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A modern discipline, Agricultural Economics generally applies the principles of economics to the production of crops and livestock. The discipline, known as Agronomics, is a branch of Economics, which specifically deals with land usage. It focuses on maximising the yield of crops, while maintaining a good soil-ecosystem. Throughout the 20th century, the discipline got expanded and the current scope of the discipline is much broader. Agricultural Economics now includes a variety of applied areas, having considerable overlap, with conventional economics. Economics is the study of resource allocation under scarcity. Agronomics or the application of economic methods to optimising the decisions, made by agricultural producers, grew to prominence, around the turn of 20th century. The field of agricultural economics can be traced out to works on land economics. Present work is a research-based, compact and exclusive study for the benefit of scholars, researchers and students of Economics and Agriculture Science.