Agricultural and Applied Economics
www.aaec.vt.edu/aaec/
Kevin J. Boyle, Head
Professors: J.R. Alwang; D.J. Bosch; G. C. Davis; M.J. Ellerbrock; L.L. Geyer; B.F. Mills;
M. A. Marchant; G. W. Norton; J. Schleich; M. Norton; D.R. Orden; J. Pease; K. Stephenson;
D.B. Taylor
Associate Professors: G.E. Groover; R.H. Lytton; A. Marathe; E.B. Peterson; D.W. Reaves
Assistant Professors: J.H. Grant; N.V. Kuminoff; D. Mainville; C.F. Parmeter; J.C. Pope; W. You
Instructor: W.A. White
Career Advisor: D. B. Taylor
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Overview
What is one thing that each and every one of us has in common? We are all consumers of food and clothing. Agricultural Economics (Ag Econ) deals with the efficient production, distribution and marketing of food and fiber products. Ag Econ students have a choice of six options designed to provide the skills needed to have successful careers in agricultural and small business management, marketing and finance; financial planning; veterinary business management; community economic development; environmental policy and planning; and international trade and development.
The Agribusiness Management Option is designed to prepare graduates to enter the largest industry in the world: the food industry. Courses in accounting, economics, statistics, computer techniques, marketing, and agricultural policy supplement an agricultural economics base, enabling B.S. graduates to obtain the skills necessary to become managers in the agribusiness sector. Students can choose to specialize in Agricultural Finance, Farm Business Management, Marketing and Futures, or an approved minor in another discipline. Graduates pursue careers in finance, management, marketing, real estate, investments, extension, and education. Many graduates choose to establish and run their own businesses.
The Environmental Economics, Management and Policy Option builds upon a broad agricultural economics base with courses in the economics of resource use, planning, public policy, environmental economics, and political science. This training prepares graduates to work with agencies and organizations in conducting benefit-cost analyses of decisions, and in dealing with problems of rural poverty, efficient use of natural resources, and provision of public services to non-urban areas.
The International Trade and Development Option requires a multidisciplinary background to help prepare students for careers in the fast-growing areas of international trade and development. Students seek careers with corporations, the Peace Corps, private voluntary agencies, and national and international government agencies.
The Community Economic Development Option prepares students to work with local governments to manage issues related to improving economic conditions in rural areas. Topics include rural job creation, labor markets, growth/agriculture conflicts, and land use management. Employment in local governments has grown dramatically in recent years as these governments take increased responsibility for implementing policy. Students may also prepare for jobs in state and federal government, or for non-governmental organizations working on rural issues.
The Veterinary Business Management Option prepares students for admission to a college of veterinary medicine and the management of a veterinary practice. Students take the required science courses for admissions to a veterinary school and a selection of management courses to prepare the student to manage the veterinary practice. This option is available under a three- or four-year course of study.
The Financial Planning Option prepares students to enter the diverse and rapidly growing career to practice personal financial planning. Financial planners help their clients – individuals, families, and small businesses – to identify and achieve their goals. Career opportunities range from employment with small “boutique” financial planning firms that serve a niche market to nationally recognized companies that provide financial planning products and services. Graduates work directly with client services, or in the “back office” doing advisor support, product analysis, plan preparation, or compliance. Positions also are available in banking, insurance, investments, or employee benefits and retirement planning.
Students in all options begin with the same general course work. It is not necessary to declare which option is desired until the sophomore or junior year. Each student is encouraged to visit with the faculty concerning his or her special interests and to seek advice on which curriculum option best serves his or her career goals. Flexibility is available in all options to allow for students interested in pursuing a double major or minor(s) in other departments.
Students in other curricula are invited to inquire into the requirements for either a minor or a double major in agricultural economics.
Graduates of agricultural and applied economics have a wide variety of employment opportunities with marketing firms, banks and agricultural credit agencies; processing and industrial firms; brokerage and investment firms; real estate appraisal firms; small businesses; local, state, and national governmental agencies; and international organizations. Some graduates enter law school or vet school, or pursue an MBA or other graduate degree.
