Department of Agricultural and Applied Economics

Professor Don E. Ethridge, Chairperson.

Professor Segarra; Associate Professors Elam, Ervin, Johnson, Misra, and Ramirez; Assistant Professors Greer, Mohanty, and Willis; Instructor Middleton; Adjunct Faculty: M. Dean Ethridge, Harman, Phillips, and Smith.

This department supervises the following degree programs: AGRIBUSINESS, Bachelor of Science; AGRICULTURAL AND APPLIED ECONOMICS, Bachelor of Science, Master of Science, and Doctor of Philosophy.

Agricultural and applied economics applies economic methods to contemporary problems in production, distribution, and consumption of commodities and resources. This field is concerned with decision making in the public sector and in firms that provide materials and services, credit, processing, marketing and distribution of products, as well as analysis of economic behavior in the food and fiber industries, including the effects of government policies.

The major objective of the department is to teach students to think analytically and base decisions on economic principles. Students develop skills in economics, mathematics, statistics, and communication. Training in policy, price analysis, and marketing is also provided. The department prepares graduates to manage business and financial firms, farms, ranches, and related organizations, and to direct land and property development and real estate activities.

The B.S. degree in Agricultural and Applied Economics provides a strong foundation in economics and mathematics and emphasizes writing and communication skills. There is enough flexibility in the program to allow students to earn a minor in areas such as management and finance. Minors are also available in other departments in the College of Agricultural Sciences and Natural Resources as well as in economics and other fields. The department offers a B.S. degree in Agribusiness in conjunction with the College of Business Administration. This degree program combines the core courses in agricultural and applied economics with those in business administration to provide a strong foundation for careers in businesses related to agriculture. In addition, a dual degree is offered in combination with the College of Business Administration. This program leads to a B.S. in Agricultural and Applied Economics and a B.B.A. in General Business. Students may also prepare to study toward advanced degrees in economics, law, business administration, and other related areas.

The department's programs also emphasize international economics, particularly with respect to trade in commodities. Students completing these plans of study will be better educated for the world economy of the future and will have opportunities for a wide range of careers. Local, regional, and national processing and marketing firms offer many applied economists their first positions. Others become self-employed business operators or managers. State Cooperative Extension Services, financial institutions, the United States Department of Agriculture, utility companies, and a range of state and government agencies also hire many graduates.

A prestigious honors program, which includes a select set of analytical coursesAAEC 4300, 4301, 4302, 4312, and 4315is available for students who demonstrate high academic achievement. The honors program may be elected with any emphasis and, upon successful completion, will be designated on the student's academic transcript. A 3.00 overall GPA and 3.25 in agricultural and applied economics courses at the end of the junior year (89 hours) is required for eligibility. Prerequisite courses are ECO 3311 and ENGL 3365. Students electing the honors program in agricultural and applied economics may also participate in university Honors Studies.

This department offers a minor in agricultural and applied economics for students majoring outside the department. For more information on requirements for completing a minor, refer to the "Selecting a Minor" segment in the college section of this catalog or contact the departmental chairperson.

Bachelor of Science in Agricultural and Applied Economics.

