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Agricultural and Resource Economics

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AREC173 The Plate, the Planet and Society Course Page

Description: A cornerstone course that provides an introduction to social perspectives on everything from what we eat for breakfast to how we protect endangered species and agricultural landscapes. Topics covered include current issues around food production and consumption and issues related to sustainability of our natural and social systems. Debates over new technologies (e.g., GMOs, nanotechnology), food, environment, and health can only be understood in the context of political, economic and personal decisions.

AREC200 Current Economic Issues for Agriculture and Food Course Page

Description: Applications of economic principles to problems and current issues relating to agriculture, food and the environment. Prerequisite: ECON 101 or consent of Department. Credit will only be given for one of AREC 200 and AG EC 200.

AREC214 Applications of Linear Models to Food, Resources and the Environment Course Page

Description: An introduction to methods and tools that are used to solve linear quantitative problems. Emphasis is on the use of these techniques for economic analysis in applications related to agriculture, food, forestry, and the environment. Classroom examples, laboratory assignments and computer tutorials are provided to give practice in applying quantitative tools to empirical problems. Prerequisite: Mathematics 30-1. Credit will be granted for only one of AREC 214 and AG EC 316.

AREC250 Social and Economic Issues of Food Biotechnology Course Page

Description: This course will provide an introduction to the economics and business concepts in the biotechnology industry with an emphasis on food produced using genetic modification and other food technologies. The basic science behind GM foods will be discussed, but most of the material will focus on the social, economic, environmental, and legal issues surrounding GM foods. Key questions will be addressed using peer-reviewed literature and case studies, and the material will be presented from various disciplinary viewpoints.

AREC313 Statistical Analysis Course Page

Description: Analysis of economic data relating to renewable resource sectors including agriculture, food, forestry, and the environment; collection of data, sampling methods, tests of hypotheses, index numbers, analysis of variance, regression, and correlation; time series analysis. Prerequisite: Introductory statistics course. Credit will only be given for one of AREC 313 and AG EC 416.

AREC323 Introduction to Management for Agri-Food, Environmental, and Forestry Businesses Course Page

Description: Principles and practical aspects of business management, and their relevance to the managing businesses involved in a variety of industries, including agriculture, environment, food, and forestry. Topics include business planning and organizing, and issues related to the management of financial, physical, and human resources. Prerequisite: ECON 101. Not open to students in BSc Agriculture Business Management, Food Business Management, or Forest Business Management.

AREC333 Economics of Production and Resource Management Course Page

Description: Application of economic concepts and introduction of management tools related to production decision-making for resource-based businesses. Integration of biophysical and environmental relationships with economic objectives in allocating resources. Introduction to quantitative tools used in applied production management decision-making. Prerequisite: One of the following: AREC 200, AG EC 200, ECON 281, INT D 365, AREC 365 or equivalent. Credit will only be given for one of AREC 333 and AG EC 333.

AREC365 Natural Resource Economics Course Page

Description: Economics of natural resources; resource scarcity, conservation, sustainability, water resource issues, fisheries, forestry, agriculture, recycling, property and tenure institutions, and public resource policy. Credit will be given for only AREC 365 and ECON 365. Prerequisite: ECON 101.

AREC375 World Food and Agriculture Course Page

Description: Economic issues in international agriculture including the world food problem, agricultural development; agricultural and food trade and policy and selected agricultural biotechnology issues. Selected international applications and issues are stressed. Prerequisite: One of the following: ECON 101 or consent of Department. Credit will only be given for one of INT D 303, AREC 375, AREC 475 and AG EC 475.

AREC384 Food Market Analysis Course Page

Description: Applications of price and market theories to marketing problems and issues for food and agricultural products. Topics include: market structures and marketing functions; price analysis; futures markets; economics of food safety and quality; and international food marketing. Prerequisite: One of the following: AREC 200, AG EC 200, ECON 281, INT D 365, AREC 365 or equivalent. Credit will only be given for one of AREC 384 and AG EC 384.

AREC400 Special Topics Course Page

Description: Individual study of a selected topic or problem supervised by a Faculty member, requiring preparation of written reports. Prerequisite: consent of the Department Chair.

AREC410 Advanced Methods and Applications in Applied Economics Course Page

Description: Empirical applications of methods used in resource, environmental, agri-food, and forest economics. Involves one or more case study projects that focus on the empirical examination of economic issues in renewable resource management. Credit will be given for only one of AREC 410 and ENCS 410. Prerequisites: AREC 313 by consent of Instructor. Open to fourth year students in Agricultural/Food Business Management, Agriculture (Agricultural and Resource Economics major), Environmental and Conservation Sciences (Environmental Economics and Policy major) and Forest Business Management programs, or consent of Instructor. Requires payment of additional student instructional support fees. Refer to the Fees Payment Guide in the University Regulations and Information for Students section of the Calendar.

