AGRI 110 - Introductory Agricultural Business and Economics

PREREQUISITES: Demonstrated readiness for college-level English; and Demonstrated readiness for QUANT, TECH, or STEM Path Math Ready Route 2.
PROGRAM: Agriculture
CREDIT HOURS: 3
LECTURE HOURS: 3
DATE OF LAST REVISION: Fall, 2020

Examines the role and characteristics of farm and off-farm agricultural business in our economy; introductory economic and business principles involved in successful organization, operation, and management.

MAJOR COURSE LEARNING OBJECTIVES: Upon successful completion of this course the student will be expected to:

Identify the role of economics in the management of businesses involved in the production, distribution, and marketing of foods and fibers.
Identify economic principles, vocabulary, and approaches to society’s problems.
Describe the role of agriculture in a growing economy.
Identify the basic economic principles used in production, marketing, and solving business management problems confronting food and agricultural businesses.
Analyze price and output determination under different market structures.
Apply the concepts of supply, demand, elasticity, cost theory and profit.
Explain why society has vested interest in agriculture.
Examine the causes and possible solutions for persistent agriculture problems such as low farm income, balancing farm production with the economy’s needs, stabilizing farm income, and the exodus of farmers to non-farm employment.
Examine the problems of market failure, considering externalities and public goods.
Reason accurately and objectively about economic matters.
Describe the importance of economics in everyday life.

COURSE CONTENT: Topical areas of study include - The “Economizing Problem”
Utility maximization
Economic methods
Profit maximization
Market system
Costs of production
Law of demand
Pure competition
Law of supply
Pure monopoly
Market equilibrium
Monopolistic competition
Elasticity’s of demand
Oligopoly
Elasticity’s of supply
Technological changes
Research and development
Public goods
Resource markets
Externalities
Resource prices
Economics of agriculture
Economic role of government
Agricultural policies
Market failure
GRADING POLICY

A	90-100
B	80-89
C	70-79
D	60-69
F	0-59

Course Addendum - Syllabus (Click to expand)