Agricultural and Applied Economics
www.aaec.vt.edu/aaec/
Kevin J. Boyle, Head
Professors: .R. Alwang; D.J. Bosch; R. Crowder; G. C. Davis; M.J. Ellerbrock; L.L. Geyer;
R.H. Lytton; B.F. Mills; M. A. Marchant; G. W. Norton; M. Norton; E.B. Peterson; J. Pease;
K. Stephenson; D.B. Taylor
Associate Professors: G.E. Groover; A. Marathe
Assistant Professors: K. Boys; J.H. Grant; W. You
Instructors: G. Ferreira; W.A. White
Career Advisor: K. Stephenson
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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. 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 |
| Scientific Reasoning and Discovery (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 2115: Principles of Accounting* |
3 |
| FIN 3104: Introduction to Finance or ACIS 2116: Principles of Accounting (these courses not required for Community Economic Development Option; both courses required for Financial Planning Option) |
3 |
| COMM 2004: Public Speaking* |
3 |
| ENGL 3774: Business Writing* |
3 |
II. Requirements for Options (Area of Specialization Requirement -- 18 hours)
A. Agribusiness Management Option
| AAEC 2434: Foundations of Agribusiness |
3 |
| AAEC 3454: Small Business Management and Entrepreneurship |
3 |
| AAEC 3504: Marketing Agricultural Products |
3 |
| AAEC: 3015 AAEC Internship |
1 |
| AAEC 3604: Agricultural Law |
3 |
| STAT 3005, STAT 3615 or BIT 2405 |
3 |
| AAEC 3014: Analytical Methods in Applied Economics* |
3 |
| Restricted elective, analytical methods |
3 |
| AAEC 4514: Advanced Agribusiness Marketing |
3 |
| AAEC 4424: Agricultural Financial Management |
3 |
| AAEC 4404: Agricultural Management and Problem Solving |
3 |
| AAEC 3024: Monetary and Global Issues in Applied Economics |
3 |
| Agricultural Economics Elective Courses |
12 |
| Restricted and Free Electives |
26 |
B. Environmental Economics, Management, and Policy Option
| AAEC 2434: Foundations of Agribusiness or AAEC 2104: Personal Financial Planning |
3 |
| AAEC 3004: Ag. Production and Consumption Economics |
3 |
| AAEC 4324: Rural and Regional Development Policy 3 |
3 |
| AAEC 3314: Environmental Law (Area 7, Liberal Education) |
3 |
| AAEC 3324: Environment and Sustainable Dev. Economics |
3 |
| AAEC 4314: Environmental Economic Analysis and Mgmt. |
3 |
| AAEC 3024: Monetary and Global Issues in Applied Economics |
3 |
ENSC 3604: Fundamental of Environmental Science
or CSES 3604: Fundamentals of Environmental Science |
3 |
| AAEC 3015: AAEC Internship |
1 |
| STAT 3005, STAT 3615 or BIT 2405 |
3 |
| AAEC 3014: Analytical Methods in Applied Economics* |
3 |
| Restricted elective, analytical methods |
2-3 |
| Additional Option Electives |
9 |
| Restricted and Free Electives |
32-33 |
C. International Trade and Development Option
| AAEC 2434: Foundations of Agribusiness or AAEC 2104: Personal Financial Planning |
3 |
| AAEC 3004: Ag. Production and Consumption Economics |
3 |
| AAEC 3204: International Agricultural Development and Trade |
3 |
| AAEC 3324: Environment and Sustainable Dev. Economics |
3 |
| AAEC 4324: Rural and Regional Development Policy |
3 |
| AAEC 4334: Applications in Rural Development |
1 |
| AAEC 3015: AAEC Internship |
1 |
| AAEC 3024: Monetary and Global Issues in Applied Economics |
3 |
STAT 3005, STAT 3615 or BIT 2405
|
3 |
| AAEC 3014: Analytical Methods in Applied Economics* |
3 |
| Restricted elective, analytical methods |
3 |
| IS 2054: Introduction to World Politics |
3 |
| IS 2064: Global Economy and World Politics |
3 |
| Additional Option Electives |
12 |
| Restricted and Free Electives |
28 |
D. Community Economic Development Option
| AAEC 2434: Foundations of Agribusiness or AAEC 2104: Personal Financial Planning |
3 |
| AAEC 3004: Ag. Production and Consumption Economics |
3 |
| AAEC 3324: Environment and Sustainable Dev. Economics |
3 |
| AAEC 4324: Rural and Regional Development Policy |
3 |
| AAEC 4334: Applications in Rural Development |
1 |
AAEC 3015: AAEC Internship
|
1 |
| AAEC 3314: Environmental Law or AAEC 3604 Agricultural Law |
3 |
| AAEC 3024: Monetary and Global Issues in Applied Economics |
3 |
| STAT 3005, STAT 3615 or BIT 2405 |
3 |
| AAEC 3014: Analytical Methods in Applied Economics* |
3 |
| GEOG 4084: Intro to Geographic Information Systems |
3 |
| Additional Option Electives |
15 |
| Restricted and Free Electives |
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 (for Area 4) |
8 |
| CHEM 1035, 1036, 1045, 1046: General Chemistry |
8 |
| AAEC 2434: Foundations of Agribusiness |
3 |
| AAEC 3454: Small Business Management and Entrepreneurship |
3 |
| AAEC 3504: Marketing Ag Products |
3 |
| AAEC 3604: Agricultural Law |
3 |
| AAEC 4424: Agricultural Financial Management |
3 |
| AAEC 4404: Agricultural Management and Problem Solving |
3 |
| AAEC 3024: Monetary and Global Issues in Applied Economics |
3 |
STAT 3005, STAT 3615 or BIT 2405
|
3 |
| AAEC 3014: Analytical Methods in Applied Economics* |
3 |
| CHEM 2535-2536, 2545-2546: Organic Chemistry |
8 |
| PHYS 2205-2206, 2215-2216: General Physics |
8 |
| BCHM 2024: Concepts of Biochemistry |
3 |
| Area of Specialization and Free Electives |
18 |
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 |
| AAEC 4984: Financial Planning Technology and Modeling |
3 |
| ACIS 4344: Taxation for Financial Planners |
3 |
| BIT 2405-2406: Quantitative Methods |
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)
1264: PEACE ECONOMICS
Introduction to economic impediments and solutions in the pursuit of world peace, including various perspectives on defining peace, the role of natural resources and ethics in regional and global development, and the actual poverty reduction programs. (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. (3H,3C) II.
