Agricultural Economics

Professors Barkley, Barnaby, Barton, Bernardo, Biere, Burton, Darling, Dhuyvetter, Featherstone, Flinchbaugh, Fox, Grunewald, Johnson, M. Langemeier, Mintert, Norman, Schroeder, Schurle, Tierney, and Williams; Associate Professors Boland, Jones, Kastens, Leatherman, McEowen, and O'Brien; Assistant Professors Arata, Crespi, Marsh, H. Peterson, and J. Peterson; Senior Agricultural Economists Kiser; Assistant Agricultural Economist Neils; Administrator of Kansas Farm Management Program Albright; Emeriti Professors Buller. Dunbar, Erickson, Figurski, Hess, Kelley, Knight, Koudele, L. Langemeier, Manuel, Maxon, McCoy, Orazem, Parker, Phillips, Schlender, Sjo, Sobering, Sorenson, Thomas, and Walker.

E-mail: undergrad@agecon.ksu.edu
www.agecon.ksu.edu

Our curricula offers students the skills needed in business, while balancing them with their own interests and career goals. The agribusiness degree has two options: agribusiness and international. The agricultural economics major has three options: specialty, farm management, and quantitative.

Agribusiness
Bachelor of science in agribusiness
127 semester hours

Students will complete course work in science, math, and communication, plus courses in agribusiness and agricultural economics. To give a better understanding of agribusiness and the broad range the field covers, students will choose from two degree options: agribusiness and international agribusiness.

Students must complete the university general education requirements specified by the College of Agriculture. See the College of Agriculture General Requirements section.

Suggested schedule for first two years

First semester
ENGL 100	Expository Writing I	3
MATH 100	College Algebra	3
AGEC 105	Agricultural Economics and
	Agribusiness Orientation	1
	(open and required for incoming freshmen only)
Agricultural or food science technology*		3-4
SOCIO 211	Introduction to Sociology	3
13-14
Second semester
AGEC 120	Agricultural Economics and
	Agribusiness	3
MATH 205	Calculus and Linear Algebra	3
SPCH 105	Public Speaking IA	2
PYSCH 110	General Psychology	3
Natural science elective***		4
15
Third semester
ECON 110	Principles of Macroeconomics	3
ENGL200	Expository Writing II	3
Humanities elective**		3
Natural science elective***		4
Social science (select from: psychology, sociology, political science, anthropology, history, geography, women's studies, or American ethnic studies		3
16
Fourth semester
AGEC 318	Food and Agribusiness Management	3
ACCTG 231	Accounting for Business Operations	3
Ag or food science technology*		3-4
AGCOM 400	Ag Business Communications
	or
ENGL 516	Written Communication for the Sciences	3
Communication		3
Three hours in English (above 200), Speech (above 200) or a modern language.
15-16

**Select from history, music, art, English (above 210), philosophy, theatre, dance, or modern language.

***Select from either General Chemistry and Lab or Chemistry I, Principles of Biology, or General Physics I.

Agribusiness option
This program of study provides fundamental agribusiness content with course work in agricultural economics, agribusiness, and business courses that will prepare grads for the industry and its related issues.

Additional requirements for agribusiness option

ACCTG 241	Accounting for Investing and
	Financing	3
AGEC 490	Computer Applications	2
AGEC 500	Production Economics	3
AGEC 505	Agricultural Market Structures	3
AGEC 515	Food and Agribusiness Marketing	3
AGEC 599	Food and Agribusiness Management Strategies	3
Agricultural economics electives
Select 15 credits from AGEC 410, 415, 416, 420, 513, 520, 525, 590, 598, 605, 610, 623, 632, 680, 712 and ECON 631.
Business (9 credits required)
MANGT 420	Management Concepts	3
MANGT, MKTG, FINAN, or ACCTG		3
500 level or above from MANGT, MKTG, FINAN, or ACCTG		3
Business elective		3
ECON 510	Intermediate Macroeconomics	3
Agricultural and food science electives		6
Statistics		3-6
Free electives		12-15
Total including first two years		127
Either AGEC 513 or FINAN 450 must be included in the program of study.
Denotes university general education courses.

