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AGRICULTURAL ECONOMICS AND AGRIBUSINESS (AEAB)

M. J. Cochran, Head of the Department, 221 Agriculture Building, 575-2256

University Professor LaFerney • Professors Cochran, Dixon, Redfern, Wailes • Professors Emeriti Berry, Headley, Jackson, Meenen, Morrison, Price • Adjunct Professors Millager, Miller • Associate Professors Ahrendsen, Goodwin, Parsch • Assistant Professors McKenzie, Popp (J.), Popp (M.), Rainey, Thomsen • Adjunct Assistant Professor Bryant • Adjunct Instructor Hipp

The agricultural business degree program provides education suited to career opportunities in farm management, agricultural business management and agricultural marketing in both the domestic and international areas.

Managers of farms and agricultural businesses are continually required to make organizational and operational decisions. The basic skills and knowledge needed for making sound decisions are provided by the agricultural business curriculum. Students may elect to specialize in areas compatible with their personal objectives, depending upon the extent of accounting and business orientation desired.

Students educated in agricultural business are in demand for positions in agricultural industries, farm operation and management, marketing agencies, agricultural service organizations, state and federal agencies, and numerous other positions. For those who go on to graduate school, teaching and research positions are available with land grant colleges as well as with other institutions. Three concentrations are available to meet career objectives:

A. Agricultural Management and Marketing (ABMM)

B. Pre-Law, for students preparing to attend law school (PRLW)

C. Agricultural Economics, which emphasizes quantitative and analytical skills to prepare students for graduate school (AGEC)

Requirements for a B.S.A. degree with a major in agricultural business
(See University Core and B.S.A. requirements)

35 hours of University Core requirements to include:

4 hours of biology or botany (BIOL 1543/1541L or BOTY 1613/1611L)

4 hours of chemistry (CHEM 1053/ 1051L or CHEM 1074/1071L or CHEM 1103/1101L or CHEM 1123/1121L)

PSYC 2003 or SOCI 2013 or RSOC 2603

AGEC 1103 and AGEC 2103

University Advanced Composition Requirement:
ENGL 2003 - exemption possible

College Requirements:

AGED 3142/3141L
COMM 1313 and 3 hours communication elective selected from ENGL 3053, COMM 2303, COMM 2373, COMM 3303 or COMM 3383

General Electives - 20 hours

Departmental Requirements (51-52 hours) for Concentrations A and B: agribusiness management and marketing
and pre-law:

AGEC 2303 - Intro to Agribusiness

AGEC 3403 - Farm Business Mgmt.

AGEC 4613 - Domestic & International Agricultural Policy

ECON 3033 - Microeconomics

ECON 3133 - Macroeconomics

ACCT 2013 - Intro Acct Info I

ACCT 2023 - Intro Acct Info II

MATH 2053 - Finite Math

MATH 2043 - Survey of Calculus

CISQ 2013 - Business Statistics or
STAT 4003/4001L - Statistical Methods

For Concentration A, agricultural management and marketing, select one of the three groups below:

Agribusiness Management

AGEC 3303 - Food and Agriculture Marketing

AGEC 3503 - Agricultural Law I AGEC 4143 - Agricultural Finance

AGEC 4313 - Agri Business Mgmt.

9 hours of upper-level AGEC or College of Business courses

Farm Business Management

AGEC 3373 -Futures and Options Markets

AGEC 3503 - Agricultural Law I

AGEC 4143 - Agricultural Finance

AGEC 4403 - Advanced Farm Business Management

9 hours of upper-level AGEC or College of Business or technical agriculture courses

Agricultural Marketing

AGEC 3303 - Food and Agricultural Marketing

AGEC 3373 - Futures and Options Markets

AGEC 4303 - Advanced Agri Marketing Management

AGEC 4113 - Agri Prices and Forecasting

AGEC 4373 - Advanced Price Risk Management

6 hours of upper-level AGEC or College of Business courses

Concentration B, Pre-Law

AGEC 3373 - Futures and Options Markets

AGEC 3413 - Principles of Environ- mental Economics

AGEC 3503 - Agricultural Law I

AGEC 4143 - Agricultural Finance

AGEC 4313 - Agri Business Mgmt.

ACCT 3613 - Managerial Uses of Accounting Info

3 upper-level hours from AGEC, ACCT, FINN, MGMT or CISQ approved by adviser

3/3 Program. Exceptional students in the Pre-Law concentration may enroll in the Law School in their fourth year provided that the following requirements have been met:

1. complete all university, college and department core requirements for the pre-law concentration.

