Agricultural and Applied Economics
Head: Steven C. Blank
Professors: J.R. Alwang, D.J. Bosch, K.J. Boyle, R. Crowder, G. C. Davis, M.J. Ellerbrock,
L.L. Geyer, R.H. Lytton, M. A. Marchant, B.F. Mills, G. W. Norton, M. Norton, J. Pease, E.B. Peterson, K. Stephenson, and D.B. Taylor
Associate Professors: G.E. Groover, A. Marathe, and K. Moeltner
Assistant Professors: K. Boys, J.H. Grant, H. Smith, and W. You
Instructors: G. Ferreira and W.A. White
Career Advisor: K. Stephenson
Degree Requirements
The graduation requirements in effect at the time of graduation apply. When choosing the degree requirements information, always choose the year of your expected date of graduation. Requirements for graduation are referred to via university publications as "Checksheets". The number of credit hours required for degree completion varies among curricula. Students must satisfactorily complete all requirements and university obligations for degree completion.
The university reserves the right to modify requirements in a degree program. However, the university will not alter degree requirements less than two years from the expected graduation year unless there is a transition plan for students already in the degree program.
Please visit the University Registrar website at http://registrar.vt.edu/graduation-multi-brief/index1.html for degree requirements.
Major Options
- B.S. in Agribusiness w/ Agribusiness Management Option (AGBM)
- B.S. in Applied Economic Management w/ Environmental Economics, Management, and Policy Option (EEMP)
- B.S. in Applied Economic Management w/ International Trade and Development Option (ITD)
- B.S. in Applied Economic Management w/ Community Economic Development Option (CED)
- B.S. in Agribusiness w/ Veterinary Business Management Option (VBMG)
- B.S. in Applied Economic Management w/ Financial Planning Option (FNPN)
Satisfactory Progress
University policy requires that students who are making satisfactory progress toward a degree meet minimum criteria toward the General Education (Curriculum for Liberal Education) (see "Academics") and toward the degree.
Satisfactory progress requirements toward the degree can be found on the major checksheet by visiting the University Registrar website at http://registrar.vt.edu/graduation-multi-brief/index1.html.
Undergraduate Course Descriptions (AAEC)
1005,1006: ECONOMICS OF THE FOOD AND FIBER SYSTEM
How the individual economic actor makes rational choices as:
consumer, producer, firm/farm, saver, investor, employee,
employer, manager, trader. Economic principles that
underlie exchnage in business, government and household
transactions. Utility maximization in the U.S. and global
food and fiber system under conditions of scarcity.
Evaluation of policy issues important to society.
(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 (FIN 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)
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 OF 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)
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: ANALYTICAL METHODS IN APPLIED ECONOMICS
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 AND GLOBAL ISSUES IN APPLIED ECONOMICS
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)
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.
Dimensions of world food, population, and
income problems; theories of economic development and the
role of agriculture; traditional agricultural systems and
their evolution; agricultural modernization strategies;
interactions among natural resources, biofuels, food prices,
and sustainable agriculture; the impacts of international
trade and aid; and the effects of international development
on U.S. agriculture.
Pre: 1005 or ECON 2005.
(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)
3324: 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.
Pre: 1005 or ECON 2005.
(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.
Pre: 2434 or ACIS 2115 or MGT 3064.
(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.
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 or FREC 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.
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.
4414: APPLIED ECONOMIC PROBLEM-SOLVING
Application of economic training and skillsets to real-world
needs identified by clientele. Team problem-solving of
financial, marketing, production, legal and regulatory, and
human resources issues unique to the agriculture sector.
Facilitated experiential learning environment focused on
student-motivated solutions to economic risk management.
This course may be repeated once.
Pre: 1005.
(3H,3C)
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)
4464 (FREC 4464): WATER RESOURCES POLICY & ECON
Economic concepts to understand public and private
decisions about water use. Current water policies and law.
Analytical tools to evaluate policies and address management
challenges. Water markets, climate change, and environmental
flows.
Pre: 1005.
(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, STAT 3005, STAT 3615, BIT 2405.
(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, easements, 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.