Additional requirements for international option

ACCTG 241	Accounting for Investing and
	Financing	3
AGEC 415	The Global Agricultural Economy, Hunger, and Poverty	3
AGEC 490	Computer Applications	2
AGEC 500	Production Economics	3
AGEC 505	Agricultural Market Structures	3
AGEC 513	Ag Finance	3
AGEC 515	Food and Agribusiness Marketing	3
AGEC 599	Food and Agribusiness Management Strategies	3
AGEC 623	International Ag Trade	3
GEOG 100	World Regional Geography (for social science elective	3
Agricultural economics electives
Select 6 credits from AGEC 410, 416, 420, 520, 525, 590, 598, 605, 610, 631, 632, 680, and 712.
Business (9 credits required)
MANGT 420	Management Concepts	3
MANGT, MKTIB, FINAN, or ACCTG		3
MANGT 690, MKTG 544, or FINAN 643		3
ECON 510	Intermediate Macroeconomics	3
International experience		3

The agricultural economics program balances the theoretical and practical applications of agricultural economics to give students the best grasp on emerging issues facing professionals in food and agriculture today. Students earn a B.S. in agriculture with a major in agricultural economics.

The requirements for the first two years are virtually the same as those for the agribusiness degree. Exceptions to those requirements are noted in the discussion of the farm management, speciality pre-vet, and quantitative option.

Students must complete university general education requirements as specified by the College of Agriculture. See College of Agriculture General Requirements section.

Farm management option
Teaching how to apply agricultural economics to the management of the farm, ranch, or commercial feedlot, this program includes course work in livestock and crop production, agricultural technology, and agricultural economics.

The suggested schedule for the first two years is the same as that for the agribusiness degree except that ASI 102 and a laboratory and AGRON 220 are the required agricultural science courses, and AGEC 308 Farm and Ranch Management replaces AGEC 318 Food and Agribusiness Management. The additional requirements are below.

AGEC 490	Computer Applications	2
AGEC 500	Production Economics	3
AGEC 505	Agricultural Market Structures	3
AGEC 513	Agricultural Finance	3
AGEC 598	Farm Management Strategies	3
Agricultural economics electives
Select 15 credits with at least one credit above 600 from AGEC 410, 415, 416, 420, 515, 520, 525, 590, 599, 605, 610, 623, 632, 680, 712, and ECON 631.
ACCTG 241	Accounting for Investing and Finance	3
AGRON 305	Soils	4
ECON 510	Intermediate Macroeconomics	3
Statistics		3-6
Advanced agricultural science electives (approved list available from department)		9
Free electives		9-12
Total including first two years		127

Requirements for the first two years are the same as for the agribusiness degree. Additional requirements are below.

AGEC 490	Computer Applications	2
AGEC 500	Production Economics	3
AGEC 505	Agricultural Market Structures	3
ACCTG 241	Accounting for Investing and Finance	3
ECON 510	Intermediate Macroeconomics	3
Statistics		3-6
Agricultural economics electives
Select 21 credits with at least two credits above 598 from AGEC 308, 318, 410, 415, 416, 420, 513, 515, 520, 525, 590, 598, 599, 605, 610, 623, 632, 680, 712 and ECON 631.
Specialization in a second department or field,
at least 6 credit hours at 500 level or higher		15
Free electives		14-17
Total including first two years		127

Specialty in pre-veterinary medicine
Designed to give an understanding of the roles a veterinarian plays—such as doctor, manager, and consultant—this specialty also prepares students with all the biological science requirements needed to be admitted to veterinary school.

Requirements for the first two years are much the same as for the agribusiness degree. Students take Chemistry I in place of general chemistry and genetics as one of the technology courses. Additional requirements are below.

