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SYLLABUS
AGEC 1233 Fundamentals of Agricultural Economics
Fall 2016
Instructor: Dr. Noel M. Estwick
Section # and CRN: Section P02; CRN 14163;
Office Location: Cooperative Agricultural Research Center (CARC). # 133
Office Phone: 936-261-2526
Email Address: nmestwick@pvamu.edu
Office Hours: Mon: 1:00 PM - 3:00 PM, Wed: 11:00 AM - Noon, other times by appointment.
Mode of Instruction: Face-to-Face
Course Location: Agriculture and Business Multipurpose Bldg. # 111
Class Days & Times: Monday: 5:00 PM – 7:50 PM;
Catalog Description: AGEC 1233 Fundamentals of Agricultural Economics: 3 semester hours.
Survey of the nature, organization, and operation of the agricultural industry:
application of economic principles to production and to the marketing of
farm-ranch food and fiber products: and investigation of institutions and
government as they affect agriculture.
Prerequisites: None
Co-requisites: None
Required Texts: Penson Jr., J. B., Capps Jr., O., Rosson III, C. P., and Woodward, R. T. 2003. Introduction
th
to Agricultural Economics. 5 -6th Ed. Prentice-Hall Publishers, Inc. Students may also use
an older edition of the textbook.
Recommended Texts: Cramer, Jensen and Southgate, Jr. Agricultural Economics and Agribusiness. John Wiley
th
& Sons, Inc. 8 Ed.
Student Learning Outcomes:
Program Core Curriculum
Upon successful completion of this course, students will be able to: Learning Outcome
Outcome # Alignment
Alignment
1 To derive clear understanding of the basic micro and macro-economic Goal 1:
principles as they apply to agriculture Mastery of
Content
2 To be able to understand and synthesize the magnitude and structure of the Goal 1:
agricultural sector. Mastery of
Content
3 To establish foundation knowledge for the advancement of agricultural Goal 1:
economics and agribusiness. Mastery of
1
Content
4 To broaden the educational knowledge base of the students in the area of Goal 1:
agricultural economics and related sciences and their role in the broader U.S. Mastery of
economy. Content
Major Course Requirements
Instruments Value (Points or Percentages) Total
1) Three Major Exams 15 Each 45
2) Class Project/ Quizzes 10 10
3) Homework 10 10
4) Class Participation/ Attendance 15 15
5) Final Exam 20 20
Total: 100
Grading Criteria and Conversion:
A = 90-100 pts
B = 80-89 pts
C = 70-79 pts
D = 60-69 pts
F = 0-59 pts
Detailed Description of Major Assignments:
This course will utilize the following instruments to determine student grades and proficiency of the learning
outcomes for the course
Assignment Title or Description
Grade Requirement
Exams Written tests designed to measure knowledge of presented course material
Class Project/Quizzes Introduce students to data collection and research design skill sets. Short written
assignments designed to supplement and reinforce course material
Homework Written assignments designed to supplement and reinforce course material.
Class Participation Daily attendance and participation in class discussions
Course Procedures or Additional Instructor Policies
Submission of Assignments:
Observe deadlines for submitting homework and assignments. Late submissions will result in a 3 point per day
penalty and will not be accepted after 4 days.
Formatting Documents:
Microsoft Word is the standard word processing tool used at PVAMU. If you’re using other word processors, be
sure to use the “save as” tool and save the document in either the Microsoft Word, Rich-Text, or plain text format.
Only tests and in-class assignments may be handwritten. All other assignments must be typed in 11 or 12
point font.
Exam Policy
Exams should be taken as scheduled. No makeup examinations will be allowed except under documented
emergencies (See Student Handbook). Anyone caught cheating during an examination will get a ZERO for that
examination. All exams will include a 5 point bonus question.
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Taskstream
Taskstream is a tool that Prairie View A&M University uses for assessment purposes. At least one of your
assignments is REQUIRED to be submitted as an "artifact,” an item of coursework that serves as evidence that
course objectives are met. More information will be provided during the semester, but for general information, you
can visit Taskstream via the link in eCourses.
Semester Calendar
Week One: Introduction: Principles of Agricultural Economics
Topic Description What is Agricultural Economics?
Readings: Related textbook chapter, course syllabus
Assignment(s): HW assignment – Principles of Economics
Week Two: The US. Food and Fiber Industry
Topic Description What is the food and fiber industry? Changing complexion of farming, Class Project
Readings: Related textbook chapter
Assignment(s): Homework - The U.S. Food and Fiber Industry
Week Three Market Forces of Demand and Supply
Topic description Markets and competition
Readings Related textbook chapter
Assignments(s) Homework assignment, Class project
Week Four Theory of Consumer Behavior, Introduction to GIS in Agricultural Economics
Topic description Utility theory, Indifference curves, budget constraints, Class project
Readings Related textbook chapter
Assignments(s) Exam 1
Week Five Elasticity and Its Applications
Topic description Classification of Inputs
Readings Related textbook chapter
Assignments(s) In-Class assignment, Homework assignment
Week Six Introduction to Production and Resource Use
Topic description Conditions of perfect competition, Class project
Readings Related textbook chapter
Assignments(s) In-Class assignment ,Homework assignment
Week Seven Market Equilibrium and Market Demand: Imperfect Competition
Topic description Elasticity of supply and producer surplus
Readings Related textbook chapter
Assignments(s) Exam 2 - Midterm
Week Eight Natural Resources, the Environment and Agriculture
Topic description Agriculture and the environment, Economics of the environment, Class project
Readings Related textbook chapter
Assignments(s) In- Class assignment, Homework assignment
Week Nine Natural Resources, the Environment and Agriculture continued
Topic description Agriculture and the environment, Economics of the environment, Class project
Readings Related textbook chapter
Assignments(s) Homework assignment
Week Ten Product Markets and National Output
Topic description Composition and measurement of gross domestic product
Readings Related textbook chapter
Assignments(s) Homework assignment, Class assignment;
3
Week Eleven Consequences of Business Fluctuations
Topic description Fluctuations in business activity, consequences of business fluctuations
Readings Related textbook chapter
Assignments(s) Exam 3
Week Twelve Agriculture and International Trade
Topic description Growth and instability in agricultural trade
Readings Related textbook chapter
Assignments(s) Homework Assignment
Week Thirteen Exchange Rates and Agricultural Trade
Topic description Exchange rates and U.S. agricultural trade
Readings Related textbook chapter
Assignments(s) Homework Assignment
Week Fourteen Why Nations Trade
Topic description Why trade? Absolute Advantage
Readings Related textbook chapter
Assignments(s) Homework
Agricultural Trade Policy and Arrangements
Week Fifteen Trade and welfare, the importance of preferential trading agreements, Project
Topic description Presentations
Related textbook chapter
Readings Homework Assignment
Assignments(s)
Course Review
Week Sixteen Final Exam- will be given in accordance with the exam schedule
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