Credit points: 15
In this subject, students will examine micro and macroeconomic theories and their application to rural agricultural enterprises, agribusinesses and the agricultural market place. An understanding of key economic concepts will provide students with the knowledge and skills to analyse the impact of both on-farm and off-farm business activities in agricultural enterprises. Local and global influences and their impact on agricultural commodities will also be investigated. Students will identify and reflect on ethical issues relevant to agri-economics and consider economic case studies at enterprise, regional, national and international levels.
SchoolSchool of Life Sciences
Subject Co-ordinatorPenelope Smith
Available to Study Abroad StudentsNo
Subject year levelYear Level 1 - UG
Prerequisites Admission into SBATE
|Resource Type||Title||Resource Requirement||Author and Year||Publisher|
|Readings||Agricultural and resource policy: principles and practice||Recommended||Godden D, 2006||SYDNEY UNIVERSITY PRESS, NSW.|
|Readings||An introduction to economics - concepts for students of agriculture and the rural sector||Recommended||Hill, B, 2006||3RD EDN, CABI, OXFORDSHIRE, UK.|
|Readings||Economics||Recommended||Sloman, J & Norris, K 2002||PEARSON EDUCATIONAL, SYDNEY.|
|Readings||Productivity growth in Australian agriculture: trends, sources, performance||Recommended||Mullen, J 2007||AUSTRALIAN FARM INSTITUTE, SURRY HILLS, NSW.|
|Readings||The farming game: agricultural management and marketing||Recommended||Malcolm, B, Makeham, J & Wright, V 2005||2ND EDN, CAMBRIDGE UNIVERSITY PRESS, PORT MELBOURNE, VICTORIA.|
Graduate capabilities & intended learning outcomes
01. Describe selected micro and macro-economic theories in relation to agribusiness
- Tutorial exercises, lectures and an essay will be used to introduce the students to common micro- and macro-economic theories. Applications to agribusinesses will explored.
02. List key concepts of business level production economics
- Concepts such as supply and demand, law of diminishing returns and elasticity will be explored through lectures and application to production economics in tutorials.
03. Describe and explain concepts of demand and supply, elasticity, markets, competition and market failure in an agricultural context
- Concepts such as supply and demand, law of diminishing returns and elasticity will be explored through lectures and application in tutorials. Firms will be selected to provide case studies.
04. Identify and reflect on ethical issues relevant to agrieconomics
- Professional ethical behaviour and norms will be explored through case studies and tutorials.
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Epping, 2018, Week 29-43, Day
Maximum enrolment sizeN/A
Subject Instance Co-ordinatorPenelope Smith
Two 2.0 hours workshop per week on weekdays during the day from week 29 to week 42 and delivered via face-to-face.
|Essay (1500 words)||40||01, 03|
|Group case study (1500 words equivalent/student)||30||01, 02, 03|
|Tutorial Exercises (8 exercises during semester, 1500 words equivalent total)||30||01, 02, 03, 04|