ECN3870, AGRICULTURAL ECONOMICS

Dr. ALI R. MOSHTAGH

2371 COLEMAN HALL

(217) 581 - 2916

amoshtagh@eiu.edu

OFFICE HOURS: TBA

CATALOG DESCRIPTION:

An introduction to the application of economic theory and method to problems in agriculture and agribusiness; provides the foundation needed to understand, interpret, and analyze farm policy in the United States.

COURSE OUTLINE:

A. INTRODUCTION

• Basic Skills of the Agricultural Economist
• Agricultural Economics and Agribusiness
• Model Building
  

B. THE ECONOMIC HISTORY OF AMERICAN AGRICULTURE

• Agriculture's Role in the U.S. Economy
• The Changing Complexion of Farming in the U.S.
• The Farm Balance Sheet
• Farm Organizations
• Government Intervention in Agriculture
• Government Legislation
• Agribusiness and Iinternational Trade

C. MICROECONOMIC TOPICS

• Income Problems and Elasticities
• The Price System
• The U.S. Wheat Market
• Consumption Theories
• Consumption of Agricultural Commodities
• Utility Maximization
• Elasticity
• Production of Agricultural Commodities
• Production Management
• Cost Functions
• Market Structures
• Competition and Efficiency
• Market Structures of the Agribusiness Industries

D. MACROECONOMIC TOPICS

• Macroeconomic Linkages to Agriculture
• National Income Accounting
• Product Market and National Output
• A Review of Fiscal and Monetary Policy
• Agricultural Policy
• Agricultural Price and Income Policies
• The Importance of World Trade to U.S. Agriculture
  • International Trade Models
  • Trade Barriers
    • Tariffs
    • Non-Tariff Barriers
  • Trade Liberalization
• Exchange Rates and Foreign Exchange Markets
• Balance of Payments

E. ADDITIONAL TOPICS IN AGRICULTURAL ECONOMICS

• Agricultural Cooperatives
• Agricultural Finance and Agriculture Credit
• Budgeting
• The Economics of Land Use and Value
• Resource Economics
• Agricultural Problems in Illinois

METHODS OF EVALUATION:

3 examinations @ 100 points each = 300 points

• Exam 1,
• Exam 2,
• Final Exam,

1 term paper = 50 points

Total Points = 350 points

TEXTBOOK:

John B. Penson, Jr., Oral Capps, Jr., C. Parr Rosson III, Richard T. Woodward, Introduction to Agricutural Economics, Fourth Edition, 2006 by Pearson Education, Inc., Upper Saddle River, New Jersey 07458.

TERM PAPER

Each student is to select a topic related to agriculture for an independent study throughout the semester. You will be required to

1) submit a written outline of your term paper by TBA; and
2) briefly present the topic.

The final draft of the term paper must contain a cover page stating the title of the paper, a table of contents outlining the various parts of the paper and the relevant page numbers, a comprehensive discussion of the topic, conclusion and recommendations, footnotes or end notes, and a bibliography. On the due date, you will be required to present the completed paper to the class. The 50 points assigned to the term paper is divided among the outline, presentations and the paper as follows:

written outline and presentation 10 points
written term paper 30 points
paper presentation 10 points
Total 50 points

NOTE 1:

No exam grade will be eliminated. No exam will be made up unless arrangements have been made prior to the scheduled exam date.

NOTE 2:

If you have a documented disability and wish to receive academic accommodations, please contact the Coordinator of the Office of Disability Services (581-6583) as soon as possible.