2016-17 Academic Catalog

Department of Agricultural Economics

Major Advisor: Dr. Randy Little
Office: 325-2750

Agriculture and related businesses create more employment than does any other industry. The agribusiness industry accounts for nearly one-fifth of the U.S. gross national product and employs close to one-fourth of the U.S. labor force. Fully understanding how economic forces affect today’s agriculture industry is critical for those seeking careers in agriculture-related businesses.

A growing field within economics is environmental economics. A key challenge to the U.S. economy in the 21st century is finding a balance between the demand for natural resources and the need to preserve our environment. Individuals who can analyze these complex problems will be needed for the new “green jobs” that require sustainable solutions to resource and environmental issues.

Two majors, Environmental Economics and Agribusiness, are offered to provide an understanding of economic forces and business management principles as well as technical knowledge of technical agriculture and environmental science. Students completing either major will be prepared to pursue additional training at the graduate level.

Students who plan to attend a community college before transferring to Mississippi State are strongly encouraged to contact the Department’s major advisor regarding their proposed community college course schedule and transfer requirements.

Students in both majors are required to earn a “C” or better in all required (non-elective) agricultural economics (AEC), economics (EC), English (EN), and mathematics (MA) courses.

BS in Environmental Economics and Management (EEM)

The Environmental Economics and Management (EEM) major is designed to prepare students for the efficient and productive management of natural and environmental resources. Students receive excellent functional training and learn skills in the areas of environmental science, policy and economics. Potential career fields include, but are not limited to, environmental law; natural resource and environmental policy analysis; environmental consulting; and resource management. In addition, students desiring postgraduate training will have a solid academic foundation for pursuing graduate or professional degrees.

Degree Requirements

English Composition
EN 1103English Composition I3
or EN 1163 Accelerated Composition I
EN 1113English Composition II3
or EN 1173 Accelerated Composition II
Mathematics
MA 1313College Algebra3
MA 1613Calculus for Business and Life Sciences I (OR an equivalent or higher level calculus)3
BQA 2113Business Statistical Methods I3
Science
CH 1043Survey of Chemistry I3
CH 1051Experimental Chemistry1
BIO 1134Biology I4
Humanities
PHI 1113Introduction to Logic3
Select from General Education courses3
Fine Arts
Select from General Education courses3
Social/Behavioral Sciences
AEC 2713Introduction to Food and Resource Economics3
or EC 2123 Principles of Microeconomics
EC 2113Principles of Macroeconomics3
Major Core 1
ACC 2013Principles of Financial Accounting3
ACC 2023Principles of Managerial Accounting3
AEC 2611Seminar I1
AEC 3113Introduction to Quantitative Economics3
AEC 3233Introduction to Environmental Economics and Policy3
AEC 3513Economics of Food and Fiber Production3
AEC 4133Analysis of Food Markets and Prices3
AEC 4223Applied Quantitative Analysis in Agricultural Economics3
AEC 4233Environmental Economics3
AEC 4243Natural Resource Economics3
AEC 4413Public Problems of Agriculture3
BIO 3104Ecology4
BL 4263Environmental Law3
EC 3113Intermediate Macroeconomics3
EC 3123Intermediate Microeconomics3
EC 4423Public Finance3
PS 1113American Government3
PS 2703Introduction to Public Policy3
PS 4743Environmental Policy3
Restricted Elective 215
Free Electives9
Oral Communication Requirement
CO 1003Fundamentals of Public Speaking3
Writing Requirement
AIS 3203Professional Writing in Agriculture, Natural Resources, and Human Sciences3
Total Hours124
1

Courses are listed in alphanumeric order. Students should contact an advisor, refer to the appropriate departmental curriculum sheet or refer to the course description section of this bulletin to determine the prerequisites for each course.

2

See major advisor for a list of courses approved as Restricted Electives.

BS in Agribusiness (AGB)

The Agribusiness (AGB) major provides training in business including accounting, management, marketing, finance and economics, along with training in the agricultural sciences. The AGB major offers students flexibility in preparing for a wide variety of careers in agriculture and agribusiness. The major provides all students excellent foundational training in applied economics and business management while offering students the opportunity to specialize in specific areas. Potential career fields include, but are not limited to, agricultural and environmental law; agricultural policy analysis; economic consulting; agricultural lending; agricultural production management; commodities and equities marketing; and food chain supply management, including procession, sales, and distribution. Also, students desiring post-graduate training will have a solid academic foundation for pursuing graduate degrees.