Programs leading to the M.S. and Ph.D. are available (see Graduate Catalog).
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Course Requirements for Majors
Course requirements are listed under Section I, Curriculum for Liberal Education, College and Departmental Core requirements and Section II, specific requirements by departmental option. Section II also lists restricted and free electives by option area. For all options except Veterinary Business Management, students are allowed 29-30 hours of restricted or free electives. Students are encouraged to complete minors or double majors in other departments. All options require 120 credit hours to graduate.
I. Curriculum for Liberal Education, College and Departmental Core (Options A-D and F)
| ENGL 1105-1106: Freshman English (Area 1, Liberal Education) |
6 |
| Ideas, Cultural Traditions, and Values (Area 2, Liberal Education) |
6 |
| AAEC 1005-1006: Economics of the Food and Fiber System (Area 3, Liberal Education) |
6 |
| BIOL 1005, 1006, 1015, 1016: General Biology and labs (Area 4, Liberal Education)* |
8 |
| MATH 1525-1526: Elementary Calculus with Matrices (Area 5, Liberal Education)* |
6 |
| Creativity and Aesthetic Experience (Area 6, Liberal Education) |
1 |
| ACIS 1504, ALS 1514, or CS 1004: Computer Literacy |
2 or 3 |
| ACIS 2115-2116: Principles of Accounting* |
6 |
| COMM 2004: Public Speaking* |
3 |
| ENGL 3774: Business Writing* |
3 |
| STAT 3615-3616 or BIT 2405,2406: Statistical Methods* |
6 |
II. Requirements for Options (Area of Specialization Requirement -- 18 hours)
A. Agribusiness Management Option
| AAEC 3404: Agricultural Financial Management |
3 |
| AAEC 3414: Farm, Cooperative, and Agribusiness Mgmt. |
3 |
| AAEC 3424: Food and Agribusiness Marketing Mgmt. |
3 |
| AAEC 3454: Small Business Management and Entrepreneurship |
3 |
| AAEC 3504: Marketing Agricultural Products |
3 |
| AAEC 3604: Agricultural Law |
3 |
| AAEC 4404: Agricultural Management and Problem Solving |
4 |
ECON 3204: Macroeconomic Theory
or ECON 3214: Money and Banking |
3 |
| Agricultural Economics Elective Courses |
12 |
| Restricted and Free Electives |
29, 30 |
B. Environmental Economics, Management, and Policy Option
| AAEC 3004: Ag. Production and Consumption Economics |
3 |
| AAEC 3304: Rural and Regional Development Policy |
3 |
| AAEC 3314: Environmental Law (Area 7, Liberal Education) |
3 |
| AAEC 4304: Environment and Sustainable Dev. Economics |
3 |
| AAEC 4314: Environmental Economic Analysis and Mgmt. |
3 |
| AAEC 4344: Sustainable Development Economics |
3 |
ECON 3204: Macroeconomic Theory
or ECON 3214: Money and Banking |
3 |
ENSC 3604: Fundamental of Environmental Science
or CSES 3604: Fundamentals of Environmental Science |
3 |
| GEOL 1024: Resources Geology |
3 |
| Additional Option Electives |
12 |
| Restricted and Free Electives |
30, 31 |
C. International Trade and Development Option
| AAEC 3004: Ag. Production and Consumption Economics |
3 |
| AAEC 3204: International Agricultural Development and Trade |
3 |
| AAEC 3304: Rural and Regional Development Policy |
3 |
| AAEC 3504: Marketing Agricultural Products |
3 |
| AAEC 4304: Environment and Sustainable Dev. Economics |
3 |
| AAEC 4344: Sustainable Development Economics |
3 |
ECON 3204: Macroeconomic Theory
or ECON 3214: Money and Banking |
3 |
| ECON 4135: International Economics |
3 |
| IS 2054- 2064: World Politics and Economy |
