AREC - Agricultural and Resource Economics

AREC200 The Chesapeake Bay Ecosystem: Intersection of Science, Economics, and Policy (3 Credits)

The Chesapeake Bay is one of the most studied and monitored ecosystems in the world. To develop effective policies to restore this system to a healthier status requires integrating what we know about the biological and physical properties of the system with our understanding of the human dimension. Issues such as achieving nutrient reduction goals, restoring healthy blue crab and oyster fisheries in the bay will be used to demonstrate how economics interacts with science to guide policies that can be effective in achieving Bay restoration goals.

AREC240 Introduction to Economics and the Environment (3 Credits)

Costs and social impacts of pollution and human crowding in the modern environment. The economic, legal and institutional causes of these problems. Public policy approaches to solutions and the costs and benefits of alternative solutions.

Credit Only Granted for: ECON200, AREC240, or AREC250.

AREC241 Environment, Economics and Policy (4 Credits)

Studies the relationship between the economy, environment and policy. Causes of modern environmental problems and policies to address them. Importance of production, consumption, externalities, property rights and public goods in environmental issues. Technological and incentive-based solutions to environmental problems.

Credit Only Granted for: AREC240 or AREC241.

AREC250 Elements of Agricultural and Resource Economics (3 Credits)

An introduction to economic principles of production, marketing, agricultural prices and incomes, farm labor, credit, agricultural policies, and government programs.

Credit Only Granted for: ECON200, AREC240 or AREC250.

AREC306 Farm Management and Sustainable Food Production (3 Credits)

The organization and operation of farm businesses are explored through principles of management, financial analysis, production economics, marketing, and business planning. These farm management principles are presented in the context of a sustainable food production system.

AREC326 Intermediate Applied Microeconomics (3 Credits)

Deepens and broadens your ability to apply rigorous economic analysis skills to a broad range of problems.

Prerequisite: ECON200, AREC250, or AREC240; and ECON201. And MATH120, MATH130, MATH136, or MATH140; or must have completed MATH220.

Credit Only Granted for: ECON306, ECON326, AREC489M, or AREC326.

Formerly: AREC489M.

AREC345 Global Poverty and Economic Development (3 Credits)

This interdisciplinary course explores social and economic development around the world. Topics include geography, democratization, political instability and conflict, health and education, agricultural development, micro-entrepreneurship, and an introduction to impact evaluation methods used to evaluate the efficacy of public policy aimed at alleviating poverty.

AREC365 World Hunger, Population, and Food Supplies (3 Credits)

An introduction to the problem of world hunger and possible solutions to it. World demand, supply, and distribution of food. Alternatives for leveling off world food demand, increasing the supply of food, and improving its distribution. Environmental limitations to increasing world food production.

AREC382 Computer-Based Analysis in Agricultural and Resource Economics (3 Credits)

Analysis of economic data using computer spreadsheets. Exercises include analyses of forest land shares, farmer willingness to pay, farm production planning, fisheries management, corn prices, and index numbers. Analyses features use of cell formulas, spreadsheet functions, Excel's Data Analysis Tool and Solver. This is a lab course featuring experimental learning.

Prerequisite: STAT100, MATH107, or MATH111; or students who have taken courses with comparable content may contact the department. And AREC240, AREC250, or ECON200; or students who have taken courses with comparable content may contact the department.

Credit Only Granted for: AREC182 or AREC382.

Formerly: AREC182.

AREC386 Experiential Learning (3-6 Credits)

AREC388 Honors Thesis Research (3-6 Credits)

Undergraduate honors thesis research conducted under the direction of an AGNR faculty member in partial fulfillment of the requirements of the College of AGNR Honors Program. The thesis will be defended to a faculty committee.

Restriction: Must be in the AGNR Honors program.

Repeatable to: 6 credits if content differs.

AREC399 Special Problems (1-3 Credits)

Concentrated reading and study in some phase of a problem in agricultural and/or natural resource economics.