Degree Requirements

English Composition
EN 1103English Composition I3
or EN 1163 Accelerated Composition I
EN 1113English Composition II3
or EN 1173 Accelerated Composition II
Mathematics 1
MA 1313College Algebra3
MA 1613Calculus for Business and Life Sciences I (OR an equivalent or higher level calculus)3
BQA 2113Business Statistical Methods I3
Science
Select from General Education courses 27
Humanities
PHI 1103Introduction to Philosophy (OR Foreign Language course)3
Select from General Education courses3
Fine Arts
Select from General Education courses3
Social/Behavioral Sciences
AEC 2713Introduction to Food and Resource Economics3
or EC 2123 Principles of Microeconomics
EC 2113Principles of Macroeconomics3
Major Core 1
ACC 2013Principles of Financial Accounting3
ACC 2023Principles of Managerial Accounting3
AEC 2611Seminar I1
AEC 3113Introduction to Quantitative Economics3
AEC 3213International Trade in Agriculture3
AEC 3233Introduction to Environmental Economics and Policy3
AEC 3413Introduction to Food Marketing3
AEC 3513Economics of Food and Fiber Production3
AEC 4133Analysis of Food Markets and Prices3
AEC 4223Applied Quantitative Analysis in Agricultural Economics3
AEC 4413Public Problems of Agriculture3
BL 2413The Legal Environment of Business3
EC 3113Intermediate Macroeconomics3
EC 3123Intermediate Microeconomics3
Oral Communication Requirement
CO 1003Fundamentals of Public Speaking3
Writing Requirement
AIS 3203Professional Writing in Agriculture, Natural Resources, and Human Sciences3
Choose one of the following concentrations:41
Management Concentration (MGT)
Financial Statement Analysis
Introductory Agribusiness Management
Agribusiness Firm Management
Financial and Commodity Futures Marketing
Financial Management
Communication or Computer Elective (3 hours)
Restricted Electives (15 hours) 3
Free Electives (8 hours)
Policy and Law Concentration (POLL)
Environmental Economics
Natural Resource Economics
Public Finance
Principles of Legal Writing
Introduction to Logic
American Government
Introduction to Public Policy
Restricted Electives (15 hours) 3
Free Electives (5 hours)
Production Concentration (PROD)
Animal Science
and Animal Science Laboratory
Introductory Agribusiness Management
Financial and Commodity Futures Marketing
Advanced Farm Management
Financial Management
Plant Science
Restricted Electives (15 hours) 3
Free Electives (7 hours)
Total Hours124
1

Courses are listed in alphanumeric order. Students should contact an advisor, refer to the appropriate departmental curriculum sheet or refer to the course description section of this bulletin to determine the prerequisites for each course.

2

CH 1043/CH 1051 recommended

3

See major advisor for complete list of courses approved as Restricted Electives for each concentration.

Environmental Economics and Management Minor

The Department of Agricultural Economics offers a minor in Environmental Economics and Management to students outside the department. Course selection for the minor is designed to equip students with fundamental economic and management principles pertinent to environmental and resource policy issues to broaden the scope of career opportunities for students completing the minor.

A minor in Environmental Economics and Management is attained by completing at least 18 hours of environmental and resource economics courses. To satisfy the minor, students must maintain a 2.0 grade point average in courses taken to satisfy the minor. Students may choose among the following:

Required:
AEC 2713Introduction to Food and Resource Economics3
or EC 2123 Principles of Microeconomics
AEC 3233Introduction to Environmental Economics and Policy3
AEC 4233Environmental Economics3
AEC 4243Natural Resource Economics3
Choose at least three of the following:9
Introduction to Quantitative Economics
Economics of Food and Fiber Production
Financial and Commodity Futures Marketing
Public Problems of Agriculture
Total Hours21

Students are responsible for satisfying all prerequisites before registering for courses. A grade of C or better must be earned in each course to be counted toward the minor.  Only students outside the Department of Agricultural Economics are eligible for the minor.

Agribusiness Minor

The Department of Agricultural Economics offers a minor in Agribusiness to students outside the Department. Course selection for the minor in Agribusiness is designed to equip students with fundamental economic and management principles to broaden the scope of career opportunities for students completing the minor.

A minor in Agribusiness is attained by completing at least 18 hours of Agribusiness courses. To qualify for a minor, students must maintain a 2.0 grade point average in courses taken to satisfy the requirements for the minor. Students may choose among the following:

AEC 2713Introduction to Food and Resource Economics3
or EC 2123 Principles of Microeconomics
AEC 3133Introductory Agribusiness Management3
Choose at least four of the following:12
International Trade in Agriculture
Introduction to Food Marketing
Agribusiness Firm Management
Financial and Commodity Futures Marketing
Analysis of Food Markets and Prices
Advanced Farm Management
Public Problems of Agriculture
Other approved AEC Elective
Total Hours18

Students are responsible for satisfying all prerequisites before registering for courses. A grade of C or better must be earned in each course to be counted toward the minor. Only students outside the Department of Agricultural Economics are eligible for the minor in Agribusiness.

