Agricultural Economics

AGEC 1309. Microcomputer Applications in Agriculture. 3 Credit Hours (Lecture: 3 Hours, Lab: 2 Hours).

Microcomputer technology applied to management, record keeping, and agribusiness. Emphasis on the application of database, spreadsheet, and other business software in various agricultural environments. Lab fee: $2.

AGEC 2305. Consumer Issues & Decision Making. 3 Credit Hours (Lecture: 3 Hours, Lab: 0 Hours).

Designed to make the student an intelligent consumer of goods and services and to understand consumer decision‐making in the marketplace. Major influences on consumer problems, fraud, protection, and consumer behavior.

AGEC 2317. Introductory Agricultural Economics. 3 Credit Hours (Lecture: 3 Hours, Lab: 0 Hours).

An introduction to economics principles and concepts in agriculture today as they relate to the American economic system. Emphasis will be on management problem-solving techniques under various situations, especially those agricultural in nature,including producing, processing, distributing, and consuming farm and ranch products.

AGEC 3312. Production Economics. 3 Credit Hours (Lecture: 3 Hours, Lab: 0 Hours).

Application of economic production principles in solving resource allocation problems in agriculture and agribusiness. Prerequisites: MATH 1324 or MATH 1325, and either AGRI/AGEC 2317 OR ECON 2302, or permission of instructor.

AGEC 3314. The Agricultural Marketing System. 3 Credit Hours (Lecture: 3 Hours, Lab: 0 Hours).

An introductory course covering the principles, practices, institutions, functions, and problems involved in the marketing of agricultural commodities. Prerequisite: AGRI 2317/AGEC 2317 or ECON 2302.

AGEC 3317. Agricultural Statistics. 3 Credit Hours (Lecture: 2 Hours, Lab: 2 Hours).

Statistical principles and methods in analyzing agricultural and economic data to solve problems relating to production, consumption, and cost/profit optimization. Provides a basic background in statistical analysis and related computer applications. Prerequisite: MATH 1314 or higher, or approval of instructor. Lab fee: $2.

AGEC 3330. Agricultural Credit. 3 Credit Hours (Lecture: 3 Hours, Lab: 0 Hours).

Emphasis will be on building Balance Sheets, Income/Expenses Statements, Collateral Analysis, Credit Action Forms and Financial Analysis. Prerequisites: AGRI 2317/AGEC 2317 and MATH 1314 or higher, or approval of instructor.

AGEC 3333. Agriculture Prices. 3 Credit Hours (Lecture: 3 Hours, Lab: 0 Hours). [WI]

Factors affecting commodity prices, price trends and seasonal variations, parity prices, methods of forecasting demand and prices, and economic tools and techniques for making decisions. Prerequisites: AGRI 2317/AGEC 2317, AGRI 1309/AGEC 1309, and AGEC 3314. Lab fee $15.

AGEC 3359. Personal & Family Financial Management I. 3 Credit Hours (Lecture: 3 Hours, Lab: 0 Hours).

Planning, managing, and purchasing decisions to achieve individual and family financial goals.

AGEC 3360. Personal & Family Financial Management II. 3 Credit Hours (Lecture: 3 Hours, Lab: 0 Hours).

Individual and family planning for insurance, risk management, investments, retirement, and estates.

AGEC 4086. Agricultural Economics Problems. 1-4 Credit Hours (Lecture: 0 Hours, Lab: 1-4 Hours).

Individualized study of current topics in student's major concentration of study or supporting discipline. Specific content and credit dependent upon student's interest, needs, and depth of study. Maximum undergraduate credit, four semester hours. Prerequisite: Senior classification and advance approval by instructor of record.

AGEC 4088. Undergraduate Research. 1-3 Credit Hours (Lecture: 1-3 Hours, Lab: 1-3 Hours).

Fundamental research methods will be addressed through a faculty-directed project. Participation in an abbreviated lecture series may be required. Project components may include a literature review, data collection and analysis, testing, planning, project design, and/or computer modeling. The student is required to prepare a final report and produce a presentation. No credit is awarded until the the report and presentation are submitted. Only one undergraduate research experience will be counted toward degree requirements. Prerequisite: Junior Standing, completion of 12 hours in AGEC, and approval of department head.

AGEC 4090. Special Topics. 1-3 Credit Hours (Lecture: 1-3 Hours, Lab: 0 Hours).

Selected topics in agriculture or agribusiness. May be repeated for credit when content varies, to a maximum of six hours.

AGEC 4301. Public Agricultural Food Programs. 3 Credit Hours (Lecture: 3 Hours, Lab: 0 Hours).

