Course Descriptions & Syllabi

Course Descriptions & Syllabi

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Note: some or all of the courses in the subjects marked as "Transfer" can be used towards a transfer degree: Associate of Science and Arts or Associate of Engineering Science at DACC. Transferability for specific institutions and majors varies. Consult a counselor for this information.

Areas of Study | | AGRI102 syllabus




COURSE NUMBER: AGRI102
COURSE TITLE:Introductory Agricultural Economics
DIVISION:Technology
IAI CODE(S): AG 901
SEMESTER CREDIT HOURS:3
CONTACT HOURS:45
STUDENT ENGAGEMENT HOURS:135
DELIVERY MODE:In-Person

COURSE DESCRIPTION:
An introduction to the principles of economics including production principles, production costs, supply and revenue, profit maximization, consumption and demand, price elasticity, market price determination, and competitive versus noncompetitive market models. These principles are applied to agriculture and the role of agriculture in the US and world economies. Other topics include a survey of the world food situation, natural, human, and capital resources.

PREREQUISITES:
No prerequisite

NOTES:

STUDENT LEARNING OUTCOMES:
Upon completion of this course, students will be able to:
  • Demonstrate a basic knowledge and understanding of the principles of economics and their application to agricultural problems.
  • Demonstrate a basic knowledge and understanding of the role of agriculture in the United States and world economies.

TOPICAL OUTLINE:
  • Introduction/What is Agricultural Economics?
    • Scope of Economics
    • Economics and Agricultural Economics
    • Agricultural Economists
  • The US Food and Fiber Industry
    • Indices
    • Complexion Farming
    • Other Sectors in the Industry
  • Theory of Consumer Behavior
    • Utility Theory
    • Indifference Curves
    • Budget Constraints
  • Consumer Equilibrium and Market Demand
    • Conditions for Consumer Equilibrium
    • Changes in Equilibrium
    • The Law of Demand
    • Tastes and Preferences
    • Consumer Surplus
  • Elastics
    • Elasticity of Demand (Own-Price, Income, Cross-Price)
    • Other Properties
    • Applications of Demand Elasticities
  • Production and Resource Use
    • Perfect Competition
    • Input Classification
    • Product Relationships
    • Short-Run Businesses
  • Market Equilibrium and Product Price: Perfect Competition
    • Market Supply Curve
    • Perfect Competition
    • Market Equilibrium Adjustments
  • Market Equilibrium and Product Price: Imperfect Competition
    • Market Structure
    • Imperfect Competition in Selling and Buying
    • Livestock Industry
    • Governmental Regulations
  • Government Intervention in Agriculture
    • Rationale
    • Farm Economic Issues
    • Support Mechanisms (Historical, Current Farm Bill)
    • Consumer Issues
  • Agricultural Trade and Exchange
    • Growth and Instability
    • Importance and Direction
    • Exchange Rates and Foreign Markets
  • Agricultural Trade Policy
    • Trade and Welfare
    • Trade Restrictions
    • Trade Policy Making and Preferential Arrangements

TEXTBOOK / SPECIAL MATERIALS:
Introduction to Agricultural Economics, Penson, Capps, and Rosson, Prentice-Hall, current edition.

See bookstore website for current book(s) at https://www.dacc.edu/bookstore

EVALUATION:
Chapter Homework, Quizzes, Unit Exams, Final Exam

Grade Scale:
A- 90% or above
B- 80-89%
C- 70-79%
D- 60-69%
F- Below 59%

BIBLIOGRAPHY:
Reference Materials: Agricultural Economics and Agribusiness, Cramer, Jensen, and Southgate, John Wiley. Agricultural Economics, Drummond and Goodwin, Prentice Hall. Economics of Resources, Agriculture and Food, Seitz, Nelson, Halcrow. FAST Tools and Resources, the University of Illinois Extension Farmdoc website. National Agricultural Statistics Service (NASS), United States Department of Agriculture, Illinois Department of Agriculture StatisticsUS Census Data.

STUDENT CONDUCT CODE:
Membership in the DACC community brings both rights and responsibility. As a student at DACC, you are expected to exhibit conduct compatible with the educational mission of the College. Academic dishonesty, including but not limited to, cheating and plagiarism, is not tolerated. A DACC student is also required to abide by the acceptable use policies of copyright and peer-to-peer file sharing. It is the student’s responsibility to become familiar with and adhere to the Student Code of Conduct as contained in the DACC Student Handbook. The Student Handbook is available in the Information Office in Vermilion Hall and online at: https://www.dacc.edu/student-handbook

DISABILITY SERVICES:
Any student who feels s/he may need an accommodation based on the impact of a disability should contact the Testing & Academic Services Center at 217-443-8708 (TTY 217-443-8701) or stop by Cannon Hall Room 103. Please speak with your instructor privately to discuss your specific accommodation needs in this course.

REVISION:
Spring 2019

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