one of the main research factors was the factor of future intention to revisit and verbally promote the restaurant. A structured field survey questionnaire was conducted on a sample of 226 guests of catering facilities on the territory of Belgrade. The generated data was processed by the SPSS software package, including MANOVA analyzes and descriptive statistics. The obtained results show that sociodemographic characteristics influence the selection of gastro-oenological offer and experience related to the harmonization of food and wine and future intentions.</p> Ivana Bojan Ćirić, Dragan Tešanović, Vesna Vujasinović, Miloš Ćirić Copyright (c) 2022 Economics of Agriculture Thu, 30 Jun 2022 00:00:00 +0000 THE MAIN DEMOGRAPHIC CHARACTERISTICS OF CUSTOMERS AND THE FREQUENCY OF PURCHASES ORGANIC FOOD <p>The essential research goal is to determine the frequency of purchases organic food in general and the basic demographic characteristics of typical buyers of organic food. Sample consists of 571 respondents of different sex, age, and educational level, area of living, material and marital status. The research was conducted online using a Google. The SPSS program was used for data processing. The Man Witney U and the Kruskal – Wallis tests were applied in order to determine the statistical significance of the obtained differences in scores between groups of subjects. The obtained results showed that the frequency of purchasing organic food in Serbia is still low. Typical buyers of organic food are mostly women, older, have higher education and income. They usually live in urban areas, in big cities, while their marital status seems to have no influence on their decision to purchase an organic food and products.</p> Vladimir Mitić, Milica Čolović Copyright (c) 2022 Economics of Agriculture Thu, 30 Jun 2022 00:00:00 +0000 MODERN AGRIBUSINESS WITHIN THE FRAMEWORK OF SOCIETY 5.0 <p>The domestic agribusiness sector has an important role in economic development and in economic growth. The goal of the paper is to analyze potential influencing factors on sustainable agribusiness. The research methodology included qualitative correlation and causation analysis, categorization and deduction. Datasets from credible sources were analyzed a Sustainable Agribusiness Trend Index (SATI) model was developed. Through analyzing the existing body of literature, analyzing previous and newest available data in the domain of agriculture and macro-economic indicators, as well through the developed SATI model, potential future trends in the domain of sustainable agribusiness are noted. Based on the results of the study it can be concluded that modern agribusiness requires a multi-aspect approach. Factors such as renewable water sources, human development index, GPD growth and many other present integral parts of sustainable agribusiness development.</p> Cariša Bešić, Mihalj Bakator, Dejan Đorđević, Dragan Ćoćkalo, Sanja Stanisavljev Copyright (c) 2022 Economics of Agriculture Thu, 30 Jun 2022 00:00:00 +0000 SUPPLY AND DEMAND OF FISH IN BOSNIA AND HERZEGOVINA <p>The primary goal of the paper was to analyze the fish market of Bosnia and Herzegovina (B&amp;H). The paper presents the level of self-sufficiency and import dependence of fish for the period 2014-2020. The source of data was the data of the B&amp;H Agency for Statistics and Indirect Taxation Authority of B&amp;H. The following methods were applied: descriptive statistics, trend data and balance sheet method. On average, 3.161 tons of trout were produced in B&amp;H per year, 82% of total fish production. Carp were produced 510 tons per year. Other freshwater fish are becoming less and less attractive for production. B&amp;H’s fish self-sufficiency is low (54%) and the average rate of import dependence is about 76%. The consumption of fish per capita is 2 kilograms. It is necessary to improve the education of the population throughout B&amp;H about the importance of fish nutrition and the health aspects of its consumption.