6 |
| Additional Option Electives |
9 |
| Restricted and Free Electives |
30, 31 |
D. Community Economic Development Option
| AAEC 3004: Ag. Production and Consumption Economics |
3 |
| AAEC 3304: Rural and Regional Development Policy |
3 |
AAEC 3314: Environmental Law (Area 7, Liberal Education)*
or AAEC 4304: Environment and Sustainable Dev. Economics*
or AAEC 4314: Environmental Economic Analysis and Mgt.* |
3 |
ECON 3204: Macroeconomic Theory
or ECON: 3214 Money and Banking |
3 |
| ECON 4044: Public Economics |
3 |
| Additional Option Electives |
18 |
| Restricted and Free Electives |
30, 31 |
| *Alternative courses available to meet requirement(s). See an AAEC advisor. |
E. Veterinary Business Management Option
Curriculum for Liberal Education, College and Departmental Core
| BIOL 1105, 1106, 1115, 1116: Principles of Biology |
8 |
| ENGL 1105-1106; or H1204: Freshman English or Honors English |
6 |
| CHEM 1015-1016, 1025-1026: Introduction to Chemistry |
8 |
| AAEC 1005-1006: Economics of the Food and Fiber System |
6 |
| Ideas, Cultural Traditions, and Values (Area 2, Liberal Education) |
6 |
| Creativity and Aesthetic Experience Core (Area 6, Liberal Education) |
1 |
| MATH 1525-1526: Elementary Calculus with Matrices |
6 |
| ALS 1514: Microcomputers in Agriculture |
2 |
| AAEC 3404: Agricultural Financial Management |
3 |
AAEC 3004: Ag. Production and Consumption Economics
or AAEC 3504: Marketing Agricultural Products
or AAEC 3424: Food and Agribusiness Marketing Mgt. |
3 |
| AAEC 3454: Small Business Management and Entrepreneurship |
3 |
| AAEC 3604: Agricultural Law |
3 |
| ENGL 3774: Business Writing |
3 |
| STAT 3005-3006: Statistical Methods |
6 |
| AAEC 4204: Food and Agricultural Policy |
3 |
| AAEC/ECON Electives |
6 |
|
| Required courses, Science: |
| ALS 2304: Animal Physiology and Anatomy |
4 |
| ALS 3104: Animal Genetics |
3 |
| ALS 3204: Animal Nutrition |
3 |
| BIOL 4504: Histology |
5 |
| BIOL 2604, 2614: Microbiology |
4 |
| CHEM 2535-2536, 2545-2546: Organic Chemistry |
8 |
| PHYS 2205-2206, 2215-2216: General Physics |
8 |
| BCHM 2024: Concepts of Biochemistry |
3 |
| Electives |
6 |
F. Financial Planning Option
| AAEC 2104: Personal Financial Planning |
3 |
| AAEC 3015- 3016: Internship in Agricultural & Applied Economics |
1,1 |
| AAEC 3104: Financial Planning for Professionals |
3 |
| AAEC 4104: Retirement Planning |
3 |
| AAEC 4124: Client Relationship Management |
3 |
| AAEC 4134: Financial Planning Applications |
3 |
| ACIS 2115- 2116: Principles of Accounting |
3, 3 |
| ACIS 3314: Tax Impact on Decisions |
3 |
| ACIS 4314: Principles of Taxation |
3 |
FIN 3055: Legal Environment of Business
or AAEC 3604: Agricultural Law
|
3 |
| FIN 3104: Introduction to Finance |
3 |
| FIN 3134: Finance Skills and Concepts |
3 |
| FIN 3144: Investments: Debt, Equity, and Derivative Markets |
3 |
| FIN 3204: Risk and Insurance |
3 |
| FIN 4004: Wills, Trusts and Estates |
3 |
| Restricted Electives |
9 |
| Free Electives |
14-16 |
Satisfactory Progress
By the end of the academic year in which the student has attempted 72 hours (including transfer, advanced placement, advanced standing and credit by examination), "satisfactory progress" will consist of 1) a grade point average of at least 2.0; 2) at least 24 credits that apply to the Curriculum for Liberal Education, and 3) 9 semester credits of departmental requirements.