Courses

AEC 1001 First Year Seminar: 1 hour.

One hour lecture. First-year seminars explore a diverse arrary of topics that provide students with an opportunity to learn about a specific discipline from skilled faculty members

AEC 1223 Computer Applications for Agriculturists and Life Scientists: 3 hours.

Two hours lecture. Two hours laboratory. Basic agricultural microcomputer applications and computing logic; creating reports using word processors; developing presentations on agricultural subjects using multimedia software; and agricultural calculations using spreadsheets

AEC 2611 Seminar I: 1 hour.

One hour lecture. Planning and preparing for careers in agricultural economics and agribusiness

AEC 2713 Introduction to Food and Resource Economics: 3 hours.

Three hours lecture. Each semester. Prerequisite to other Agricultural Economics courses. Economic principles applied to production, value, prices, credit, taxation, land tenure, marketing, international trade, and related problems affecting agriculture

AEC 2990 Special Topics in Agricultural Economics and Agribusiness: 1-9 hours.

Credit and title to be arranged. This course is to be used on a limited basis to offer developing subject matter areas not covered in existing courses. (Courses limited to two offerings under one title within two academic years)

AEC 3113 Introduction to Quantitative Economics: 3 hours.

(Prerequisites: AEC 2713, MA 1613 ). Three hours lecture. Each semester. Introduction to techniques and procedures for the quantitative analysis of economic problems related to the production and distribution of agricultural products

AEC 3133 Introductory Agribusiness Management: 3 hours.

Three hours lecture. Study of marketing, production, risk, and financial management in agribusiness firms. Emphasis on application of economic principles to management of agri- marketing and farm supply firms

AEC 3213 International Trade in Agriculture: 3 hours.

(Prerequisites: AEC 2713 or EC 2123 and EC 2113, or consent of instructor). Three hours lecture. Examination of the importance of international agricultural trade, the economic basis of trade, and the policies affecting agricultural trade

AEC 3233 Introduction to Environmental Economics and Policy: 3 hours.

(Prerequisites: AEC 2713 or EC 2123). Examines how economic forces, in concert with other processes, influence environmental quality through private markets and public policy

AEC 3413 Introduction to Food Marketing: 3 hours.

(Prerequisites: AEC 2713 or EC 2123). Three hours lecture. Describes the principles, functions, agencies, and methods of farm and food product and input marketing

AEC 3513 Economics of Food and Fiber Production: 3 hours.

(Prerequisite:AEC 3113). Three hours lecture. Economic principles applied to food and fiber production situations with emphasis on firm-level decision analysis

AEC 4000 Directed Individual Study in Agricultural Economics and Agribusiness: 1-6 hours.

Hours and credits to be arranged

AEC 4113 Agribusiness Firm Management: 3 hours.

(Prerequisites: EC 3123 or EC 3333). Three hours lecture. Examination and study of the organization, management, and operation of agricultural business with special reference to the application of managerial principles for effective decision-making

AEC 4123 Financial and Commodity Futures Marketing: 3 hours.

(Prerequisites: Junior standing). Three hours lecture. Discussion of the purpose, function, mechanics, analysis, and application of commodity and financial futures markets in pricing and hedging opportunities.(Same as FIN 4123/6123)

AEC 4133 Analysis of Food Markets and Prices: 3 hours.

(Prerequisites: AEC 3113 and EC 3123). Three hours lecture. Application of economic theory to agricultural prices and agricultural markets in price estimation, discovery, and determination. Emphasis on marketing management and pricing in agricultural firms

AEC 4223 Applied Quantitative Analysis in Agricultural Economics: 3 hours.

(Prerequisite:AEC 3113 and BQA 2113). Three hours lecture. Emphasizes the intuitive understanding and practical application of basic quantitative, statistical, econometric, and optimization techniques as the relate to problem solving in agricultural economics

AEC 4233 Environmental Economics: 3 hours.

(Prerequisites: AEC 3233, EC 3123, and either MA 1613 or MA 1713.) Identifies topics lying on the frontier of environmental economics; demonstrates contribution that economics can make in understanding the problems and in providing guidance on solutions

AEC 4243 Natural Resource Economics: 3 hours.

