AGEC 1020 - Agricultural Microeconomics
This course introduces students to the principles of microeconomics as it relates to agriculture. This includes emphasis on value and price theory, market forms, public policy, labor economics, and international trade.
Credits: 3
Instructional Method Lecture
General Education Requirement: Social and Behavioral Sciences
Comments: This course satisfies the Human Culture requirement at UW.
Minimum Student Competencies
Upon completion of AGEC 1020 Agricultural Micro Economics , the student will:
- Define microeconomics using correct terminology.
- Differentiate market structures and provide examples.
- Interpret economic markets.
- Analyze market success and failure.
- Identify the reason for shifts within an economic market.
- Define market equilibrium.
- Explain factors that affect supply and consumer demand.
- Explain the concepts of own-price, cross-price and income elasticity and their effect on real world demand and supply of goods.
- Discuss current agricultural economic topics.
Program Outcomes
Ag Business AS
PO#2 Apply decision making strategies in traditional and alternative ag industries
PO#3Explain the importance of international trade on agricultural markets
PO#4 Differentiate between marginalism and profitability
PO#6Analyze sales and marketing techniques in agricultural production
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