Identification and analysis of alternative governmental programs and policies affecting prices and quantities of agricultural commodities, farmer-rancher incomes, food supplies and consumer prices, and domestic and foreign food distribution and trade. Consideration of relevant political and economic factors, administrative aspects, and the policy participants. Prerequisites: AGRI 2317/AGEC 2317 or two semesters of economics and junior classification.

AGEC 4302. International Trade and Agriculture. 3 Credit Hours (Lecture: 3 Hours, Lab: 0 Hours).

Role of U.S. agriculture in a dynamic world economy; national and international policies, institutions, exchange rates, tariffs, and non-tariff barriers that impact US agribusiness trade. Prerequisites: AGEC 2317 or 3 hours of economics and junior or senior classification. Prerequisite: AGEC 2317 or 3 hours of economics and junior or senior classification.

AGEC 4306. Commodity Futures Markets. 3 Credit Hours (Lecture: 3 Hours, Lab: 0 Hours).

Introduction to the organization and functioning of futures markets. Analysis of the economic function performed by markets, and study of fundamental and technical approaches to market forecasting. Examination of various trading strategies applied primarily to agricultural commodities. Prerequisites: AGRI 2317/AGEC 2317 or ECON 2302; AGRI 1309/AGEC 1309 and AGEC 3314.

AGEC 4317. Applied Quantitative Methods. 3 Credit Hours (Lecture: 2 Hours, Lab: 2 Hours).

Application of quantitative techniques used to support managerial decision-making and resource allocation. Exposure to mathematical and statistical tools (regression analysis, mathematical programming, simulation) used in economic analysis in Agribusiness. Credit for AGEC 4317 or AGEC 5317 not both. Prerequisite: AGEC 3317 or BUSI 3317 or instructor approval.

AGEC 4321. Regional Economics. 3 Credit Hours (Lecture: 3 Hours, Lab: 0 Hours). [WI]

Analysis of regional/community economic problems in the United States. Application of economic principles and theory to regional/community development. Evaluation of current methods and public programs for economic development. Application of analytical methods to development problems. Credit for both AGEC 4321 and ECON 4321 will not be awarded. Prerequisite: AGEC 2317/AGRI 2317 or ECON 2302.

AGEC 4325. Recreation and Tourism Economics. 3 Credit Hours (Lecture: 3 Hours, Lab: 0 Hours).

Benefit-cost frameworks in public planning for outdoor recreation development, pricing problems, market demand assessment, and impacts of recreational development on regional economies. Prerequisites: ECON 2301, and either AGEC/AGRI 2317 or ECON 2302.

AGEC 4330. Agricultural Finance. 3 Credit Hours (Lecture: 3 Hours, Lab: 0 Hours).

Analysis of the capital requirements for farming and ranching; principles involved in the use of each type of farm credit. Prerequisites: AGEC 3330 and ACCT 2302.

AGEC 4333. Economics of Agribusiness Management. 3 Credit Hours (Lecture: 3 Hours, Lab: 0 Hours).

Economic aspects of the agribusiness system. Management techniques related to problem recognition and decision making in organizations involved in the agricultural sector. Prerequisites: AGEC 2317/AGRI 2317 or ECON 2302 and AGEC 3314.

AGEC 4335. Farm Appraisal. 3 Credit Hours (Lecture: 2 Hours, Lab: 2 Hours).

Techniques for evaluating the market value of agricultural real estate using three common approaches: sales comparison, cost, and income. Analyzing effects of different farm characteristics on farm value. Prerequisite: AGEC 3330 or AGEC 4330.

AGEC 4336. Estate Planning. 3 Credit Hours (Lecture: 3 Hours, Lab: 0 Hours).

Tools and techniques to plan for the accumulation, conservation, and distribution of wealth. Synthesis of financial, legal, and personal considerations to achieve estate planning and wealth transfer goals. Students are encouraged to have completed ACCT 4305, AGEC 3359, AGEC 3360, BLAW 4333.

AGEC 4341. Financial Planning/Development Capstone. 3 Credit Hours (Lecture: 3 Hours, Lab: 0 Hours).

Retirement planning, qualified and non-qualified retirement plans, Social Security provisions, government and private sector healthcare plans, and basics of employee benefits. Focus on quantitative (i.e., calculating retirement needs and plan limits) and qualitative (i.e., retirement age decisions, retirement income management) aspects of retirement. Prerequisite: Students must have completed one of the following courses: ACCT 4305, AGEC 3359, AGEC 3360, FINC 3301, FINC 4308.

AGEC 4350. Natural Resource Economics. 3 Credit Hours (Lecture: 3 Hours, Lab: 0 Hours).

Natural resource availability, use, conservation, and government policy relevant to crop and livestock production. Current and emerging natural resource issues affecting production agriculture and agribusiness firms. Evaluation of the farm economic impacts of natural resource policies at the state and federal levels. Prerequisites: AGEC 2317 or ECON 2302 and Junior or Senior classification.