ACCTG 241	Accounting for Investing and Finance	3
AGEC 416	Agricultural Law and Economics	3
AGEC 490	Computer Applications	2
AGEC 500	Production Economics	3
AGEC 505	Agricultural Market Structures	3
ECON 510	Intermediate Macroeconomics	3
AGEC 513	Ag Finance	3
AGEC 515	Food and Agribusiness Marketing	3
AGEC 599	Food and Agribusiness Management Strategies	3
BIOCH 521	General Biochemistry	3
BIOCH 522	General Biochemistry Laboratory	2
BIOL 455	Microbiology (with lab)	4
BIOL 510	Embryology	3
BIOL 511	Embryology Laboratory	1
CHM 230	Chemistry II	4
CHM 350	General Organic Chemistry	3
CHM 351	General Organic Chemistry
	Laboratory	2
PHYS 113	General Physics I	4
PHYS 114	General Physics II	4
Statistics		3
Agricultural economics electives		6
Free electives		2
Total including first two years		127

Refer to the Secondary Majors section of this catalog.

Quantitative option
This program allows students to pursue mathematics and statistics along with the agricultural economics curriculum. With these advanced quantitative skills students will be well prepared for M.S. and Ph.D. studies in agricultural economics and will have excellent opportunities in future employment, especially as an economic analyst or consultant.

Requirements for the first two years are the same as for the agribusiness degree except MATH 220, 221, and 222 are required instead of MATH 205. Additional requirements are below.

AGEC 490	Computer Applications	2
AGEC 500	Production Economics	3
AGEC 505	Agricultural Market Structures	3
ACCTG 241	Accounting for Investing and Finance	3
CIS 200	Fundamentals of Computer
	Programming	3
CIS 203	Fundamentals of Computer Programming Laboratory	1
STAT 350	Business and Economic Statistics I
	or
STAT 510	Introductory Probability and Statistics I	3
STAT 351	Business and Economic Statistics II	3
	or
STAT 511	Introductory Probability and Statistics II	3
MATH 551	Applied Matrix Theory	3
ECON 510	Intermediate Macroeconomics	3
Agricultural economics electives
Select 15 credits with at least one credit above 598 from AGEC 308, 318, 410, 415, 416, 420, 513, 515, 520, 525, 590, 598, 599, 605, 610, 623, 632, 680, 712 and ECON 631.
Quantitative electives (see department list)		9
Electives		13
Total including first two years		127
Denotes university general education courses.

AGEC 120. Agricultural Economics and Agribusiness. (3) I, II. A course suggested for all students interested in the agricultural economy. A study of economic principles, with emphasis on their application to the solution of farm, agribusiness, and agricultural industry problems in relationship to other sectors of the United States economy and foreign countries. No prerequisite. Three hours lec. a week.

AGEC 202. Small Business Operations. (3) I. Opportunities in business ownership, principles governing the starting of a small enterprise; importance, status, problems, and management of a small business. Pr.: ECON 110.

AGEC 220. Grain and Livestock Marketing Systems. (3) II. Survey of the institutions and mechanisms that facilitate and regulate the sale and marketing of grain and livestock commodities. Topics include the physical and informational flows in the commodity supply chains, cash pricing, commodity grades to improve market efficiency and the governmental regulations and agencies influencing commodity trading. Pr.: AGEC 120. Not available for agricultural economics elective.

AGEC 308. Farm and Ranch Management. (3) I. Decision-making process, cost concepts, farm records and financial management, budgeting, time value of money, and introduction to whole farm/ranch planning. Two hours rec. and two hours lab. a week. Pr.: AGEC 120 or ECON 120.

AGEC 318. Food and Agribusiness Management. (3) I, II. A study of marketing, production, risk, human resource management, and financial management in agribusiness firms. Particular attention is given to the application of economic principles to the management of marketing and farm supply firms. Pr.: AGEC 120 or ECON 120.

AGEC 410. Agricultural Policy. (3). I. Institutional and analytical treatment of historical and current economic problems, public policies and government programs affecting agriculture and rural America. Pr.: AGEC 120 or ECON 120 or ECON 110 and Junior Standing.

AGEC 415. The Global Agricultural Economy, Hunger, and Poverty. (3). II. Describe and analyze the interdependencies between the world's food, populations, and equitability/poverty problems and then assess alternative solutions to these problems, in particular the role of technological and policy/institutional changes, in fostering sustainable development. Specific emphasis will be placed on relationships between wealthy and poor countries, particularly in terms of policies, trade, and aid. Examination of these problems and issues involves the use of basic economic principles. Pr.: ECON 110 and AGEC 120 or ECON 120.