AREC423 Advanced Management Methods and Applications for Agri-Food, Environmental and Forestry Businesses Course Page

Description: Empirical applications of management and research methods used by business managers. Emphasis is given to integrating economic and business management concepts with applications to problems and issues in agriculture, food, the environment and forestry. Prerequisites: AREC 313 or consent of Instructor. Open to fourth year students in Agricultural/Food Business Management, Agriculture (Agricultural and Resource Economics major), Environmental and Conservation Sciences (Environmental Economics and Policy major) and Forest Business Management, Nutrition and Food Science (Food marketing minor and Food Policy minor) programs, or consent of Instructor. Requires payment of additional student instructional support fees. Refer to the Fees Payment Guide in the University Regulations and Information for Students section of the Calendar.

AREC430 Economic Impact Assessment Course Page

Description: Examination of the theory and application of economic assessment methods with a focus on the evaluation of environmental, agricultural and natural resource projects, regulatory policy, and planning. Includes case studies of recent project and policy proposals to illustrate the methods used to evaluate economic benefits and costs of such proposals. Applications to estimating private economic benefits. Prerequisite: One of the following: AREC 200, AREC 365, ECON 281, or equivalent, or consent of Instructor. Credit will only be given for one of AREC 430, 450, 530 and 550.

AREC433 Financial Management in Resource Industries Course Page

Description: Recent theoretical and empirical developments in finance are applied to natural resource industries including agribusiness, farming, forestry and food. Emphasis on capital budgeting, financial risk, and associated topics for long run investment planning in smaller business enterprises. Prerequisite: One of the following: AREC 200, AG EC 200, ECON 281, INT D 365, AREC 365, FIN 301 or equivalent. Credit will only be given for one of AREC 433 and AG EC 433.

AREC465 Advanced Natural Resource Economics Course Page

Description: Applied economic modeling of resource utilization and environmental issues with a focus in forestry and agriculture. Topics may include current Canadian and international issues in the area of environmental valuation, energy, climate change, biodiversity and conservation as related to Forestry and Agriculture. Prerequisite: AREC 365 or consent of instructor; AREC 313 and ECON 281 recommended. Credit will only be given for one of AREC 465 and INT D 665.

AREC471 Society and Well-Being Course Page

Description: Economic, political, historical, and legal perspectives on how and why governments promote well-being in areas such as food safety, nutritional policy, consumer protection, recreation, and the workplace. Topics include the historical development of wellness-related policies, how these decisions are made in society, and economic and moral justifications for such interventions. Prerequisites: One of the following: AREC 200, ECON 281, AREC 365, ECON 365, or consent of the instructor.

AREC473 Food and Agricultural Policies Course Page

Description: Economics of public policy for agriculture and food industries. Public choice principles and institutions. Farm and food policy in Canada and selected countries. Case studies on price and output policy; agricultural trade; food safety and quality; resource use and environmental sustainability; and/or rural change/restructuring. Prerequisite: One of the following: AREC 200, ECON 281, AREC 365, ECON 365, or equivalent. Credit will only be given for one of AREC 473 and AG EC 473.

AREC482 Cooperatives and Alternative Business Institutions Course Page

Description: The impact of agri-food and resource market structures on market conduct and performance; the impact of market structure on selection of cooperative versus investor owned firms including differences in firm objectives, performance and management incentives; topics may also include effects of firm type on community development and policy formation. Prerequisite: One of the following: AREC 200, AG EC 200, ECON 281, INT D 365, AREC 365 or equivalent. Credit will only be given for one of AREC 482 and AG EC 482.

AREC484 Strategic Management in Food and Resource Businesses Course Page

Description: Analysis of strategic management concepts and applications to agri-food and resource industries. The development of business and corporate strategies including competitive positioning; sustaining competitive advantage; vertical coordination and strategic alliances in value chains; corporate diversification and global business strategy. Prerequisite: One of the following: AREC 200, AREC 323, AG EC 200, AG EC 323, ECON 281, INT D 365, AREC 365 or equivalent. Credit will only be given for one of AREC 484 and AG EC 484.

AREC485 Trade and Globalization in Food and Resources Course Page

Description: Principles and policies affecting international trade in food, forestry and natural resources. Current issues in trade, including fair trade concerns, trade in capital and services, effects of food safety and quality standards, and environmental issues surrounding trade agreements and institutions. Prerequisite: One of the following: AREC 200, AREC 365, ECON 365, R SOC 355 or equivalent. Credit will only be given for one of AREC 485 and AG EC 485.

AREC487 Managing Market Risk in Resource Industries Course Page

Description: Study of the mechanics and economic functions of commodity futures and options derivative markets. Topics include the theory and practice of hedging, price formation and issues unique to commodities. Emphasis on concepts and analysis to evaluate derivative markets; use of derivatives to manage market risk in agribusiness, forestry and other resource businesses. Prerequisite: One of the following: AREC 200, AREC 365, ECON 281, FIN 301, or equivalent, or consent of instructor.

AREC488 Introduction to Agricultural and Resource Game Theory Course Page

Description: Game theory analyzes situations in which payoffs to agents depend on the behavior of other agents. Basics of game theoretic analysis are introduced. Applications to the agri-food and resource industries are discussed. Prerequisites AREC 200, AREC 365, or ECON 281.