(Prerequisite: AEC 3233, EC 3123, either MA 1613 or 1713, or consent of instructor.) Three hours lecture. Study of economics of renewable and nonrenewable natural resource use. Emphasis on applying microeconomic concepts to land use, water, fisheries, minerals and forest

AEC 4343 Advanced Farm Management: 3 hours.

(Prerequisites: Senior standing, EC 3123, and AEC 4523). Three hours lecture. Techniques and procedures for decision making in farm business as related to determination of optimum enterprise choice and resource combination in both static and dynamic frameworks

AEC 4413 Public Problems of Agriculture: 3 hours.

(Prerequisite: Senior standing, EC 3123 and AEC 3113). Three hours lecture. Major public and private problems of agriculture policies and action programs of government and individuals to deal with them; limitations encountered; appraisal of results

AEC 4511 Agricultural and Resource Legislative Policy: 1 hour.

(Prerequisites: AEC 2713 or consent of instructor). One hour lecture. Discusses agricultural policy history and development, roles of consumer, producer, and environmental groups in policy development, and congressional organization and procedures in the policy process

AEC 4530 Agribusiness Management Internship: 1-6 hours.

(Prerequisite: Consent of instructor). Individual work experience with approved agribusiness companies for environmental economics and management students or agribusiness students

AEC 4711 Agri-Marketing Practicum: 1 hour.

Two hours laboratory. Design and preparation of marketing plan for presentation at National Agri-Marketing Association meeting. Development of plan includes market research, budgeting, and advertising layouts

AEC 4713 Quantitative Economics: 3 hours.

(Prerequisites: AEC 3113, EC 3113, and EC 3123). Three hours lecture. Investigation of the basic mathematical methods and techniques currently used to analyze economic problems

AEC 4733 Econometric Analysis in Agriculture Economics: 3 hours.

(Prerequisite: MA 1613 or MA 1713, EC 3123 and ST 2113 or BQA 2113). Three hours lecture. Applications of single-equation estimation techniques to problems in agriculture

AEC 4990 Special Topics in Agricultural Economics and Agribusiness: 1-9 hours.

Credit and title to be arranged. This course is to be used on a limited basis to offer developing subject matter areas not covered in existing courses. (Courses limited to two offerings under one title within two academic years)

AEC 6113 Agribusiness Firm Management: 3 hours.

(Prerequisites: EC 3123 or EC 3333). Three hours lecture. Examination and study of the organization, management, and operation of agricultural business with special reference to the application of managerial principles for effective decision-making

AEC 6123 Financial and Commodity Futures Marketing: 3 hours.

(Prerequisites: Junior standing). Three hours lecture. Discussion of the purpose, function, mechanics, analysis, and application of commodity and financial futures markets in pricing and hedging opportunities.(Same as FIN 4123/6123)

AEC 6133 Analysis of Food Markets and Prices: 3 hours.

(Prerequisites: AEC 3113 and EC 3123). Three hours lecture. Application of economic theory to agricultural prices and agricultural markets in price estimation, discovery, and determination. Emphasis on marketing management and pricing in agricultural firms

AEC 6223 Applied Quantitative Analysis in Agricultural Economics: 3 hours.

(Prerequisite:AEC 3113 and BQA 2113). Three hours lecture. Emphasizes the intuitive understanding and practical application of basic quantitative, statistical, econometric, and optimization techniques as the relate to problem solving in agricultural economics

AEC 6233 Environmental Economics: 3 hours.

(Prerequisites: AEC 3233, EC 3123, and either MA 1613 or MA 1713.) Identifies topics lying on the frontier of environmental economics; demonstrates contribution that economics can make in understanding the problems and in providing guidance on solutions

AEC 6243 Natural Resource Economics: 3 hours.

(Prerequisite: AEC 3233, EC 3123, either MA 1613 or 1713, or consent of instructor.) Three hours lecture. Study of economics of renewable and nonrenewable natural resource use. Emphasis on applying microeconomic concepts to land use, water, fisheries, minerals and forest

AEC 6323 Applied Region Econ Dev: 3 hours.

(Prerequisite: AEC 6313). Economic analysis and effects of regional resources and development potentials, economic factors affecting industrial location decisions, planning and organization of industrial development

AEC 6343 Advanced Farm Management: 3 hours.

(Prerequisites: Senior standing, EC 3123, and AEC 4523). Three hours lecture. Techniques and procedures for decision making in farm business as related to determination of optimum enterprise choice and resource combination in both static and dynamic frameworks

AEC 6353 Introduction to Regional Economic Development: 3 hours.

