Agricultural and Applied Economics

Head: Matthew T. Holt
Professors: J.R. Alwang, D.J. Bosch, K.J. Boyle, R. Crowder, G. C. Davis, M.J. Ellerbrock, R.H. Lytton, A. Marathe, M. A. Marchant, B.F. Mills, K. Moeltner, G. W. Norton, D. Orden, J. Pease, and K. Stephenson
Associate Professors: J. Cadot, S. Chen, J.H. Grant, and O. Isengildina-Massa
Assistant Professors: J. Bovay, C. Emlinger, J. Friedel, C. Holmes, C. Larochelle, K.L. Morgan, T.P. Mountain, C.L. Neill, A.F. Ramsey, S. Stewart, and W. Zhang
Instructors: J. Broadwell, K. White, and W.A. White
Undergraduate Director and Career Advisor: M.J. Ellerbrock

Web: http://www.aaec.vt.edu

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) Last Degree to be awarded in 2019.

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
1005: How the individual economic actor makes rational choices as: consumer, producer, firm/farm, saver, investor, employee, employer, manager, trader. Economic principles that underlie exchange 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. 1006: Overview of economic systems: capitalism versus communism, socialism, feudalism, mercantilism. Interrelationships of U.S. economic fiscal and monetary institutions and policies regarding agricultural productivity, business vitality, sustainable development, and human capital formation. Affordability, safety and security of food and fiber, cultural dynamics, consumer welfare, industrial profitability, natural resources conservation, rural economic infrastructure, international trade, and social justice. (3H,3C)

1264: PEACE ECONOMICS
Introduction to economic impediments and solutions in the pursuit of world peace, including various perspectives on defining peace, short-term humanitarian conflict over natural resources, ethics in regional and global development, and 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. Application of cash, credit, and debt management principles to household scenarios. Completion of federal income tax forms for individuals. Managing the household's risk exposure. Introduction to investment decisions, particularly related to retirement accounts. Overview of basic estate planning tools and principles. Discussion of the ethical issues related to financial products and decisions. (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. (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, MATH 1025 or MATH 1225. (3H,3C)

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. (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
Sustainable development through an exploration of hard and soft green schools of thought. Hard Green Strategies reliance on markets, technology, property rights, human ingenuity to increase production efficiency versus Soft Green Strategies-adoption of simpler lifestyles, government subsidies, natural design of buildings (biomimicry), and urban infrastructure to locate public transportation hubs nearest to densely populated neighborhoods to decrease consumption of natural resources. Connecting the influence of place in personal and group identity. Interdisciplinary examination of environmental justice among poor and minority U.S. communities. Social equity distribution of the economic costs and benefits of natural resources management policies. Roles of property rights, economic incentives, religious values, and political power in determining local communities ' capacity to control their environmental destiny. Pre: 1005 or 1006 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. 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. Pre: 1005, 1006, 2434. (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. (3H,3C)

3954: STUDY ABROAD
Variable credit course.

3984: SPECIAL STUDY
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. 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)

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)

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)

4434: COMMODITY INVESTING BY STUDENTS
Students make real world investment decisions in agricultural and energy commodities, execute trades, evaluate their performance and report to the VT Foundation. This student-run organization provides leadership opportunities as well as collaboration and networking experiences. Restricted to COINS members. May be repeated with different content up to 8 credit hours. This course is Pass/Fail. Pass/Fail only. Pre: 3514 or 4504 or FIN 4294. (2H,2C)

4464 (FREC 4464) (WATR 4464): WATER RESOURCES POLICY & ECONOMICS
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. 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. 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. (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.

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)

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: Senior Standing required. (3H,3C)

4964: FIELD STUDY
Variable credit course.

4974: INDEPENDENT STUDY
Variable credit course.

4984: SPECIAL STUDY
Variable credit course.

4994: UNDERGRADUATE RESEARCH
Variable credit course.