AREC500 Special Topics Course Page

Description: Individual study or special topics course in agricultural and resource economics under the supervision of a Faculty member. Prerequisite: consent of Department Chair.

AREC502 Advanced Price Analysis Course Page

Description: Principles of consumer demand and producer supply analysis including theoretical and empirical approaches to the analysis of consumer and producer choice. Applications include food demand analysis (single equations and systems approaches), price expectations and producer supply decisions, market model simulation and policy evaluation, and economic welfare measurement. Corequisite: ECON 481.

AREC513 Econometric Applications Course Page

Description: Econometric theory, multiple linear regression analysis and interpretation, simultaneous equation estimation, qualitative choice models, time series analysis, applications of econometric techniques to resource and agricultural economic problems. Prerequisite: Intermediate course in statistics or econometrics. Credit will only be given for one of AREC 513 and AG EC 513.

AREC530 Economic Impact Assessment Course Page

Description: Examination of the theory and application of economic assessment methods with a focus on the evaluation of environmental, agricultural and natural resource projects, regulatory policy, and planning. Includes case studies of recent project and policy proposals to illustrate the methods used to evaluate economic benefits and costs of such proposals. Applications to estimating private economic benefits. Prerequisite: One of the following: AREC 200, AREC 365, ECON 281, or equivalent, or consent of Instructor. Credit will only be given for one of AREC 430, 450, 530 and 550.

AREC533 Production Economics Course Page

Description: Static and dynamic firm theory, production principles applied to resource use, resource and product combination, cost structure, uncertainty and expectations. Prerequisite: consent of Instructor; (AREC 313 or AG EC 416) and ECON 481 recommended. Credit will only be given for one of AREC 533 and AG EC 533.

AREC565 Economic Valuation of Ecosystem Services Course Page

Description: Economic valuation of ecosystem goods and services. Topics include: Theoretical and empirical analysis of environmental valuation methods, advanced benefit cost analysis, welfare economics, valuation of ecosystem goods and services, valuation of health impacts from environmental quality change, and linkages to experimental and behavioural economics. Prerequisite: *3 Introductory Econometrics course and consent of instructor; AREC 502 recommended. [Resource Economics and Environmental Sociology]

AREC569 Advanced Topics in Natural Resource and Environmental Economics Course Page

Description: Theoretical analysis and modeling of renewable resource and environmental issues at local and global levels. Includes analysis of international environmental issues, the effect of economic growth on the environment, sustainable development, and local and global commons management. Prerequisite: ECON 481 or consent of Department. Credit will only be given for one of AREC 569 and AG EC 569.

AREC573 Agricultural Economics Policy Course Page

Description: Goals and instruments of agricultural policy, model constructions with decision and control criteria; national, regional, and provincial agricultural application. Prerequisite: consent of Instructor; (AREC 313 or AG EC 416) and (AREC 502 or AG EC 502) recommended. Credit will only be given for one of AREC 573 and AG EC 573.

AREC575 Agriculture in Developing Countries Course Page

Description: Role of agriculture in the economic growth of developing countries; influence of international trade and commodity agreements on economic development. Prerequisite: consent of Instructor; (AREC 475 or AG EC 475) and (AREC 502 or AG EC 502) recommended. Credit will only be given for one of AREC 575 and AG EC 575.

AREC582 Industrial Organization in Food and Resource Industries Course Page

Description: Analysis of firm behavior and market structure in agri-food and resource sectors using industrial organization principles. Introduction to the internal organization of firms with applications to incentives, contracts, and corporate finance. Other topics involve ownership forms such as co-operatives; impacts of market structure on selection of firm structure; and the importance of firm objectives, performance and management incentives. Prerequisite: consent of instructor, ECON 481 recommended.

AREC584 Marketing Economics Course Page

Description: Microeconomic theory and analysis of markets for agricultural and food products. Topics will vary with the evolution of the literature but may include alternative market structures, market regulation, empirical price analysis, advertising, location theories, the role of information in markets, the role of uncertainty in markets, and organization structures. Prerequisite: consent of Instructor. (AREC 313 or AG EC 416) and (AREC 502 or AG EC 502) recommended. Credit will only be given for one of AREC 584 and AG EC 584.

AREC585 Agricultural Trade Course Page

Description: Concepts and principles underlying international trade and specialization applied to agricultural and food products. Protection and its economic impacts. Agricultural trade policy, institutions and agreements. The role of agricultural trade in developed and less developed countries. Analysis of imperfect markets and alternative approaches to trade liberalization. Prerequisite: consent of Instructor. Credit will only be given for one of AREC 585 and AG EC 585.

AREC600 Directed Studies Course Page

Description: Analysis of selected research problems and design of research projects in production economics, natural resource economics, or marketing economics. Prerequisite: consent of Department Chair.

AREC900 Directed Research Project Course Page

Description: Credit will only be given for one of AREC 900 and AG EC 900.