FIRST YEAR
Fall Spring
AGSC 1111, Agricultural Industry 1 *Lab. Science 4
*Lab. Science 4 ENGL 1302, Adv. Coll. Rhetoric 3
ENGL 1301, Ess. Coll. Rhetoric 3 MATH 1331, Intro. Math. Anal. II 3
MATH 1330, Intro. Math. Anal. I 3 AAEC 2305, Fund. of Ag. & Appl. Eco. 3
POLS 1301, Amer. Govt., Org. 3 AGSC 2301, Comp. in Agr. II 3
Ag. Elective 3 16
17
SECOND YEAR
Fall Spring
ECO 2302, Prin. of Economics II 3 AAEC 3301, Agribus. Marketing 3
POLS 2302, Amer. Pub. Pol. 3 AAEC 3302, Agribus. Finance 3
ENGL 2311, Technical Writing 3 HIST 2301, Hist. of U.S. since 1877 3
HIST 2300, Hist. of U.S. to 1877 3 COMS 2300, Public Speaking 3
Hum., Multicult., or Vis. & Perf. Arts 3 Hum., Multicult., or Vis. & Perf. Arts 3
Elective 3 Elective 3
18 18
THIRD YEAR
Fall Spring
AAEC 3315, Ag. Price Theory 3 ACCT 2301, Elem. Acct. II 3
AAEC 3304, Farm and Ranch Bus. Mgt. 3 AAEC 3316, Prod. Eco. 3
ACCT 2300, Elem. Acct. I 3 AAEC 3401, Ag. Stat. 4
ECO 3311, Int. Macroeconomics 3 Electives 6
Electives 6 16
18
FOURTH YEAR
Fall Spring
AAEC 4300, Ag. Eco. Method. 3 AAEC 4100, Seminar 1
AAEC 4305, Ag. & Pub. Pol. 3 AAEC 4301, Prbs. Appl. Eco. Anal. 3
AAEC 4312, Appl. Math. Econ. 3 AAEC 4315, Agribusiness Mgt. 3
or AAEC 4302, Stat. Meth. AAEC 4306, Inter. Ag. Trade 3
AAEC 4320, Agribus. Law 3 Elective 6
Elective 3 16
15

Departmental CORE Policy: Includes AAEC 3315, 3316, and 3401. All students expecting to graduate on schedule are strongly advised to complete the CORE with grades of C or better before they reach 90 hours of completed course work. Students failing to do so will likely delay their graduation date.

Minimum hours required for graduation--134. (Students must fulfill the university Multicultural requirement.)

*Laboratory Science8 hours must be from PSS 1411, 2401, ATMO 1300-1100, BIOL 1401, 1402, CHEM, or PHYS.

Agriculture electives must be selected from PSS 1321, RWFM 2301, 2302, or ANSC 1401.

Humanities, Multicultural, and Visual and Performing Arts: There are three university Core Curriculum requirements for these subjects. The requirements may be met individually or by completing a course that satisfies more than one. A list of approved courses is available from the Dean's office.

All courses in AAEC and MATH must be completed with a grade of C or better.

Electives: The degree program consists of 27 elective hours including 9 hours of required electives (chosen from upper-level B A, ECO, or AAEC courses not required elsewhere) and 18 hours of free electives (chosen from any other courses not used elsewhere in the degree program). Suggested courses for students interested in specific areas are as follows:

Agricultural business management: Choose electives from AAEC 3303, 4317, and appropriate upper level courses in BA or ECO, such as FIN 3320, 3323; MGT 3370; MKT 3350; BLAW; ECO 3320.

Agricultural production (farm or ranch) management: Select electives from AAEC 4317, and appropriate courses in PSS, ANSC, RWFM, and BLAW 3393, 3395.

Agricultural Finance: Choose electives from AAEC 4303, 4316, 4317 and appropriate courses in BA or ECO such as ACCT 3304, 3305, 3306, 3315; FIN 3320, 3323, 4323; MGT, BLAW.

Real estate: Choose electives from AAEC 4303, 4313, 4316, appropriate courses in CASNR, and appropriate courses in BA such as FIN 3332, 3334, 4333, 4336.

Students may earn a minor by using electives carefully.

Bachelor of Science in Agribusiness.

A Bachelor of Science Degree in Agribusiness is a joint program administered by the College of Agricultural Sciences and Natural Resources and the College of Business Administration.