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Undergraduate Course Descriptions (AAEC)
1005,1006: ECONOMICS OF THE FOOD AND FIBER SYSTEM
Economic principles that underlie functioning of the U.S. economy in general, and the food and fiber system in particular, are developed and applied to analysis of issues important to society. Emphasis on interrelationships of U.S. micro-economic and macro-economics policy, agriculture, and economic well being of world society in terms of availability and price of food and fiber, use of natural resources, and development of rural economics. I,II. (3H,3C)
1005H-1006H: ECON FOOD FIBER SYS
(3H,3C)
1014 (HIST 1014): SURVEY OF AMERICAN ECONOMIC HISTORY
Overview of the major themes in the transformation and change of the United States economy and the economic life of its citizens from the colonial period to the present. Economic growth and change are described within contemporary social, political and cultural contexts. Broad themes include the transformation of an agrarian economy into an industrial economy, the changing nature of work, the role of government in the economy, and the performance of the economy over time. (3H,3C)
2104: PERSONAL FINANCIAL PLANNING
Survey of fundamental personal financial planning needs and decisions of young professionals. Introduction to the personal financial planning needs that special household circumstances or non-traditional household situations may precipitate. (3H,3C)
2244 (AHRM 2244): FOOD AND CLOTHING: CULTURAL TRADITIONS, CONFLICTS AND POSSIBILITIES
Survey of basic ideas underlying human values and cultural traditions expressed in food and clothing. Ethical perspectives in Western and Non-Western schools of thought. Application to issues involving food and clothing, such as product liability, food and clothing safety, animal rights and the use of fur, labor sweatshops, sourcing of inputs, endangered species, rain forests, consumer sovereignty, freedom and economic justice. Sophomore standing required. II (3H,3C)
2424: COOPERATIVES AND THEIR IMPACT ON THE HUMAN CONDITION
An assessment of the member-owned cooperative organizational structure, including the founding Rochdale Principles (circa 1842) and how these principles and ethics are still prevalent in modern-day cooperatives. Emphasis will be on both agricultural (supply, marketing, service) and non-agricultural (employee-owned, rural electric, housing, child care, health care, crafts, credit unions) cooperatives, with special attention to the impacts on the human condition. I (3H,3C)
2464 (REL 2464) (STS 2464): RELIGION AND SCIENCE
Exploration of the relationships between religion and science in the western tradition. Topics include: basic frameworks for relationships between religion and science in historical and cultural context; types of human knowledge and truth; similarities and differences between science and religion; evolution; ecology; and contemporary issues. (3H,3C)
2974: INDEPENDENT STUDY
Variable credit course.
2984: SPECIAL STUDY
Variable credit course.
3004: AGRICULTURAL PRODUCTION AND CONSUMPTION ECONOMICS
The economic principles of production. Applications to decision-making and the allocation of resources for the agricultural firm. Consumer behavior and demand for agricultural products. II. Pre: 1005. (3H,3C)
3015-3016: INTERNSHIP IN AGRICULTURAL AND APPLIED ECONOMICS
Preparation for, and follow-up to, a practical experience in a selected agricultural, resource, or governmental enterprise, which takes place under the direct supervision of an owner, manager, or supervisor. 3015: offers the student a broad management horizon on understanding the value and the process of setting goals and objectives, and provides methods for evaluating one's abilities, interests, and desires for making career-path choices. 3016: provides a forum for students to share work experiences, discuss human resource issues, and apply the problem solving process to a problem or concern witnessed during the internship. 3015: II; 30I6: I. (1H,1C)
3104: FINANCIAL PLANNING FOR PROFESSIONALS
Analysis of financial needs, from the context of the individual, household or small business owner, related to financial situation (cash management and use of debt), income taxes, risk management, retirement planning, investment planning, estate planning, and other special needs. Utilizes mathematical and computing skills. Pre: 2104 or AHRM 2304, FIN 3134 or ACIS 1504. (3H,3C)