2. completed 12 hours in the specialization list for pre-law.

3. a cumulative grade-point average in all college or university course work of at least 3.50 without grade renewal.

4. a LSAT score of at least 159. A student may substitute law school course work for the remaining total hours required for the bachelor's degree in agricultural business.

It is a requirement of the Law School's accrediting standards that no student be admitted to Law School until they have completed
at least three-fourths of the work necessary for the baccalaureate degree. The requirements embodied in the 3/3 program satisfy this
requirement.

Departmental Requirements (51 hours) for Concentration C

Agricultural Economics:

AGEC 2303 - Intro to Agribusiness

ECON 3033 - Microeconomic Theory

ECON 3133 - Macroeconomic Theory

ACCT 2013 - Intro to Accounting Info I

ACCT 2023 - Intro to Accounting Info II

MATH 1213 - Plane Trigonometry or
MATH 1285 - Precalculus (in lieu of MATH 1203 and MATH 1213

MATH 2554 - Calculus I

MATH 2564 - Calculus II

STAT 4003/4001L - Statistical Methods

ECON 4743 - Intro to Econometrics

MATH 3083 - Linear Algebra

9 hours upper-level AGEC courses 6 hours upper-level AGEC, College of Business course

Requirements for a minor in agricultural business (AGBS):

18 semester hours to include AGEC 1103 and AGEC 2303; 6 hours from AGEC 3303, AGEC 3373, AGEC 3403 AGEC 3413, or AGEC 4313; and 6 hours to be selected from the following:

ACCT 2013, ACCT 2023, AGEC 2103, AGEC 3303, AGEC 3373, AGEC 3403, AGEC 3413, AGEC 3503, AGEC 4113, AGEC 4143, AGEC 4303, AGEC 4313, AGEC 4373, AGEC 4403, AGEC 4413, AGEC 4613, AGME 2903, BLAW 2013, CISQ 2013, CISQ 2232, CISQ 3333, CISQ 3603, ECON 3033, ECON 3133, ECON 3533, ECON 4633, FINN 3043, FINN 3623, MATH 2043, MATH 2053, MGMT 3563, MGMT 3933, MGMT 4403, MGMT 4433, MKTT 3433, MKTT 3533, MKTT 4033, MKTT4553, MKTT 4933, MKTT 4943, STAT 4003/4001L.

Additional upper-division courses in the Sam M. Walton College of Business may be substituted with approval, provided prerequisites for those courses have been satisfied outside the minor. Students interested in postgraduate study in agricultural economics may obtain adjustments to these requirements to accommodate graduate admission requirements.

AGRICULTURAL ECONOMICS and Agribusiness (AGEC)

AGEC1103 Principles of Agricultural Microeconomics (FA, SP) Introduction to agricultural economics, including a survey of the role and characteristics of agriculture businesses in our economic system. Basic economic concepts concerning price determination, profit maximization, and resource use are emphasized. The use of economic principles as applied to the production and marketing decisions made by managers of agricultural firms is demonstrated. Pre- or Corequisite: MATH 1203. UNIVERSITY CORE COURSE

AGEC2103 Principles of Agriculture Macroeconomics (FA, SP) Applications of economics principles to problems of agricultural production, distribution, and income; including a study of the interrelationship between agriculture and other segments of the economy; and the dynamic forces in the economy which affect agriculture. Pre- or Corequisite: MATH 1203. UNIVERSITY CORE COURSE

AGEC2303 Introduction to Agribusiness (FA, SP) Introduction to agribusiness issues as they relate to the food processing, wholesale and retail sectors of the agricultural industry. Coverage of methods and tools agribusiness managers use to evaluate business opportunities. Case studies serve to communicate concepts of product distribution, design, promotion and pricing in the development of a marketing plan. Prerequisite: AGEC 1103 or ECON 2023.

AGEC3303 Food and Agricultural Marketing (FA) Surveys consumer trends in food markets and the marketing activities of the food and fiber system. Emphasizes marketing concepts for both commodities and differentiated food products. Topics include applied consumer and price theory; marketing management; structure and performance of the food system; and current agricultural marketing topics. Prerequisite: MATH 1203 and (AGEC 1103 or ECON 2023).

AGEC3373 Futures and Options Markets (SP) Theory and mechanics of commodity futures and options markets including trading, margin, fees, etc. Price relationships between cash, futures and options. Fundamental and technical price analysis. Price risk management strategies for producers and users of agricultural commodity marketing plan. Speculative and hedging simulation exercises. Prerequisite: AGEC 1103 or ECON 2023.