</p> Nemanja Jalić, Aleksandar Ostojić, Nebojša Savić Copyright (c) 2022 Economics of Agriculture Thu, 30 Jun 2022 00:00:00 +0000 DYNAMIC CORRELATION BETWEEN SELECTED CEREALS TRADED IN COMMODITY EXCHANGE MARKET IN AP VOJVODINA <p>This paper investigates the level of pairwise dynamic correlations between prices of four agricultural commodities – corn, wheat soybean and barley that are traded in Novi Sad commodity exchange market. We use DCC-GARCH model, which is specially designed for this type or research. The results of the estimated dynamic conditional correlations show that low and positive correlation exist between all the pairs of the selected agricultural commodities, where the highest correlation is recorded between wheat and barley (24%), corn-barley pair follows (20%), while all other dynamic correlations are below 20%. The results indicate that price movements of the selected agricultural cereals are independent, which means that price discovery of one agricultural commodity does not provide information about the price of another agricultural commodity. Therefore, our results strongly suggest that traders in this market do not rely on the price co-movements between particular agricultural assets when they plan their selling or buying strategies, but to analyze fundamental macroeconomic factors.</p> <p> </p> Dejan Živkov, Biljana Stankov, Milijana Roganović, Mirela Momčilović Copyright (c) 2022 Economics of Agriculture Thu, 30 Jun 2022 00:00:00 +0000 POTENTIAL OF ORGANIC PRODUCTION FROM THE PERSPECTIVE OF YOUTH IN SERBIA <p>Organic agriculture in Serbia is represented by only 0.4% of total agricultural production, which places Serbia at the back of list of European countries and countries in the region. Such production should be part of a rural development strategy. The aim of this work was to establish what would be the motivation of young people to start organic production, on which the perspective of this production depends. A survey conducted on 100 young people, students of the Unit for Agricultural and Business Studies and Tourism was used as a method of work. The results of the survey were summarized, presented as a percentage and described. The results of the survey indicate that 70% of respondents would like to engage in organic plant production, primarily due to the production of high quality food and environmental protection. However, the main shortcomings are insufficient information, insufficient financial support, difficult plant protection and insufficiently organized purchase of products. Most young people would choose to engage in fruit growing (53%).</p> Marija Bajagić, Nemanja Stošić, Vera Rašković, Vojin Cvijanović, Vojin Đukić Copyright (c) 2022 Economics of Agriculture Thu, 30 Jun 2022 00:00:00 +0000 IS CAPITAL STRUCTURE IMPORTANT FOR THE VALUE OF AGRO-FOOD CORPORATIONS IN SERBIA? <p>The research aims to consider the nature of the influence of capital structure on the value of the corporations from the agro-food sector in Serbia. A panel regression analysis was used to test the hypotheses. The research covered the period from 2011 to 2018, and the sample consisted of 14 agro-food corporations whose shares are on the regulated market of the Belgrade Stock Exchange. The obtained results indicate that the capital structure has a statistically significant impact on the value of agro-food corporations and that the profitability of investment projects determines the nature of that impact. Consequently, the financial managers of agro-food corporations must consider the decision on the choice of capital structure as one of the key issues in the process of generating and increasing the corporation value.</p> Marina Janković-Perić, Dejan Jovanović, Aleksandra Fedajev Copyright (c) 2022 Economics of Agriculture Thu, 30 Jun 2022 00:00:00 +0000 INFLUENCE OF LIQUIDITY AND SOLVENCY ON PROFITABILITY OF AGROINDUSTRIAL COMPANIES IN THE CONDITIONS OF COVID-19 <p>Agroindustry is traditionally an unavoidable category in the analysis of any economy. The objectives of the research are to present a summary of the profit and financial positions of agro industrial companies in the period of COVID-19, and to analyze financial vitality in the context of liquidity of manufacture of food products and beverages, in the year 2020 and 2019, as well as its’ average five-year parameters. The findings show that the liquidity indicators are below the desirable norms and overall liquidity assessment is unfavorable. Further analysis by subsectors has revealed differences in profit positions by subsectors, due to different effects of the crisis, so the findings can serve as an incentive to review decisions of all stakeholders, including economic creators’ policy.