FIRST YEAR
Fall Spring
AGSC 1111, Agricultural Industry 1 *Lab. Science 4
*Lab. Science 4 ENGL 1302, Adv. Coll. Rhetoric 3
ENGL 1301, Ess. Coll. Rhetoric 3 MATH 1331, Intro. Math. Anal. II 3
MATH 1330, Intro. Math. Anal. I 3 AAEC 2305, Fund. of Ag. & Appl. Eco. 3
POLS 1301, Amer. Govt., Org. 3 ***Ag. Elective 3
***Ag. Elective 3 16
17
SECOND YEAR
Fall Spring
ECO 2302, Prin. of Eco. II (Macro) 3 AAEC 3302, Agribus. Fin. 3
AGSC 2301, Computers in Ag. II 3 AAEC 3401, Ag. Stat. 4
HIST 2300, Hist. of U.S. to 1877 3 HIST 2301, Hist. of U.S. since 1877 3
ACCT 2300, Elem. Acct. I 3 ACCT 2301, Elem. Acct. II 3
Sophomore English 3 **Visual & Performing Arts 3
POLS 2302, Amer. Publ. Pol. 3 16
18
THIRD YEAR
Fall Spring
AAEC 3315, Ag. Price Theory AAEC 3316, Prod. Eco. 3
or ECO 3312, Inter. Eco. Theory 3 AAEC 4306, International Ag. Trade 3
FIN 3320, Corp. Finance I 3 FIN 3323, Prin. of Mo., Bank., and Cr. 3
ECO 3311, Int. Macroeconomics 3 MGT 3370, Org. and Mgt. 3
MGT 3373, Mgt. Comm. 3 ISQS 3344, Intro. to Prod. Op. Mgt. 3
MKT 3350, Intro. to Mkt. 3 15
BLAW 3391, Bus, Law I 3
18
FOURTH YEAR
Fall Spring
AAEC 4300, Ag. Eco. Meth. 3 AAEC 4100, Seminar 1
AAEC 4305, Ag. & Pub. Pol. 3 AAEC 4301, Prbs. Appl. Eco. Anal. 3
AAEC 4302, Stat. Meth. 3 MGT 4380, Strategic Mgt. 3
AAEC 4315, Agribus. Mgt. 3 MGT 4375, Inter. Mgt. 3
MKT 4358, International Mkt. 3 FIN 4328, Inter. Finance 3
Electives 2 BA Course 3
17 16

Departmental CORE Policy: Includes AAEC 3315, 3316, and 3401. All students expecting to graduate on schedule are strongly advised to complete the CORE with grades of C or better before they reach 90 hours of completed course work. Students failing to do so will likely delay their graduation date.

All courses in AAEC, MATH, ECO, ENGL, B A and AGSC 2301 must be completed with a grade of C or better.

*Laboratory Scienceat least 4 of the 8 hours of Natural Laboratory Science must be selected from PSS 2401 and 1411; the remaining hours must be selected from university Core Curriculum requirements.

**Choose from university Core Curriculum requirements.

***Ag. Electives must be selected from PSS 1321, RWFM 2301, 2302, or ANSC 1401.

Sophomore English--Choose one course from: ENGL 2301, 2302, 2305, 2306, 2307 or 2351.

BA Courses--Select one additional upper level course in ACCT, FIN, ISQS, MGT, or MKT.

Minimum hours required for graduation-133. (Students will fulfill the university Multicultural requirement by completing FIN 4328, MGT 4375, or MKT 4358.)

To advance to the upper division of the business administration program, satisfactory completion of the first and second year courses and a cumulative 2.5 GPA at Texas Tech is required.

Joint Program in Agricultural Sciences and Natural Resources with Business Administration. This unique and progressive program leads to two undergraduate degreesBachelor of Science in Agricultural and Applied Economics and Bachelor of Business Administration in General Business. Students completing this program will be better educated for the world economy of the future and will have enhanced marketability for a wide range of careers. Students will also be prepared to enter the Master of Business Administration program with a concentration in agricultural business management if desired.

The following curriculum provides a common body of knowledge for students in agricultural and applied economics and business administration.

Dual-Degree Curriculum, Bachelor of Science in Agricultural and Applied Economics and Bachelor of Business Administration.

