EC102 Agricultural Economics

DESCRIPTION

The unit places agricultural economics in the setting of the real world to demonstrate how economic forces shape the agricultural sector and society. The fundamentals of macroeconomics and microeconomics and their interaction will be introduced in the context of agricultural markets and their impact on agribusiness. Market structures, failure and the impact of government intervention will be considered and how fiscal and monetary policies can be used to stabilise macroeconomic problems and manage aggregate demand and inflation. The macroeconomic goals of the 21st century are evaluated and international trade is analysed.

RELEVANT COURSES

Bachelor of Agribusiness

Core unit

CREDIT POINTS

10

DELIVERY MODE

On campus

PREREQUISITE OR CO-REQUISITE

Nil

UNIT LEARNING OUTCOMES

LO1 Graphically illustrate the nature and scope of the discipline of agricultural economics, theory of demand and supply, elasticity, how consumers make choices to maximise utility, and how producers make choices to maximise profits

LO2 Compare and contrast the four different market structures, and rate each in terms of efficiency in the allocation of resources

LO3 Analyse various type of market failure and appropriate government intervention, with particular reference to agricultural industries

LO4 Evaluate the contemporary macroeconomic goals of the 21st century and demonstrate how Gross Domestic Product (GDP) is calculated

LO5 Analyse fiscal and monetary policies that can be used to stabilise macro-economic problems in order to manage aggregate demand, inflation and stabilise the economy

LO6 Discuss the role of agriculture in international trade and analyse how exchange rates and agricultural trade policy affect international trade in agriculture

CONTENT

  • Introduction to agricultural economics
  • Consumer behaviour in agricultural markets
  • Producer behaviour in agricultural markets
  • Perfectly competitive markets
  • Imperfectly competitive markets
  • Natural resources, the environment and agriculture
  • Government policy and agricultural markets
  • Introduction to macroeconomics
  • Macroeconomic policy and agriculture
  • Fluctuations in the macroeconomy
  • Globalisation, international trade and trade agreements
  • Balance of payments and exchange rates

ASSESSMENT METHODS

  1. Online Quizzes – 30%
  2. Assessment – 30%
  3. Group Case Study – 40%

PRESCRIBED READINGS

Capps, O., Penson, J., Woodward, R. T., Rosson, C. P. (2018). Introduction to Agricultural Economics. United Kingdom: Pearson

Check with the lecturer each semester before purchasing any textbooks