Repeatable to: 6 credits if content differs.

AREC405 Economics of Production (3 Credits)

The use and application of production economics in analysis of firm and policy decisions. Production functions, cost functions, multiple product and joint production, and production processes through time.

Prerequisite: ECON326 or AREC326; or students who have taken courses with comparable content may contact the department.

AREC422 Econometric Applications in Agricultural and Natural Resource Economics (3 Credits)

The main goal of this course is to equip students with valuable skills in econometrics and data analysis. Specifically, the main goal of the course is to teach you the basics of the theory and practice of econometrics, and to give you experience in estimating econometric models with actual data.

Prerequisite: AREC326; or ECON326.

Restriction: Must be in a major within the AGNR-Agricultural & Resource Economics department.

Credit Only Granted for: ECON422, AREC422, or AREC489F.

Formerly: AREC489F.

AREC426 Economic Methods and Food Consumption Policy (3 Credits)

An overview of major econometric tools used by policy makers, economists and social scientists to analyze the effects of food consumption policy. Major food assistance programs in the United States such as SNAP, the School Lunch Program and the School Breakfast Program will be discussed.

Prerequisite: AREC326; or ECON326.

Credit Only Granted for: AREC489O or AREC426.

Formerly: AREC489O.

AREC427 Economics of Commodity Marketing Systems (3 Credits)

Basic economic theory as applied to the marketing of agricultural commodities. Current developments affecting market structure including contractual arrangements, cooperative marketing, vertical integration, and governmental policies.

Prerequisite: ECON326 or AREC326; or students who have taken courses with comparable content may contact the department.

AREC430 Introduction to Agricultural and Resource Law (3 Credits)

Survey of law with emphasis on problems and applications related to agricultural and natural resource economics. The course emphasizes strategies for managing legal risk arising from ownership, management, and use of agricultural resources. Students will get practical information to utilize in personal or professional settings. Contract law, constitutional law, tort law, property law, real estate transactions, business organization, estate planning, and debtor.

Prerequisite: ECON326 or AREC326.

Credit Only Granted for: AREC430 or AREC489K.

Formerly: AREC489K.

AREC431 Agricultural Water Quality: Policy and Legal Issues (3 Credits)

An overview of the American and Maryland legal systems and sources of legal information as it pertains to water quality and agriculture.

Prerequisite: AREC326; or ECON326; or students who have taken courses with comparable content may contact the department.

Credit Only Granted for: AREC489L or AREC431.

Formerly: AREC489L.

AREC433 Food and Agricultural Policy (3 Credits)

Economic and political context of governmental involvement in the farm and food sector. Historical programs and current policy issues. Analysis of economic effects of agricultural programs, their benefits and costs, and comparison of policy alternatives. Analyzes the interrelationship among international development, agricultural trade and general economic and domestic agricultural policies.

Prerequisite: ECON326 or AREC326; or students who have taken courses with comparable content may contact the department.

AREC435 Commodity Futures and Options (3 Credits)

The economics and institutional features of commodity futures and options markets. Students will develop a basic understanding of the underlying price relationships between cash and futures markets and will apply this information to business risk management decision making.

Prerequisite: AREC326; or ECON326; or students who have taken courses with comparable content may contact the department.

AREC445 Agricultural Development, Population Growth and the Environment (3 Credits)

Development theories, the role of agriculture in economic development, the agricultural policy environment, policies impacting on rural income and equity, environmental impacts of agricultural development.

Prerequisite: ECON326 or AREC326; or students who have taken courses with comparable content may contact the department.

AREC446 Sustainable Economic Development (3 Credits)

Examine why socially equitable and environmentally sustainable economic growth is difficult to achieve. It explores the interactive dynamics of environmental degradation, human capital, inequality and institutions. Emphasis is on the role of market imperfections and political failure in explaining the persistence of extractive economic institutions that hinder sustainable development.

Prerequisite: AREC326; or ECON326; or students who have taken courses with comparable content may contact the department.