FIRST YEAR
Fall Spring
AGSC 1111, Agricultural Industry 1 *Lab. Science 4
*Lab. Science 4 ENGL 1302, Adv. Coll. Rhetoric 3
ENGL 1301, Ess. Coll. Rhetoric 3 MATH 1331, Intro. Math. Anal. II 3
MATH 1330, Intro. Math. Anal. I 3 POLS 2302, Amer. Public Pol. 3
POLS 1301, Amer. Govt., Org. 3 AGSC 2301, Comp. in Agr. II 3
Ag. Elective 3 16
17
SECOND YEAR
Fall Spring
ECO 2302, Prin. of Economics II 3 AAEC 3301, Agribus. Marketing 3
AGSC 3301, Ag. Lead. Princ. 3 AAEC 3401, Ag. Statistics 4
ENGL 2311, Technical Writing 3 HIST 2301, Hist. of U.S. since 1877 3
ACCT 2300, Elementary Acct. I 3 ACCT 2301, Elem. Acct. II 3
AAEC 2305, Fund. of Ag. & Appl. Eco. 3 **Sophomore English 3
HIST 2300, Hist. of U.S. to 1877 3 Electives 2
18 18
SUMMER
FIN 3320, Corp. Finance I 3 MKT 3350, Intro. to Marketing 3
MGT 3373, Managerial Comm. 3 MGT 3370, Organ. and Mgt. 3
6 6
THIRD YEAR
Fall Spring
AAEC 3302, Agribus. Finance 3 AAEC 3304 , Farm & Ranch Bus. Mgt. 3
AAEC 3315, Ag. Price Theory 3 AAEC 3316, Prod. Eco. 3
ECO 3311, Int. Macroeconomics 3 FIN 4328, International Fin. 3
BLAW 3391, Business Law I 3 MKT 4358, International Mkt. 3
FIN 3323, Prin. of Mon. Bank, Cre. 3 ISQS 3344, Intro. to Prod. and Oper. 3
MGT 4375, International Mgt. 3 Upper Level BA Elective 3
18 18
FOURTH YEAR
Fall Spring
AAEC 4300, Ag. Eco. Method. 3 AAEC 4100, Seminar 1
AAEC 4305, Ag. & Pub. Pol. 3 AAEC 4301, Prbs. Appl. Eco. Anal. 3
AAEC 4312, Appl. Math. Econ. AAEC 4302, Stat. Meth. 3
or AAEC 4320, Agribus. Law 3 AAEC 4306, Inter. Ag. Trade 3
AAEC 4315, Agribus. Mgmt. 3 MGT 4380, Admin. Policy 3
AAEC 4317, Comm. Futrs. Trad. 3 Visual & Performing Arts 3
15 16

Departmental CORE Policy: Includes AAEC 3315, 3316, and 3401. All students expecting to graduate on schedule are strongly advised to complete the CORE with grades of C or better before they reach 90 hours of completed course work. Students failing to do so will likely delay their graduation date.

Both degrees may be granted on completion of all 148 hours.

See the College of Business Administration section of the catalog for information on lower division requirements.

*Select at least 4 hours of Lab. Science courses from PSS and the other 4 hours from Core Curriculum requirements.

**Sophomore English must be from: ENGL 2301, 2302, 2305, 2306, 2307, or 2351.

Choose from university Core Curriculum requirements.

All courses in AAEC, MATH, ECO, ENGL, B.A, and AGSC 2301 must be completed with a grade of C or better.

Ag. Electives must be selected from PSS 1321, RWFM 2301, 2302, or ANSC 1401.

To advance to the upper division of the business administration program, satisfactory completion of the first and second year courses and a cumulative 2.5 GPA at Texas Tech is required.

Courses in Agricultural and Applied Economics. (AAEC)

2305. Fundamentals of Agricultural and Applied Economics (3:3:0). Fundamental economic principles and their application to problems and issues in the food, fiber, and natural resource sectors of the economy. F, S, SS. [AGRI 2317]

3301. Agribusiness Marketing (3:2:3). Prerequisite: AAEC 2305 and ENGL 1302. Marketing of raw materials and processed products from the management perspective. Market structure, conduct, performance. Marketing channels. F, S, SS. (Writing Intensive) [AGRI 1325]

3302. Agribusiness Finance (3:3:0). Prerequisite: AAEC 2305 and MATH 1320 or 1330. Basic principles of finance emphasizing the mathematics of finance, credit, and financial analysis. F, S, SS.

3303. Cooperatives (3:3:0). Prerequisite: AAEC 3301. Organization and operation of agricultural and other cooperatives. S or by correspondence. (Writing Intensive)

3304. Farm and Ranch Business Management (3:2:3). Prerequisite: AAEC 2305 or equivalent. Organization and management of the individual small business including farms, ranches, input suppliers, commodity processors, etc. F, S, SS.

3305. Introduction to Sales (3:3:0). Prerequisite: AAEC 2305 or equivalent. Principles and methods used in professional selling for the business environment. Includes concepts of human behavior and professional selling techniques. F.