(Prerequisites: EC 2113, EC 2123, and MA 1463 or consent of instructor). Three hours lecture. Regional economic differences; location theory (industrial, agricultural, and residential); Land use patterns; Regional structure, growth and methods of analysis; National assistance for regional economic development.(Same as EC 6313)

AEC 6413 Public Problems of Agriculture: 3 hours.

(Prerequisite: Senior standing, EC 3123 and AEC 3113). Three hours lecture. Major public and private problems of agriculture policies and action programs of government and individuals to deal with them; limitations encountered; appraisal of results

AEC 6511 Agricultural and Resource Legislative Policy: 1 hour.

(Prerequisites: AEC 2713 or consent of instructor). One hour lecture. Discusses agricultural policy history and development, roles of consumer, producer, and environmental groups in policy development, and congressional organization and procedures in the policy process

AEC 6530 Agribusiness Management Internship: 1-6 hours.

(Prerequisite: Consent of instructor). Individual work experience with approved agribusiness companies for environmental economics and management students or agribusiness students

AEC 6713 Quantitative Economics: 3 hours.

(Prerequisites: AEC 3113, EC 3113, and EC 3123). Three hours lecture. Investigation of the basic mathematical methods and techniques currently used to analyze economic problems

AEC 6733 Econometric Analysis in Agriculture Economics: 3 hours.

(Prerequisite: MA 1613 or MA 1713, EC 3123 and ST 2113 or BQA 2113). Three hours lecture. Applications of single-equation estimation techniques to problems in agriculture

AEC 6990 Special Topics in Agricultural Economics and Agribusiness: 1-9 hours.

Credit and title to be arranged. This course is to be used on a limited basis to offer developing subject matter areas not covered in existing courses. (Courses limited to two offerings under one title within two academic years)

AEC 7000 Directed Individual Study in Agricultural Economics and Agribusiness: 1-6 hours.

Hours and credits to be arranged

AEC 8000 Thesis Research/ Thesis in Agricultural Economics and Agribusiness: 1-13 hours.

Hours and credits to be arranged

AEC 8123 Market Organization and Structure: 3 hours.

Three hours lecture. Spring semester. Analysis of the conduct and performance of agricultural firms under imperfect market conditions. Sources of imperfections, managerial strategies and welfare considerations under imperfect market conditions

AEC 8143 Agricultural Production Economics: 3 hours.

(Prerequisites: EC 3123 or EC 3333 and AEC 4343/6343). Three hours lecture. Theory of production as related to agricultural production and resource use. Emphasis upon optimal organization of agricultural firms

AEC 8163 Consumers, Producers, and Markets: 3 hours.

(Prerequisites: EC 3123; MA 1613 or MA 1713). Three hours lecture. Focuses on economic theory related to production, consumption, and markets for products. Extensions into market structure, welfare economics, and non-market goods will also be discussed

AEC 8233 Applied Welfare and Environmental Economics: 3 hours.

(Prerequisite:AEC 8163 or consent of instructor). Three hours lecture. This course is an applied approach to welfare economics,wherein the normative significance of economic events is evaluated, and its application to environmental economics

AEC 8403 Game Theory: 3 hours.

(Prerequisite:AEC 8163 or EC 8163 or concent of instructor).Three hours lecture. An exploration of how agencies interact stategically. (Same as EC 8403)

AEC 8532 International Agricultural Trade and Policy: 2 hours.

(Prerequisite: EC 8163). Two hours lecture. Examination of international trade theories, policies affecting agriculture, international trade, world trade negotiations, barriers to trade, and the role of agricultural trade in the economic development

AEC 8611 Research Seminar I: 1 hour.

(Prerequisite: EC 3123). Selection of research topic, development of the research proposal

AEC 8621 Research Seminar II: 1 hour.

Final preparation of the research proposal and presentation of the proposal. Each semester

AEC 8713 Rural Community and Economic Development: 3 hours.

Three hours lecture. The central focus in this course is on the set of social and economic components that constitute the fabric of rural communities in the U.S

AEC 8843 Survey Design and Experimental Economics: 3 hours.

(Prerequisite: EC 3123 and ST 2113 or BQA 2113). Three hours lecture. An exploration of economists' use of data collection techniques, such as surveys and experiments, with emphasis on analysis of non-market valuation problems

AEC 8990 Special Topics in Agricultural Economics and Agribusiness: 1-9 hours.

Credit and title to be arranged. This course is to be used on a limited basis to offer developing subject matter areas not covered in existing courses. (Courses limited to two offerings under one title within two academic years)

AEC 9000 Dissertation Research/ Dissertation in Agricultural Economics and Agribusiness: 1-13 hours.

Hours and credits to be arranged