AGEC3403 Farm Business Management (FA) Application of economic principles for the profitable organization and operation of the farm business. Focuses upon agricultural production management decision-making tools: optimal input/output decisions, budgeting techniques (enterprise, partial, whole-farm, cash flow), linear programming, balance sheet, income statement, investment analysis and risk management. Lecture 2 hours, laboratory 2 hours per week. ACCT 2013 and AGME 2903 or BAST 2903 or CISQ 1121L are recommended. Corequisite: AGEC 3400L. Prerequisite: AGEC 1103 or ECON 2023.

AGEC3400L Farm Business Management Laboratory (FA) Corequisite: AGEC 3403.

AGEC3413 Principles of Environmental Economics (FA) An introductory, issues-oriented course in the economics of the environment. What is involved in society making decisions about environmental quality will be studied. Environmental issues important to the State of Arkansas and the United States will be emphasized. Prerequisite: AGEC 1103 or ECON 2023.

AGEC3503 Agricultural Law I (SP) Examination of those areas of law especially applicable to agriculture. Fundamentals of contract law, torts law, and property law will accompany discussion of major areas of agricultural law; acquisition and disposal of farmland; farm tenancies; rights and limitations in the use and ownership of farmland; water law; environmental protection; protection of the productivity of agricultural land; and the law of sales and secured transactions in an agricultural context.

AGEC400V Special Problems (1-6) (FA, SP, SU) Special studies and readings conducted under the direct supervision of staff members to satisfy the requirements of individual students. May be repeated for 6 hours.

AGEC401V Internship in Agribusiness (1-6) (IR) A supervised practical work experience in an agribusiness firm or a governmental or industrial organization having direct impact on agriculture to gain professional competence and insight to employment opportunities. May be repeated for 8 hours. Prerequisite: junior standing.

AGEC402V Special Topics (1-3) (IR) Studies of selected topics in agricultural economics not available in other courses. May be repeated.

AGEC4113 Agricultural Prices and Forecasting (SP) Price theory and techniques for predicting price behavior of general economy and price behavior of individual agricultural products will be analyzed. Provides practice in the application of economics and statistics to agricultural price analysis. Lecture 2 hours, laboratory 2 hours per week. Prerequisite: AGEC 1103 (or ECON 2023) and CISQ 2013 (or AGST 4023 or STAT 2023) and MATH 2053 (or MATH 2043) and BAST 2903 (or CISQ 1121L).

AGEC4110L Agricultural Prices and Forecasting Laboratory (SP)

AGEC4143 Agricultural Finance (FA) Methods and procedures whereby agricultural firms acquire and utilize funds required for their successful operation. Emphasis is placed upon role of finance and financial planning and consideration is given to an understanding of financial firms serving agriculture. ACCT 2013 and ACCT 2023 are recommended. Prerequisite: AGEC 1103 (or ECON 2023) and AGEC 2103 (or ECON 2013).

AGEC4303 Advanced Agricultural Marketing Management (SP) Marketing concepts will be developed and applied to the global food and fiber system. The course will use both commodity and product marketing principles and economic theory to analyze varied marketing situations. Case studies will be used to demonstrate role that demand analysis and consumer behavior play in market management. Prerequisite: AGEC 2303 and AGEC 3303.

AGEC4313 Agricultural Business Management (FA) The planning, organizing, leading and controlling functions of management as they relate to agricultural business firms. Marketing of value-added products, budgeting, organizational structure, cost control, financial statements, capital budgeting and employee supervision and motivation. Case studies are used to teach communication and decision-making skills. Prerequisite: senior standing.

AGEC4373 Advanced Price Risk Management (SP) Use of futures markets as risk shifting institutions. Students design and implement hedging and cross hedging strategies for grain farmers, country elevators, soybean crushers, poultry firms, etc. Spreadsheets and statistical techniques are used to develop optimal hedging ratios. Prerequisite: AGEC 3373.

AGEC4403 Advanced Farm Business Management (SP) Principles and procedures of decision making as applied to the allocation of resources in the farm business for profit maximization. Emphasis is placed on use of principles of economics and their application to the decision making process. Includes exercises on the application of principles to specific farm management problems. Prerequisite: AGEC 3403 and AGME 2903 (or BAST 2903 or CISQ 1121L).

AGEC4413 Economics of Environmental Management (SP) An economic approach to problems of evaluating private and social benefits and costs of altering the environment. Emphasis given to the interaction of individuals, institutions, and technology in problems of establishing and maintaining an acceptable level of environmental quality. (Same as ENSC 4413) Prerequisite: AGEC 1103 and AGEC 3413.

