Credit points: 15

Subject outline

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

Credit points15

Subject Co-ordinatorPenelope Smith

Available to Study Abroad StudentsNo

Subject year levelYear Level 1 - UG

Exchange StudentsNo

Subject particulars

Subject rules

Prerequisites Admission into SBATE


Incompatible subjectsN/A

Equivalent subjectsN/A

Special conditionsN/A


Resource TypeTitleResource RequirementAuthor and YearPublisher
ReadingsAgricultural and resource policy: principles and practiceRecommendedGodden D, 2006SYDNEY UNIVERSITY PRESS, NSW.
ReadingsAn introduction to economics - concepts for students of agriculture and the rural sectorRecommendedHill, B, 20063RD EDN, CABI, OXFORDSHIRE, UK.
ReadingsEconomicsRecommendedSloman, J & Norris, K 2002PEARSON EDUCATIONAL, SYDNEY.
ReadingsProductivity growth in Australian agriculture: trends, sources, performanceRecommendedMullen, J 2007AUSTRALIAN FARM INSTITUTE, SURRY HILLS, NSW.
ReadingsThe farming game: agricultural management and marketingRecommendedMalcolm, B, Makeham, J & Wright, V 20052ND 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.

Subject options

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Start date between: and    Key dates

Epping, 2018, Week 29-43, Day


Online enrolmentNo

Maximum enrolment sizeN/A

Enrolment information

Subject Instance Co-ordinatorPenelope Smith

Class requirements

WorkShop Week: 29 - 42
Two 2.0 hours workshop per week on weekdays during the day from week 29 to week 42 and delivered via face-to-face.


Assessment elementComments% ILO*
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