</p> Miroslav Čavlin, Aleksandar Đokić, Vesna Miletić Copyright (c) 2022 Economics of Agriculture Thu, 30 Jun 2022 00:00:00 +0000 UNDERSTANDING THE YOUTH TOURISTS’ MOTIVATION TO ATTEND RURAL GASTRONOMIC FESTIVALS IN THE REPUBLIC OF SERBIA <p>This study aims to examine the motivation of young tourists to attend gastronomic festivals in rural areas in the Republic of Serbia. In addition, it seeks to find out whether their motivation differs depending on their knowledge of and interest in gastronomy. The research was conducted on a sample of 125 respondents. The collected data was analyzed through the Statistical Package for Social Sciences (SPSS 20), using descriptive statistics, the K-means clustering multivariate grouping technique, and nonparametric statistical procedures (Kruskal-Wallis H test and Mann-Whitney U test). The results have shown that the opportunity to try new and varied foods, as well as enjoying the atmosphere at the festival, are the main motives for young tourists to attend gastronomic festivals in rural areas in the Republic of Serbia. Additionally, it was discovered that the gastronomic motifs of young tourists are different and conditioned by their knowledge of and interest in gastronomy.</p> Marijana Seočanac Copyright (c) 2022 Economics of Agriculture Thu, 30 Jun 2022 00:00:00 +0000 CONSUMER’S CHARACTERISTICS AND ATTITUDES TOWARDS ORGANIC FOOD PRODUCTS IN TIMES OF COVID-19 PANDEMIC <p>The pandemic caused by the Covid-19 virus significantly affected the consumers’ behavior. The subject of the paper is to analyze the consumer characteristics, the consumer attitudes towards organic food products, as well as the changes in the consumer behavior. The research was performed in 2021 in the Republic of Serbia. The statistical software package SPSS has been utilized for data analysis. Our findings show that, in times of COVID-19 pandemic, the consumers have a very positive perception of nutritional values of organic food products with an expressed willingness to pay 20–30% more for the organic products, in regard to conventional products. The main reason for buying such products is less chemistry and child health. The main reason for insufficient consumption is the high price. The monthly income of irregular consumers of organic food products has predicted the willingness to pay, while the household size has predicted the assessment of the organic products nutritional properties.</p> Jelena Vapa Tankosić, Hasan Hanić, Milica Bugarčić Copyright (c) 2022 Economics of Agriculture Thu, 30 Jun 2022 00:00:00 +0000 INTANGIBLE CULTURAL HERITAGE AND THEIR INFLUENCE ON FINANCIAL RESULTS IN RURAL TOURISM <p>Many scientists and native stakeholders are increasingly pointing to the importance of connection between cultural heritage and tourism, and influence of that connection on the financial results of entrepreneurs in rural tourism. Therefore, the importance of cultural heritage and especially intangible cultural heritage is being discussed. In the continuation, the status of connection between intangible cultural heritage and rural tourism is analyzed. The paper further points to the need for planned and organized, stronger content linking of rural tourism and intangible cultural heritage, that should influence financial results of the entrepreneurs in rural tourism. An example from the Croatia is given which is using intangible cultural heritage (traditional music and dance) in (rural) tourism offering. The link between this connection and financial results of the company is analyzed. The conclusion provides recommendations for better connection of the intangible cultural heritage and the rural tourism, ensuring the better financial results.</p> Krešimir Starčević, Željko Vojinović, Jerko Glavaš Copyright (c) 2022 Economics of Agriculture Thu, 30 Jun 2022 00:00:00 +0000 WHY I BUY ORGANIC PRODUCTS – PERCEPTION OF MIDDLE INCOME COUNTRY CONSUMERS (REPUBLIC OF SERBIA) <p>The research was conducted on consumers and potential consumers of organic products in Serbia. In countries with average low incomes, knowledge of the organic products market is important because one of the often singled out characteristics of organic products is their premium price. Knowing the motives of potential consumers of these products and the characteristics that they value more gives the opportunity to improve this production. The research involved 496 respondents, older than 18, with different levels of education, marital status and other socio-demographic characteristics. The results showed that a healthy, quality product, which has no additives and harmful substances and has the best price-quality ratio with a clearly defined shelf life, are the basic factors for buying food products, the factors that most influence a positive purchase decision. The authors conclude that highlighting these characteristics in organic products can lead to further development of this market.