AGEC4613 Domestic and International Agricultural Policy (FA) Agricultural and food policies studied from domestic and international perspectives. Examines public policy in terms of rationale, content, and consequences. Economic framework used to assess policies to improve competitive structure, operation, and performance of U.S. and international food and agriculture. Farm, international trade, resource, technology, food marketing, and consumer policies analyzed. Prerequisite: (AGEC 1103 or ECON 2023) and (AGEC 2103 or ECON 2013).

AGEC500V Special Problems (1-3) (FA, SP, SU) Individual reading and investigation of a special problem in agricultural economics not available under regular courses, under the supervision of the graduate faculty. Prerequisite: graduate standing.

AGEC5011 Seminar (FA, SP) Presentation and discussion of graduate student research. Formal presentations are made by all graduate students. Consideration given to research design, procedures, and presentation of results. Prerequisite: graduate standing.

AGEC502V Special Topics (1-3) (IR) Advanced studies of selected topics in agricultural economics not available in other courses. May be repeated. Prerequisite: graduate standing.

AGEC503V Internship in Agricultural Economics (1-6) (IR) On-the-job application of skills developed in the M.S. program (credit/non-credit only).

AGEC5113 Agricultural Marketing Analysis (SU) Course prepares students for some of the more common tasks in
market analysis as undertaken by professional agricultural economists in industry, government, and academic institutions. Major emphasis is on the analytical procedures and techniques required in short- and long-term outlook work; forecasting and projecting supply, demand and prices; and optimal market organization. Prerequisite: AGEC 5303.

AGEC5143 Financial Management in Agriculture (IR) Covers advanced topics in agricultural finance. The general focus of the course is the financial management of non-corporate firms. Covers the basic tools of financial analysis including financial arithmetic, asset evaluation under risk, and financial analysis and planning using econometric models. Such topics covered include management of current assets, capital budgeting, capital structure, and institutions involved in agricultural finance. Prerequisite: graduate standing.

AGEC5153 The Economics of Agricultural Policy (SP) Application of welfare criteria and economic analyses to the problems and policies affecting resource adjustments in agriculture. Existing programs and alternative proposals are evaluated for both short and long term viewpoints, under the criterion of resource use and income distribution within agriculture or between agriculture and the rest of the economy. Prerequisite: graduate standing.

AGEC5163 Agricultural and Rural Development (SU) Examination of agricultural and rural development issues in less developed countries. Alternative agricultural production systems are compared, development theories examined, and consideration given to the planning and implementation of development programs. Prerequisite: graduate standing and AGEC 1103 (or ECON 2023).

AGEC5303 Agricultural Marketing Theory (SP) Survey of the structure of agricultural product and factor markets including a critique of theoretical analyses of industry structure, conduct and performance; and a review of market structure research in agricultural industries. Prerequisite: graduate standing.

AGEC5403 Quantitative Methods for Agribusiness (FA) Application of quantitative techniques used to support managerial decision-making and resource allocation in agricultural firms. Provides exposure to mathematical and statistical tools (regression analysis, mathematical programming, simulation) used in economic analysis in agriculture. Emphasis is placed on computer applications with conceptual linkage to economic theory. Prerequisite: graduate standing.

AGEC5413 Agribusiness Strategy (FA) Addresses problems of strategy formulation in agribusiness emphasizing current problems and cases in agriculture. Surveys modern and classic perspectives on strategy with applications to agribusiness. Examines the development of firm level strategies within the structure and competitive environment of agricultural firms and industries. Prerequisite: graduate standing.

AGEC5613 Econometrics I (FA) Use of economic theory and statistical methods to estimate economic models. The single equation model is examined emphasizing multicollinearity, autocorrelation, heteroskedasticity, binary variables and distributed lags. An introduction to the simultaneous systems model is presented. Two 80-minute lecture periods weekly. (Same as ECON 5613) Prerequisite: MATH 2043 and knowledge of matrix methods, which may be acquired as a Corequisite and (AGEC 1103 or ECON 2023) and an introductory statistics course.

AGEC5623 Econometrics II (SP) Use of economic theory and statistical methods to estimate simultaneous equation models of an economy. Emphasis given to the problem of identification and the methods of estimating system models. Frontier topics are introduced. (Same as ECON 5623) Prerequisite: ECON 5533 and ECON 5613 (or AGEC 5613).

AGEC600V Master's Thesis (1-6) (FA, SP, SU) Prerequisite: graduate standing.

AGEC700V Doctoral Dissertation (1-6) (FA, SP, SU) Prerequisite: candidacy.