AGEC 4370. Family and Economic Issues. 3 Credit Hours (Lecture: 3 Hours, Lab: 0 Hours).

Focus is the intricate relationship between family management, the economic environment, non-economic and social changes and related planning and decisions in the family life cycle. Prerequisite: AGEC 3359 or AGEC 3360.

AGEC 4384. Internship. 3 Credit Hours (Lecture: 3 Hours, Lab: 0 Hours).

An approved, supervised, comprehensive work experience consisting of a minimum of 240 hours(6 weeks) for career preparation in an agribusiness enterprise. Prerequisite: Completion of 24 hours in AGEC and instructor approval.

AGEC 5086. Agricultural Economics Problems. 1-6 Credit Hours (Lecture: 0 Hours, Lab: 1-6 Hours).

Advanced independent study and research in agricultural economics topics. A written report will be submitted to the supervising professor. Prerequisite: Approval of instructor of record.

AGEC 5088. Thesis. 1-6 Credit Hours (Lecture: 1-6 Hours, Lab: 0 Hours).

Scheduled when student is ready to begin the thesis. No credit until thesis is accepted. Prerequisites: Approved research methodology course and consent of major professor.

AGEC 5301. Environmental Issues and Agricultural Policy. 3 Credit Hours (Lecture: 3 Hours, Lab: 0 Hours).

Current and emerging problems in economics of environmental issues relating to agriculture and agribusiness firms. Examination of policy issues, institutions, and legal and political constraints in relation to environmental quality and agricultural resources. Prerequisites: Principles of Macroeconomics and Intermediate Microeconomics, or approval of instructor of record.

AGEC 5310. Advanced Farm and Ranch Management. 3 Credit Hours (Lecture: 2 Hours, Lab: 2 Hours).

Economic theory and business principles applied to the organization and operation of farm and ranch businesses. Emphasis will be on farm budgeting and decision making, selecting and combining enterprises, analyzing farm investment alternatives, farm growth strategies, risk, and uncertainty. Prerequisite: Introductory course on Agricultural Marketing. Lab fee: $2.

AGEC 5312. Production & Operations Analysis. 3 Credit Hours (Lecture: 3 Hours, Lab: 0 Hours).

Analysis of the production and operations function from a problem-solving and quantitative models approach. Prerequisite: Approval of instructor of record.

AGEC 5314. Advanced Agricultural Marketing. 3 Credit Hours (Lecture: 3 Hours, Lab: 0 Hours).

Market development concepts, practices, and strategies for food and fiber products. Causes, effects, and relationships to business and consumer economics. Strategies for price risk management in buying and selling agricultural products. Prerequisites: Intermediate Microeconomics and an introductory course on Agricultural Marketing, or approval of instructor of record.

AGEC 5317. Adv. Applied Quantitative Methods. 3 Credit Hours (Lecture: 2 Hours, Lab: 2 Hours).

Advanced application of quantitative techniques used to support managerial decision-making and resource allocation. Exposure to mathematical and statistical tools (regression analysis, mathematical programming, simulation) used in economic analysis in Agribusiness. Credit for AGEC 4317 or AGEC 5317 not both.

AGEC 5333. Management Practices of Agribusiness. 3 Credit Hours (Lecture: 3 Hours, Lab: 0 Hours).

An examination of the choices, decisions, strategies and organizational behavior of agribusiness firms and their management. Primary emphasis will be given to the managerial practices of food and agricultural supply firms in the agri-food industry. Prerequisites: Agricultural Finance or equivalent finance course, an introductory course in Agricultural Marketing or equivalent marketing course, and Principles of Management; or approval of instructor of record.

AGEC 5390. Advanced Topics. 3 Credit Hours (Lecture: 3 Hours, Lab: 0 Hours).

Studies in mathematical economics, input-output analysis, linear programming, social benefit-cost analysis, risk management, or other advanced topics as offered. Prior academic training requirements vary with topic. May be repeated once as topic varies. Prerequisite: Consent of instructor.

AGEC 5396. Analysis of Social Research Data. 3 Credit Hours (Lecture: 3 Hours, Lab: 0 Hours).

Application of contingency tables, and descriptive, differential, and correlational statistics to social research data. Data formatting, syntax operations, procedure options, and interpretation of statistical program output.

AGEC 5399. Agricultural and Consumer Resources Capstone. 3 Credit Hours (Lecture: 3 Hours, Lab: 0 Hours).

Supervised professional activities in agricultural and consumer resources education/clinical teaching/AgriLife extension/industry/business settings. Emphasis is placed on the student's involvement in successful practices in the area of professional interest. Experience may be on the local, state, national, or international level. May be repeated once for credit. Prerequisites: Graduate standing.