</p> <p> </p> Dragan Milić, Mirela Tomaš Simin, Danica Glavaš - Trbić, Vuk Radojević, Nataša Vukelić Copyright (c) 2022 Economics of Agriculture Thu, 30 Jun 2022 00:00:00 +0000 WINE AS AGRICULTURAL AND FOOD PRODUCT: A HISTORICAL AND COMPARATIVE LEGAL APPROACH <p>Wine is not just a product of modern times. Wine, one of the oldest drinks in the world, was sold and inherited by ancient civilizations. Its importance is indicated by the regulation of wine in the Codes of ancient Mesopotamia and Roman law. Today, this agri-food product is sold on both the domestic and foreign markets, and it is indisputable that the production and sale of this product must be legally regulated. The authors of this paper, by analyzing the legal provisions of Roman law, the Law on Wine and the Criminal Code of Republic of Serbia, point out the importance of the existence and expansion of legal provisions related to wine and its producers and precise criminal law provisions in case of sale of wine produced contrary to legal regulations and contrary to the health of people who consumed the same. The stated purpose of the paper, in order to draw a conclusion about the importance of specifying legal provisions, was achieved by presenting the historical and positive legal regulation, using the historical method and comparative analysis.</p> Aleksandra Jovanović, Aneta Atanasovska Cvetkovi Copyright (c) 2022 Economics of Agriculture Thu, 30 Jun 2022 00:00:00 +0000 COST-EFFECTIVENESS ANALYSIS OF ORGANIC HONEY PRODUCTION IN SERBIA <p>Economic justification of organic honey production is analyzed in the paper. The emphasis was placed on specific revenues and expenses that occur in organic honey production, and economic justification was examined by calculating indicators of economic efficiency, profitability and labour productivity. Based on the collected data, a calculation of production was made and a profitability threshold was established, which is achieved with 38 bee colonies, or with production volume of 570 kg of honey. Farms with more colonies have better indicators of production success. The expenses arising from the transition from conventional to organic production will be most quickly covered by farms with 200 bee colonies that generate enough income from organic honey production to operate positively in the third year of organizing such production.</p> Marija Nikolić, Nebojša Nedić, Suzana Đorđević-Milošević Copyright (c) 2022 Economics of Agriculture Thu, 30 Jun 2022 00:00:00 +0000 STATE OF ORGANIC PRODUCTION IN KOSOVO AND METOHIJA - GREAT PERSPECTIVE OR IDEA WITHOUT THE FUTURE <p>The resource potential of the agricultural sector in Kosovo and Metohija is not sufficiently used, but there is certainly a need for agricultural production, as one of the primary activities, in places inhabited by non-Albanians. The aim of this paper is to analyze the development and potential of organic production in Kosovo and Metohija. For the purposes of this paper, an original questionnaire was formulated, based on when a direct survey conducted in July and August 2021 was conducted. Also, the owner of the only agricultural cooperative „Zubin Potok“ in this area, was interviewed. The research showed that a more than thirty/four precent (34,7%) of respondents answered that they plan to expand production, good part of the respondents (23,3%) pointed out that they are interested in a some kind of education if it would be organized by professionals, while more than 90% of respondents involved in organic production said it would mean some form of subsidy or local or international aid. The authors point out that for the development of organic production in Kosovo and Metohija, it is necessary to provide financial support to farms, but also to build a stable market of organic products, which would contribute to the stability and competitiveness of this food production system.