3204: INTERNATIONAL AGRICULTURAL DEVELOPMENT AND TRADE
Examination of the role of agriculture in less developed countries and how that role is affected by public policies. Topics include the dimensions of world food, population, and income problems; theories of economic development and the role of agriculture; a description of traditional agricultural systems and their evolution; components of an agricultural modernization strategy; the impacts of international trade and aid; and the effects of international development on U.S. agriculture. I. Pre: 1005, 1006. (3H,3C)
3304: RURAL AND REGIONAL DEVELOPMENT POLICY
Analysis of public policy issues and programs for rural America. Emphasis on economic relationships between rural and urban sectors, on economic and social impacts of public programs, and on the process of policy formation. Impact of real property taxation, regional growth, community development and the financing of public services in the rural area will be explored. The relationships between development of resources, growth of the economy, population changes, and the quality of the rural life and environment will be explored. I. Pre: 1005, 1006. (3H,3C)
3314: ENVIRONMENTAL LAW
Principles of law involved in environmental issues, survey of environmental litigation, legislation and administrative rulings. Law topics include natural resources, water pollution, private land use, air pollution, toxic substance, food, drug, pesticides, and biotechnology. II. (3H,3C)
3404: AGRICULTURAL FINANCIAL MANAGEMENT
Principles and concepts of preparing agricultural financial statements and their analysis. Application of budgeting and risk management. Time value of money concepts applied to borrowing and investing decisions in agriculture. II. Pre: 1005, 1006. (3H,3C)
3414: FARM, COOPERATIVE, AND AGRIBUSINESS MANAGEMENT
Primary management tools as they relate to farm production enterprises and agribusinesses. Emphasis on comparing and contrasting the cooperative and investor-oriented business. Pre: 1005. (3H,3C) II.
3424: FOOD AND AGRIBUSINESS MARKETING MANAGEMENT
Marketing tools needed to identify and solve the complexity of marketing food and agribusiness products. Emphasis will be on the marketing principles and concepts applicable to the marketing of food and agribusiness products. Contemporary trends, marketing strategies and problems in the food and agribusiness sector. II. Pre: 1006. (3H,3C)
3454 (MGT 3454): SMALL BUSINESS MANAGEMENT AND ENTREPRENEURSHIP
Characteristics of small business and entrepreneurs, and their economic importance. Development and operation of a small business, including concepts and principles such as franchising, business plans, capital acquisition, venture capital, financial and administrative control, marketing, human resource and operations management. Taxation, legal, insurance and ethics in small business. Junior standing required. I. (3H,3C)
3504: MARKETING AGRICULTURAL PRODUCTS
Structure of the agricultural marketing system with emphasis on factors determining farm level prices. Emphasis on how markets coordinate consumer desires and producer costs through marketing channels. Impact of market structure, grades, information, product form, and advertising on farm prices. International trade impacts on producers, consumers, agribusiness, and government. I. Pre: 1005. (3H,3C)
3514: AGRICULTURAL FUTURES AND OPTIONS
The role of agricultural futures and options in risk management strategies for producers and agribusiness firms and in the price discovery process. Fundamental supply-demand and technical analysis of the markets and pricing processes. Development and applications of effective price risk management strategies. II. (3H,3C)
3604: AGRICULTURAL LAW
Legal problems of farm and agribusiness management. Practical application of principles of contracts, negligence, debt instruments and commercial transactions of the farm and agribusiness organization. Selected state and federal laws regulating the farm and agribusiness sector; basic animal laws including state and federal regulation of agricultural sector. I. (3H,3C)
3954: STUDY ABROAD
Variable credit course.