AGEC 416. Agricultural Law and Economics. (3) I, II. The legal framework for decision making by farm firms, families, and individuals; liabilities, real and personal property, contracts, uniform commercial code, organization of farm firms, intergeneration property transfers, water law, fence law, federal and state regulatory power, insurance, income tax, and social security. Three hours rec. a week. Pr.: ECON 110 and junior standing.

AGEC 420. Commodity Futures. (3) I, II. This course is designed to introduce students to the purpose, operation, and use of commodity futures and options markets. The objectives are to: (1) understand why futures exchanges and commodity futures contracts exist; (2) understand and be able to forecast basis; (3) understand hedging and be able to design hedging strategies for various commodity producers and users; (4) understand both put and call options and their potential use in a commodity risk management program; and (5) understand the usefulness and shortcomings of fundamental and technical analysis. Pr.: AGEC 120.

AGEC 441. Agricultural Economics and Agribusiness Seminar. (Var.) Seminars of special interest will be offered upon sufficient demand in selected areas relating to agricultural economics and agribusiness or competitive teams qualifying for academic credit.

AGEC 445. Agribusiness Internship. (1-3) I, II, S. Approved and supervised work-study programs in various areas of agribusiness. Project reports required. Pr.: Junior standing and prior departmental approval.

AGEC 450. Agricultural Economics and Agribusiness Problems. (Var) I, II, S. Pr.: Consent of the instructor.

AGEC 490. Computer Applications in Agricultural Economics and Agribusiness. (2) I, II. Applications of microcomputers to problems in agricultural economics and agribusiness. Emphasis on budgeting, cash flow, record keeping, financial analysis, statistical analysis, linear programming, and data analysis. Two hours rec. a week. Pr.: AGEC 105, AGEC 120 or ECON 120, and MATH 100.

AGEC 500. Production Economics. (3) I, II. Application of economic principles to problems of agricultural production. Analysis of consumer demand for agricultural products, and input and output decisions of the agricultural firm. AGEC 505 is a continuation of this course and they are intended to be taken in consecutive semesters. Pr.: AGEC 120 or ECON 120; and MATH 205.

AGEC 505. Agricultural Market Structures. (3) I, II. Theory and application of economic principles to marketing problems in agriculture. Pricing of agricultural output and productive services under various forms of economic organization and competition; regional specialization, location, and trade; determinants of economic change; evaluation of economic and consumer welfare. Three hours rec. a week. Pr.: ECON 110 and AGEC 500.

AGEC 513. Agricultural Finance. (3) I, II. Analysis of capital investments, interpretation of financial statements, capital structure considerations for agricultural firms, and farm real estate pricing. Three hours rec. a week. Pr.: AGEC 308 or AGEC 318 and ACCTG 231.

AGEC 515. Food and Agribusiness Marketing. (3) I, II. A broad view of marketing; food markets and consumption; marketing functions and institutions; prices, competition, and marketing costs; functional and organizational issues; food marketing regulations; commodity marketing. Three hours rec. a week. Pr.: AGEC 120 or ECON 120.

AGEC 520. Market Fundamentals and Futures/Options Trading. (3) I. This is an experiential course in the trading commodity futures and options. Attention is focused on the study of market price determination, the implications of market efficiency notions, and on actual trading of futures and options. Students invest in a commodity educational trading fund. Class approves recommendations by vote, orders are placed with a broker, and the class monitors open trades. The pool balance at the end of the semester is redistributed to the students. Three hours rec. a week. Pr.: AGEC 420.

AGEC 525. Natural Resource and Environmental Economics. (3) I. Emphasis on the application of demand, supply, and price concepts in the study of natural resource use, policies, and management. Interdependence between environmental quality and economic actions are examined through discussion of property rights, economic incentives, externalities and economic components of environmental policies. Pr.: ECON 120 or AGEC 120 and junior standing.