Credit Only Granted for: AREC446 or AREC489G.

Formerly: AREC489G.

AREC447 The Economy of China (3 Credits)

An introductory survey course of economic development in China with emphasis on understanding the process of economic reform in mainland China since 1978.

Prerequisite: AREC326, ECON306, and ECON326.

Restriction: Must be in one of the following programs (Agricultural and Resource Economics; Agricultural and Resource Economics: Agribusiness).

AREC453 Natural Resources and Public Policy (3 Credits)

Rational use and reuse of natural resources. Theory, methodology, and policies concerned with the allocation of natural resources among alternative uses. Optimum state of conservation, market failure, safe minimum standard, and cost-benefit analysis.

Prerequisite: ECON326 or AREC326; and students who have taken courses with comparable content may contact the department. Also offered as: ECON453.

Credit Only Granted for: AREC453 or ECON453.

AREC454 The Economics of Climate Change (3 Credits)

The role of economics in the formation of climate policy; basic concepts of environmental economics including efficiency, externalities, and policy instruments; economic models of intertemporal decisions and decision making in the face of uncertainty. Applied economic analysis of specific issues and current policy initiatives.

Prerequisite: ECON326 or AREC326; or students who have taken courses with comparable content may contact the department.

Credit Only Granted for: AREC454 or AREC489C.

Formerly: AREC489C.

AREC455 Economics of Land Use (3 Credits)

Fundamentals of location theory. Microeconomics of land use decisions, including determination of rent and hedonic pricing models. Impacts of government decisions on land use, including regulation (e.g., zoning), incentives (transferable development rights), provision of public services, and infrastructure investments. Impacts of land use on environmental quality, including issues relating to sprawl, agricultural land preservation, and other topics of special interest.

Prerequisite: ECON326 or AREC326; or students who have taken courses with comparable content may contact the department.

AREC456 Energy and Environmental Economics (3 Credits)

Economic theory and empirical methods are used to study problems of energy, the environment, and the economy. It examines the extraction, production, and use of energy and market institutions and regulatory approaches used to correct market failures. Topics covered include: oil and natural gas markets, management and design of electricity markets, renewable energy, non-market valuation , climate change, and transportation policies.

Prerequisite: ECON326 or AREC326; or students who have taken courses with comparable content may contact the department.

Credit Only Granted for: AREC456 or AREC489J.

Formerly: AREC489J.

AREC457 Energy, Climate Change, and Options for a Low-Carbon Economy (3 Credits)

Provides a primer in the physics and atmospheric chemistry of climate change, describes what the effects of climate change may be and explains how energy generation and use in various sectors of the economy contribute to greenhouse gas. It presents policy options meant to curb the use of fossil fuels (e.g., carbon taxes), improve energy efficiency (e.g., standards and incentives), and identifies possible drawbacks or unintended effects of such policies. Students will also study adaptation from the engineering, policy and anthropology points of view. The course further covers other aspects of climate change, as the potential effect of climate change on human health, cultural artifacts and the built environment, and sensitive ecological systems, and the legal implications of carbon storage options.

Recommended: ECON200. And AREC326; or ECON326.

Restriction: Junior standing or higher.

AREC481 Environmental Economics (3 Credits)

An exploration of the use of economic incentives for protection of the environment and the determination of appropriate (or efficient) level of environmental quality. Also covers the choice of policy instruments for the attainment of environmental standards.

Prerequisite: 1 course with a minimum grade of C- from (AREC326, ECON306, ECON326); and 1 course with a minimum grade of C- from (ECON230, ECON321, BMGT230).

Restriction: Must be in one of the following programs (Economics Bachelor of Arts; Agricultural and Resource Economics; Agricultural and Resource Economics: Agribusiness; Environmental Science & Policy-Env Economics). Also offered as: ECON481.

Credit Only Granted for: ECON481 or AREC481.

AREC489 Special Topics in Agricultural and Resources Economics (3 Credits)