3315. Agricultural Price Theory (3:3:0). Prerequisite: AAEC 2305, MATH 1331, and junior standing. Basic economic principles with applications to agricultural pricing problems and resource allocations. F, S, SS.

3316. Production Economics (3:3:0). Prerequisite: AAEC 3315. Economic theory and tools for analyzing problems facing the firm. Decision-making process using production functions, costs, linear programming, and time considerations. F, S, SS.

3401. Agricultural Statistics (4:3:3). Prerequisite: College algebra or higher mathematics. Principles and procedures involved in the analysis of agricultural data including indices of central tendency and dispersion; probability; sampling; significance tests; analysis of variance; and simple linear correlation. F, S, SS.

4000. Internship in Agricultural and Applied Economics (V1-12). Prerequisite: Sophomore standing and approval. Supervised study providing in-service training and practice in business and organizations. F, S, SS.

4100. Seminar (1:1:0). Prerequisite: Senior standing. Assigned readings, informal discussion, outside speakers, and written and oral reports on subjects relating to agricultural and applied economics. F, S.

4101. Current Problems in Agricultural and Applied Economics (1). Prerequisite: Senior standing. Topics may vary. May be repeated twice for credit. F, S, SS.

4300. Agricultural Economics Methodology for Research and Management (3:3:0). Prerequisite: AAEC 3316, 3401, sophomore English or ENGL 2311, and senior standing. Introduction to conceptual issues for research, applications of designing, planning, and conducting economic research. F. (Writing Intensive)

4301. Special Problems in Applied Economic Analysis (3). Prerequisite: AAEC 4300 or approval. Individual instruction in analysis of a research problem. May be repeated with the approval of the department. S. (Writing Intensive)

4302. Statistical Methods in Agricultural Research (3:3:0). Prerequisite: AAEC 3401 and MATH 1331. Advanced agricultural statistical analysis related to research methods using probability theory; tests of statistical significance; multiple correlation and regression; analysis of covariance; and experimental design. S, SS.

4303. Property Appraisal (3:3:0). Prerequisite: AAEC 2305, sophomore English or ENGL 2311, and senior standing or approval. Factors governing property prices and valuation. Appraisal of property for use, sale, and other purposes. F. (Writing Intensive)

4305. Agricultural and Public Policy (3:3:0). Prerequisite: AAEC 3315. Historical development and economic analysis of public programs and policies affecting the food and fiber sector and the environment. F, SS. (Writing Intensive)

4306. International Agricultural Trade (3:3:0). Prerequisite: Junior standing and AAEC 3315. Economic principles of interregional and international trade, location, and inter-area competition in products and services. S.

4309. Special Problems in International Agricultural Development (3:3:0). Prerequisite: Departmental approval. Individual instruction and independent study in international development and management in the agricultural sector in advanced and developing nations.

4312. Applied Mathematical Economics (3:3:0). Prerequisite: AAEC 3316. Mathematical tools for analysis of basic economic relationships involving prices and quantities, inputs and outputs, and costs and revenues. F, SS.

4313. Natural Resource Economics (3:3:0). Prerequisite: AAEC 3315 and junior standing. Economics of natural resource use and allocation including land economics, economics of water development, and environmental economics. F. (Writing Intensive)

4315. Agribusiness Management (3:2:3). Prerequisite: AAEC 3316 and 3401. Case studies emphasizing managerial techniques applied to decision-making problems of business firms. F, S. (Writing Intensive)

4316. Agricultural Financial Analysis (3:3:0). Prerequisite: AAEC 3302 or FIN 3320. Principles and procedures in managing financial and credit resources; nature, purposes, and use of financial statements, budgets, and credit instruments; and criteria for decision-making in borrowing and lending. S.

4317. Commodity Futures Trading and Analysis (3:3:0). Prerequisite: Junior standing and AAEC 2305. History and characteristics of commodity futures markets, hedging and speculation, and use of futures as a management tool. F, S, SS.

4320. Agribusiness Law (3:3:0). Prerequisite: AAEC 2305 and junior standing. Federal regulatory programs, market orders, Packers and Stockyards Act, bankruptcy. Administrative, environmental, antitrust law, Uniform Commercial Code, in an agribusiness context. F, SS.


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