</p> Radica Bojičić, Anđelka Tripković Copyright (c) 2022 Economics of Agriculture Thu, 30 Jun 2022 00:00:00 +0000 RURAL TOURISM DEVELOPMENT IN RASINA DISTRICT <p>The purpose of this paper is to present the current situation in the development of rural tourism in the Rasina district, as well as to suggest possible solutions to the recorded problems. For that purpose, empirical research was conducted in Lomnica, Kupci, Kukljin, Jasika, Gornji Stepoš, Naupare, Trmčare on a sample of 288 respondents who live in these places and are engaged in agricultural work and rural tourism. The data obtained through the survey of respondents was processed and the t-test for independent samples was applied, as well as the analysis of variance. The obtained results indicate that there are no statistically significant differences in the attitudes of respondents in relation to gender and age. Also, it was determined that the respondents are aware of the advantages and disadvantages of the area in which they live regarding the development of rural tourism. In line with this, support and cooperation of the public and private sectors are needed, to improve the existing potential.</p> Milica Žarevac Bošković, Marija Lakićević, Danijela Pantović Copyright (c) 2022 Economics of Agriculture Thu, 30 Jun 2022 00:00:00 +0000 ECONOMIC EFFECTS OF APRICOT BRANDY PRODUCTION ON A FAMILY FARM <p>In this paper the focus of the authors was on the economic performance of apricot brandy production, realized on a family farm. The aim of this research was to determine the economic profitability of apricot brandy production in years 2017, 2018 and 2019. The sources of data used for the preparation of this paper were the internal documents/ records of the family farm and the interviews conducted with family members. Contemporary scientific and professional literature relevant to the subject research was used as a theoretical basis. Several research methods were used in the paper, namely: observation method, content analysis, interview, descriptive method, calculation method, grouping method, and comparative method. The analysis showed that the production of apricot brandy on the family farm in the observed years was economically viable.</p> Bojan Dimitrijević, Branka Bulatović, Zoran Rajić, Gordana Paunić Copyright (c) 2022 Economics of Agriculture Thu, 30 Jun 2022 00:00:00 +0000 A NEW MODEL OF RURAL DEVELOPMENT BASED ON HUMAN CAPITAL AND ENTREPRENEURSHIP <p>Rural development is one of the most important elements of the overall economic development. The level of entrepreneurship development, which is closely related to the available human capital of a certain area, has a particularly great impact on the speed and structure of the rural economic growth, along with outdoor amenities of rural areas. The paper provides an overview of foreign and domestic academic literature which deals with the issue of rural development and indicates the necessity and importance of achieving a stronger connection between rural outdoor amenities and the socio-economic development of rural areas. The paper also presents the results of the research aimed at the formulation of the relevant models of economic growth of rural areas in the 21st century. The aim of this paper is to point out the importance and possibility of implementing successful models of rural economic growth in Serbia.</p> Darko Radosavljević, Sonja Josipović, Gordana Kokeza, Snežana Urošević Copyright (c) 2022 Economics of Agriculture Thu, 30 Jun 2022 00:00:00 +0000 THE ROLE OF BRANDING AGRICULTURAL PRODUCTS IN BETTER MARKET VALORIZATION <p>The purpose of this paper is to consider role of branding agricultural products in better market valorization. The benefit of branding is especially significant for rural and insufficiently developed environment. The problems of rural environments are multidimensional, but revitalization and improvement of development leads to strengthening competitiveness of these areas. The higher price of products enables the increase of income of agricultural workers, as well as diversification of the rural economy and creation of conditions of better socioeconomic aspects in rural environments. Creation of a more desirable image of an agricultural product most often has a strong reflection on the area of origin, as well as on reformation of the social attitude towards that environment. Branded products and services have a higher market value, due to which legal aspects enabling not only branding, but maintenance of a brand as well, are of special significance.</p> Ozren Uzelac, Marijana Dukić Mijatović, Mario Lukinović Copyright (c) 2022 Economics of Agriculture Thu, 30 Jun 2022 00:00:00 +0000