AGEC 541. Agricultural Economics and Agribusiness Seminar. (Var). Seminars of special interest will be offered upon sufficient demand in selected areas relating to agricultural economics and agribusiness.

AGEC 590. Agricultural Economics and Agribusiness Honors Problems. (2) I, II, S. Problems course for College of Agriculture honors projects. Pr.: College of Agriculture honors program participant and consent of honors project advisor.

AGEC 598. Farm Management Strategies. (3) I. A study of management concepts, tools, and decision strategies applied to farm firms. Alternative measures of farm business performance, as well as planning and evaluation techniques for an uncertain environment, are examined. Pr.: AGEC 120, AGEC 308, AGEC 500 and AGEC 513.

AGEC 599. Food and Agribusiness Management Strategies. (3) II. This course integrates the risk, production, marketing, and financial management strategies of agribusiness firms. Special attention is given to the application of economic theory and quantitative analysis to business decision-making processes. In addition to case studies, a variety of analytical techniques will focus on both markets and firms involved in the production and marketing of food commodities. Three hours lec. a week. Pr.: AGEC 318, AGEC 500, AGEC 513 or FINAN 450, AGEC 515.

AGEC 605. Price Analysis and Forecasting. (3) II. The analysis of selected agricultural prices; application of regression analysis to price analysis, the role of futures markets and market efficiency, optimal hedging strategies, commodity option pricing, and price forecasting. Three hours rec. a week. Pr.: STAT 330 or 351; AGEC 490, AGEC 505 or ECON 520.

AGEC 610. Current Agricultural and Natural Resource Policy Issues. (3) II. Current issues in agricultural and natural resource policy from divergent perspectives. Classroom discussion, debate, writing assignments, and student presentations. Current events are analyzed and synthesized from both economic and noneconomic perspectives. Topics may include environmental issues, international agricultural development, the politics of farm programs, and the relationship between technology, agriculture, and society. Pr.: AGEC 505 and either AGEC 525 or AGEC 410.

AGEC 623. International Agricultural Trade. (3) II. Applied economics of agricultural trade. Emphasis on why trade occurs, current agricultural trade patterns, the effects of agricultural policy on trade and the institutions of trade. Pr.: AGEC 505.

AGEC 632. Agribusiness Logistics. (3) I. Planning for efficient use of transportation, storage and processing facilities in the handling of raw materials and products for agribusiness firms, controlling shipments and inventory in coordination with warehouse and handling operations, and scientific selection of routes, schedules, and equipment. Pr.: ECON 110 and junior standing.

AGEC 641. Agricultural Economics and Agribusiness Seminar. (Var.) Seminars of special interest will be offered upon sufficient demand in selected areas relating to agricultural economics and agribusiness. Pr.: Junior standing and consent of the instructor.

AGEC 680. Risk Management. (3) II. Analytical concepts and quantitative tools to make better decisions in risky situations. Identifying various types of risk an operation faces, measuring the degree of risk, and exploring ways to manage risk. Includes portfolio analysis, futures and options, contracting, and insurance. Emphasis on computer applications. Topics are focused on agriculture but are applicable to other industries and houshold decisions. Pr.: AGEC 420, 513, and a course in statistics.

AGEC 712. Optiminzation Techniques for Agricultrual Economics. (3) II. Application of optimization techniques including linear programming and nonlinear programming for research and decision analysis in agricultural economics. Pr.: AGEC 500.

AGEC 740. Seminar in Agricultural Economics Analysis. (Var.) Seminar on methods of economic analysis will be offered upon sufficient demand. Pr.: Consent of instructor.

AGEC 750. Agricultural Economics and Agribusiness Problems. (Var.) I, II, S. Pr.: Junior standing and consent of the instructor.

Topics within Agriculture:
	General Requirements		Agricultural Education		Entomology
	University General Education		Agricultural Technology Management		Food Science and Industry
	Program Choices		Agronomy		Grain Science and Industry
	General Agriculture		Animal Sciences and Industry		Horticulture, Forestry, and Recreation Resources
	Agricultural Economics		Communications		Plant Pathology