4104: RETIREMENT PLANNING
Overview of planning needs, products, and strategies used by financial professionals to help businesses, small business owners, and individuals choose and implement an effective retirement plan. Must have prerequisite or permission of instructor. Pre: 3104. (3H,3C)
4124: CLIENT RELATIONSHIP MANAGEMENT
Investigation of socio-psychological factors and communication/interviewing strategies that foster trust-based relationships essential to the success of financial advisors and other financial service professionals. Graduate students are expected to have completed AAEC 3104 or an equivalent course or may enroll with permission of the instructor. Pre: 2104 or 3104. (3H,3C)
4134: FINANCIAL PLANNING APPLICATIONS
Integration of financial planning content in the resolution of client situations in the context of ethical and compliant workplace practices. Utilizes a case analysis approach applying financial planning processes and procedures. Graduate students are expected to have similar background from equivalent courses or professional experience or may enroll by permission of the instructor. Pre: 3104, 4104, FIN 3144, FIN 3204. Co: ACIS 4314, FIN 4004. (3H,3C)
4204: FOOD AND AGRICULTURAL POLICY
Examination of the role of agriculture in developed economies and how agriculture is affected by policy decisions in the public sector. Emphasis will be placed on the economic impacts of policies on the producers and consumers of agricultural products: price supports, food stamps, tariffs and quotas. I. Pre: 1005, 1006. (3H,3C)
4304: ENVIRONMENT AND SUSTAINABLE DEVELOPMENT ECONOMICS
Economics of environment and sustainable development. Topics include economic efficiency, property rights, externalities, benefit-cost analysis, economic evaluation procedures, public and private conflicts in land use, water quality, and international growth/development/environmental issues. I,II. Pre: 1005 or ECON 2005. (3H,3C)
4314: ENVIRONMENTAL ECONOMIC ANALYSIS AND MANAGEMENT
Quantitative methods and computer-aided tools used in the economic analysis of environmental/natural resource issues. Economic concepts and analytical tools will be applied to realistic, problem-solving situations. Topics include cost effectiveness analysis, benefit-cost analysis, economic simulations, and statistical analysis. II. Pre: 4304 or ECON 4014 or FOR 3424. (3H,3C)
4344: SUSTAINABLE DEVELOPMENT ECONOMICS
Sustainable development concepts are critically explored particular emphasis on implications for domestic and international sustainable development agriculture and for economic development. Students investigate case studies illustrating problems of sustainable development and potential policy solutions. Pre: (4304 or 3004 or ECON 4014). (3H,3C) I.
4404: AGRICULTURAL MANAGEMENT AND PROBLEM-SOLVING
Capstone course for students interested in agribusiness management. Application of concepts, tools, and principles including management, finance, marketing, economic theory, and quantitative methods to applied agricultural decisions. Application of knowledge on selected agricultural projects that enhance team-building, written, and oral communication skills. Computer spreadsheet application and senior status. Pre: (3414, 3404, 3504) or (3424, 3604). (3H,2L,4C) II.
4504: AGRICULTURAL PRICE AND MARKET ANALYSIS
Estimation of agricultural supply, demand, and price relationships. Determination of market potential for new products. Students identify problem, collect data, estimate statistical relationship(s), interpret results, and write research report. Use of probability distribution in marketing strategy development. Pre: 3004, 3504, STAT 3006. (3H,3C) I.
4514: ADVANCED AGRIBUSINESS MARKETING
Applying concepts, principles, and analytical tools in developing a marketing plan for an existing or new agricultural product or service. Students will define the market, perform competitive marketing analysis, outline market assumptions and objectives, and perform a three-year financial evaluation of the action plan. Course can be repeated once. Co: 3504 or 3004. I. Variable credit course. Pre: 3404, 3414, 3424.
4754: REAL ESTATE LAW
The law of real property, legal framework, law of estates in land, conveyancing, landlord-tenant and non-possessory interest in real property. Zoning, easements, restrictive covenants. Mortgages, deeds of trust, and taxation of real estate. Junior standing required. (3H,3C) I.
4764: REAL ESTATE APPRAISAL
Application of economic principles to the valuation and appraisal of property. Income, cost and comparable approach to value. Rural property, commercial, residential and transitional will be evaluated. Ethical and professional requirements. Variable lab credit available to meet Real Estate licensing requirements. (Course credits may vary from 3 to 5 hours.) Junior standing required. II. Variable credit course.
4804 (STAT 4804): ELEMENTARY ECONOMETRICS
Economic applications of mathematical and statistical techniques: regression, estimators, hypothesis testing, lagged variables, discrete variables, violations of assumptions, simultaneous equations. II. Pre: 1006, (STAT 3005 or STAT 3604). (3H,3C)
4974: INDEPENDENT STUDY
Variable credit course.
4984: SPECIAL STUDY
Variable credit course.
4994: UNDERGRADUATE RESEARCH
Variable credit course.
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