Agricultural EconomicsDaniel Bernardo,* Head
Barry L. Flinchbaugh,* Extension State Leader
Arlo Biere,* Undergraduate Program Coordinator
Allen Featherstone,* Graduate Program Coordinator
Professors Barkley,* Barnaby,* Barton,* Bernardo,* Biere,* Burton,* Darling,* Featherstone,* Flinchbaugh,* Grunewald,* Johnson,* Mintert,* Norman,* Schroeder,* Schurle,* Tierney, and Williams;* Associate Professors Dhuyvetter,* M. Langemeier,* McEowen,* Stiegert,* and Warmann; Assistant Professors Arata, Boland,* Crespi, Fox,* Garrett,* Ianchovichina,* Jones,* Kastens,* Leatherman,* Marsh,* O'Brien,* H. Peterson, J. Peterson, and Zhang;* Senior Agricultural Economists Borsdorf and Kiser; Associate Agricultural Economists Neils; Administrator Farm Management DeLano; Emeriti: Professors Buller,* Dunbar, Erickesn,* Figurski, Hess,* Kelley,* Knight,* Koudele,* L. Langemeier, * Manuel,* Maxon, McCoy,* Orazem,* Parker, Phillips,* Schlender, Schruben,* Sjo,* Sobering, Sorenson,* Thomas, and Walker.
Agribusiness is the study of the business and economics of agribusiness firms. Aspects unique to agribusiness are the risks and uncertainties of agricultural production, the heavy reliance on natural resources, the uniqueness of the institutions that govern food and agriculture, the competitive structures within the agribusiness sector, the technology of commercial agriculture and food processing, and the global dimensions of food and agriculture.
The agribusiness curriculum emphasizes agribusiness courses in agricultural economics and foundation courses in business administration.
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
**Select from history, music, art, English (above 210), philosophy, theatre, dance, or modern language.
***Select from General Chemistry and Lab, Principles of Biology, or General Physics I.
Bachelor of science in agriculture 127 semester hours
Agricultural economics is the study of the economic factors affecting agricultural production, food consumption, commodity marketing, farm management, natural resource use and management, agricultural finance and agricultural trade.
Students must complete university general education requirements as specified by the College of Agriculture. See College of Agriculture General Requirements section.
Farm management option
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.
This option allows students to combine agricultural economics with a specialty of 15 hours in another department or field.
Requirements for the first two years are the same as for the agribusiness degree. Additional requirements are below.
This option requires additional mathematics, statistics, and computer science to prepare the student for advanced studies in agricultural economics.
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 105. Agricultural Economics and Agribusiness Orientation. (1) I. Introduction to agricultural economics and agribusiness programs, activities, resources, and careers. Required of all freshmen in agricultural economics or agribusiness at K-State.
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. An introduction to the use of futures, options, derivatives, and other financial instruments as tools for risk management. Topics would include arbitrage, asset pricing, cash flow analysis, efficient markets, insurance, leverage, portfolio analysis, risk, and valuation. Tools of risk management will be applied to case and real time agricultural commodity examples. Pr.: AGEC 520 and AGEC 513.
AGEC 712. Linear Programming Applications in Agricultural Economics. (3) II. Application of linear programming and related topics for decision analysis in agricultural firms. 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.