Department of Agricultural
and Applied Economics

Professor James W. Graves, Interim Chairperson.

Thompson Professor Mathis; Professors Don Ethridge, Roy, and Segarra; Associate Professors Elam, Ervin, Freeman, and Owens; Assistant Professors Johnson and Misra; Adjunct Faculty: M. Dean Ethridge, Harman, 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, the business side of agriculture, applies business methods to using natural resources and to producing, distributing, and consuming agricultural goods and services. Agricultural economists are concerned with decision-making not only on farms and ranches producing food and fiber, but also in related businesses that provide farmers and ranchers with materials, services, and credit as well as those that process, market, and distribute products to consumers.

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

Students may select courses emphasizing agricultural business or production management, agricultural finance or real estate. Programs are available for advanced study in agricultural and applied economics, law, economics, or related areas and for teacher certification. Students interested in obtaining teacher certification should meet with their departmental advisors and with an advisor from education early in their programs. The Department of Agricultural and Applied Economics requires a C or better in all departmental courses for students majoring in Agricultural and Applied Economics.

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. Eco. 3
POLS 1301, Amer. Govt., Org. 3 AGSC 2300, Comp. in Agr. 3
Ag. Elective 3 16
17

SECOND YEAR
Fall Spring
ECO 2302, Prin. of Economics II 3 AAEC 3301, Princ. of Mkt. Agr. 3
POLS 2302, Amer. Pub. Pol. 3 AAEC 3302, Ag. Finance 3
ENGL 2309, 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
Humanities 3 Humanities 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 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. Policies & Organ. 3 AAEC 4301, Spec. Probs. in Ag. Eco. 3
AAEC 4312, Math. Econ. and Ecmt. 3 AAEC 4315, Ag. Business Mgt. 3
or AAEC 4302, Stat. Meth. AAEC 4306, Trade in Ag. Products 3
AAEC 4320, Ag. Law 3 Elective 6
Elective 3 16
15

Minimum hours required for graduation­­134. (Students must fulfill the University Multicultural Requirement.)

*Laboratory Science--8 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 1301.

Humanities must be from the General Education Requirements.

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

Suggested courses for students interested in specific areas:

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 a earn 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. Admission to the Upper Division will be granted after satisfactory completion of the first two years of the program and a 2.25 cumulative GPA achieved.

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. 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, Agr. Fin. 3
AGSC 2300, Computers in Ag. 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 Humanities 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, Trade in Ag. Prod. 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. Res. Mgt. 3 AAEC 4100, Seminar 1
AAEC 4305, Ag. Policies & Organ. 3 AAEC 4301, Spec. Probs. in Ag. Eco. 3
AAEC 4312, Math. Econ. and Ecmt. 3 MGT 4380, Admin. Policy 3
AAEC 4315, Ag. Business Mgt. 3 MGT 4375, Inter. Mgt. 3
MKT 4358, International Mkt. 3 FIN 4328, Inter. Finance 3
Electives 2 ++BA Course 3
17 16

All courses in AGSC, AAEC, MATH, ENGL, and BA 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 General Education Requirements, Section B1.

Humanities­­Three semester hours chosen from General Education Requirements, Section D­­Humanities and Fine Arts.

Sophomore English­­Choose one course from: ENGL 2301, 2302, 2305, 2306, 2307 or 2351.

++BA Courses­­Select one additional upper level course in ACCT, FIN, ISQS, MGT, or MKT.

Minimum hours required for graduation­133. (Students will fulfill the University Multicultural Requirement by completing the International Business courses.)

Courses in Agricultural and Applied Economics. (AAEC)

2305. Fundamentals of Agricultural Economics (3:3:0). Basic training in fundamental economic principles and their application to agricultural problems. F, S, SS. [AGRI 2317]

3301. Agribusiness Marketing (3:2:3). Prerequisite: AAEC 2305 or equivalent. Marketing agricultural products from the management perspective of agribusiness firms. Market structure, conduct, performance. Food and fiber marketing channels. F, S, SS. [AGRI 1325]

3302. Agricultural Finance (3:3:0). Prerequisite: AAEC 2305, MATH 1330. Basic principles of agricultural finance emphasizing costs and returns from use of capital and credit, types and sources of credit, development, characteristics, and role of agricultural lending institutions. F, S, SS.

3303. Cooperatives in Agriculture (3:3:0). Prerequisite: AAEC 3301. Organization and operation of agricultural cooperatives. S. (Writing Intensive)

3304. Farm and Ranch Management (3:2:3). Prerequisite: AAEC 2305 or equivalent. Organization and management of the individual farm or ranch business. F, S.

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 2305, MATH 1331, and junior standing. Economic tools for analyzing problems facing the firm. Decision-making processes using production functions, costs, resource demand, market prices, linear programming, and time considerations. F, S, SS.

3401. Agricultural Statistics (4:3:3). Prerequisite: MATH 1331 and junior standing. 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 Economics (V1-12). Prerequisite: Junior standing and approval. Supervised study providing in-service training and practice in agricultural 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 Economics (1). 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 3315, 3316, 3401, ENGL 2309, and junior standing. Introduction to conceptual issues for research, applications of designing, planning, and conducting economic research. F. (Writing Intensive)

4301. Special Problems in Agricultural Economics (3). Prerequisite: AAEC 4300 or approval. Individual instruction and assigned research on a problem of interest to the student. May be repeated with approval of department chairperson. S. (Writing Intensive)

4302. Statistical Methods in Agricultural Research (3:3:0). Prerequisite: AAEC 3401. 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. Farm and Ranch Appraisal (3:3:0). Prerequisite: Senior standing or approval. Factors governing land prices and valuation. Appraisal of lands for use, sale, lending, condemnation, settlement of estates, and taxation. Appraisal reports. F, SS. (Writing Intensive)

4305. Agricultural Policies and Organizations (3:3:0). Prerequisite: AAEC 3315 or equivalent. Historical development and economic analysis of public programs and policies affecting agriculture, emphasizing the role of farm organizations, economic effects of alternative programs, and current developments. F, SS. (Writing Intensive)

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

4309. International Agricultural Development (3:3:0). Prerequisite: AAEC 2305 and senior standing. World food and development issues; economic development of the agricultural sector in advanced and developing nations. F.

4312. Mathematical Economics and Econometrics for Agriculture (3:3:0). Prerequisite: AAEC 3315 and 3401 or equivalents. Mathematical tools for analysis of basic economic relationships involving prices and quantities, inputs and outputs, and costs and revenue. Formulation and analysis of economic models applicable to agriculture. F, SS.

4313. Agricultural Resource Economics (3:3:0). Prerequisite: AAEC 3315 and junior standing. Economics of agricultural resource allocation including land economics and economics of water development, allocation, and conservation. F. (Writing Intensive)

4315. Agricultural Business Management (3:2:3). Prerequisite: AAEC 3315, 3316, 3401 or equivalents. Managerial techniques applied to decision-making problems of agricultural business firms in the procurement, handling, storage, processing, and distribution of agricultural inputs and products. F, S. (Writing Intensive)

4316. Agricultural Financial Analysis (3:3:0). Prerequisite: AAEC 3302, 3315, 3401, and senior standing. 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. History and characteristics of commodity futures markets, mechanics of trading, hedging and speculation, use of futures as a business management tool, and analytical techniques involved in hedging and trading. F, S, SS.

4320. Agricultural Law (3:3:0). Federal regulatory programs, market orders, Packers and Stockyards Act, bankruptcy. Administrative, environmental, antitrust law, Uniform Commercial Code, in agricultural context. F, SS.


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