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)
2434: FOUNDATIONS IN AGRIBUSINESS
Introduction to the primary management tools as they relate to farm production enterprises and agribusinesses. Principles and concepts of preparing farm and agribusiness financial statements and their analysis. Application of budgeting and risk management. Pre: 1005. (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. Pre: 1005. (3H,3C) II.
3014: ANALYTIC METHODS APPLIED ECON
Quantitative methods used in applied empirical economic analysis including simple and multiple regression, estimation and application of elasticity, decision analysis, economic simulations, linear programming, and risk analysis. Analysis using spreadsheets stressed. Pre: STAT 3005 or BIT 2405 or STAT 3615. (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)
3024: MONETARY GLOB ISS APPLIED ECON
Economics of an open economy and its impact on agricultural and natural resource markets. History of the monetary system, national accounts, balance of payments, fiscal and monetary policy, foreign exchange determinants, trade deficits, international finance, globalization and economic growth. Linkages to agricultural policy and commodity markets stressed. Pre: 1005, 1006. (3H,3C)
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. FIN students may be excused from the AAEC 2104 pre-requisite with instructor permission. Pre: 2104. Co: FIN 3134. (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)
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. (3H,3C) II.
3324: ENVIRONMENT SUSTAIN DEV ECON
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. Pre: 1005 or ECON 2005. (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. Pre: 1006. (3H,3C) II.
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. (Cross listed MGT 3454). 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. (3H,3C) II.
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. AAEC 4344 or FIN 4004 taken simultaneously with this course can be substituted for the pre-requisites. Pre: 3104, 4104, FIN 3144, FIN 3204. Co: ACIS 4314, FIN 4004. (3H,3C)
4135 (ECON 4135): INTERNATIONAL ECONOMICS
4135 International Trade: Factor mobility and commercial policy (tariffs, quotas, export licensing). Pre: ECON 3104 or ECON 2025H or AAEC 3004. (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)
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. Pre: 3324 or ECON 4014 or FOR 3424. (3H,3C) II.
4324: RURAL AND REGIONAL DEVELOPMENT POLICY
Description of rural areas, their economic structure, and conditions for broad-based economic development. Emphasis on the role of markets in the development process. Introduction to tools to evaluate policies and programs, identify distributional impacts, identify appropriateness for long-term sustainable development, and analyze tradeoffs between policy goals. Alternatives to public financing in rural areas. Pre: 1005, 3004. (3H,3C)
4334: APPLICATIONS RURAL DEVELOPMENT
Evaluation of policy alternatives and programs for the development of rural areas. Intensive use of analytical techniques, including spreadsheet analysis of trends and changes over time, shift-share analysis of economic change, creation of indices of distribution and poverty for rural areas, creation and use of economic base multipliers, construction, use and interpretation of input-output models. Pre: 1005, 3004. Co: 4324. (1H,1C)
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. I Pre: (3324 or 3004 or ECON 4014). (3H,3C)
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. Senior Standing required. Pre: 3454. (3H,3C) II.
4424: AG FINANCIAL MANAGEMENT
Principles and concepts of preparing agricultural financial statements. Analysis of these statements following professional farm financial guidelines. Economic concepts applied to management of agricultural enterprises. Leasing, purchasing, borrowing, and lending decisions in agriculture. Agricultural applications of budget, risk management and mitigation, and loan structuring. Pre: 1005, 2434, FIN 3104. (3H,3C)
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. I Pre: 3004, 3504, STAT 3006. (3H,3C)
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: 2434, 3504.
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, basements, restrictive covenants. Mortgages, deeds of trust, and taxation of real estate. Junior standing required. I (3H,3C)
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. Variable credit course. II.
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. Pre: 1006, (STAT 3005 or STAT 3604). (3H,3C) II.
4814: FOOD AND HEALTH ECONOMICS
Microeconomics of food, nutrition, and health. Overview of nutrition, nutrition recommendations, and implications for economics based decisions. Individual and household food consumption and health production models. Farm to consumer market linkage models with nutrition and health implications Effectiveness of food and nutrition interventions and policies. Cost-benefit and cost- effectiveness analysis of health interventions. Pre-requisite: Senior Standing required. (3H,3C)
4974: INDEPENDENT STUDY
Variable credit course.
4984: SPECIAL STUDY
Variable credit course.
4994: UNDERGRADUATE RESEARCH
Variable credit course.
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