Agricultural and Resource Economics

A major in Agricultural and Resource Economics provides a valuable understanding of commodity markets and the economics of agricultural production, and an analytical understanding of a wide range of natural resource management problems. The major also provides valuable quantitative skills for students interested in economic management of natural resource systems, environmental economics, fishery and forestry economics, ecosystems, conservation and sustainability. Focus is placed on the development of analytical, quantitative and communication skills. It adds considerably to the prospects of students interested in working as applied economists in commodities and futures markets, merchant and trading banks, government departments, large agribusiness firms, corporate farms, and in the media as economic journalists.

Requirements for completion

Note that students who commenced either the Agricultural Economics major or the Environmental and Resource Economics major prior to 2018 should consult the relevant Faculty Handbook for details of its requirements. Further information is also available here.

A major in Agricultural and Resource Economics requires 48 credit points from the Unit of Study table including:

(i) 12 credit points of 1000-level core units

  • ECON1001 Introductory Microeconomics
  • ECON1002 Introductory Macroeconomics

(ii) 12 credit points of 2000-level core units

  • AREC2005 Concepts in Agriculture and Resource Economics (available from 2019)
  • ECOS2001 Intermediate Microeconomics / ECOS2901 Intermediate Microeconomics Honours

(iii) 12 credit points of 3000-level core units

  • AREC3002 Agricultural Markets (to be replaced in 2019 by AGEC3006 Agricultural and Commodity Markets)
  • ECOS3013 Environmental Economics

(iv) 6 credit points of 3000-level selective units and 6 credit points of Interdisciplinary Project unit

  • AREC3001 Production Modelling and Management
  • AREC3003 Econ of Minerals and Energy Industries
  • AREC3004 Economics of Water and Bio-Resources *
  • AREC3005 Agricultural Finance and Risk
  • ECOS3002 Development Economics
  • ECOS3005 Industrial Organisation
  • ECOS3006 International Trade

* Unit not offered in 2018

A minor in Agricultural and Resource Economics requires 36 credit points from the Unit of Study table including:

(i) 12 credit points of1000-level core units

  • ECON1001 Introductory Microeconomics
  • ECON1002 Introductory Macroeconomics

(ii) 12 credit points of 2000-level core units

  • AREC2005 Concepts in Agriculture and Resource Economics (available from 2019)
  • ECOS2001 Intermediate Microeconomics / ECOS2901 Intermediate Microeconomics Honours

(iii) 12 credit points of 3000-level core units

  • AREC3002 Agricultural Markets (to be replaced in 2019 by AGEC3006 Agricultural and Commodity Markets)
  • ECOS3013 Environmental Economics

Agricultural Economics major for students who commenced prior to 2018

For the award of a major in Agricultural Economics students complete:

(i) four junior prerequisite units of study (24 credit points), as follows:

  • ECMT1010 Introduction to Economic Statistics (or BUSS1020 Quantitative Business Analysis#)
  • ECMT1020 Introduction to Econometrics
  • ECON1001 Introductory Microeconomics
  • ECON1002 Introductory Macroeconomics

(ii) three compulsory senior units of study (18 credit points), as follows:

  • ECOS2001 Intermediate Microeconomics / ECOS2901 Intermediate Microeconomics Honours##
  • AREC2001 Economics of Biological Production Systems
  • AREC2002 Commodity Market and Price Analysis

(iii) a minimum of two senior elective units of study (12 credit points) selected from the following:

  • AREC2004 Benefit-Cost Analysis
  • AREC3001 Production Modelling and Management
  • AREC3002 Agricultural Markets

(iv) one senior elective unit of study (6 credit points) selected from the following:

  • AREC2004 Benefit-Cost Analysis
  • AREC3001 Production Modelling and Management
  • AREC3002 Agricultural Markets
  • AREC3005 Agricultural Finance and Risk
  • ECMT2150 Intermediate Econometrics
  • ECOS3002 Development Economics
  • ECOS3005 Industrial Organisation
  • ECOS3006 International Trade

# BUSS1020 is a core unit for the Bachelor of Commerce and related degrees and substitutes for the junior prerequisite unit ECMT1010 for students enrolled in those courses.

Any senior unit can only be counted toward one major (be it the Economics, Econometrics, Financial Economics, Agricultural Economics or Environmental and Resource Economics major).

## Where students are completing both an Economics and an Agricultural Economics major, an additional senior elective (at ECOS2000 or ECOS3000 level) should be completed for one of the majors, as both majors require the compulsory unit ECOS2001/ECOS2901. Both majors need to include at least 36 senior credit points without counting a senior unit ie ECOS2001/ECOS2901 towards two separate majors.

Environmental and Resource Economics major for students who commenced prior to 2018

For the award of a major in Environmental and Resource Economics students complete:

(i) four junior prerequisite units of study (24 credit points), as follows:

  • ECMT1010 Introduction to Economic Statistics (or BUSS1020 Quantitative Business Analysis#)
  • ECMT1020 Introduction to Econometrics
  • ECON1001 Introductory Microeconomics
  • ECON1002 Introductory Macroeconomics

(ii) three compulsory senior units of study (18 credit points), as follows:

  • ECOS2001 Intermediate Microeconomics / ECOS2901 Intermediate Microeconomics Honours##
  • AREC2003 Concepts in Environmental and Resource Economics
  • AREC2004 Benefit-Cost Analysis

(iii) a minimum of two senior elective units of study (12 credit points) selected from the following:

  • AREC3003 Economics of Minerals and Energy Industries
  • AREC3004 Economics of Water and Bio-Resources *
  • ECOS3013 Environmental Economics

(iv) one senior elective unit of study (6 credit points) selected from the following:

  • AREC3001 Production Modelling and Management
  • AREC3003 Economics of Minerals and Energy Industries
  • AREC3004 Economics of Water and Bio-Resources *
  • ECMT2150 Intermediate Econometrics
  • ECOS3002 Development Economics
  • ECOS3005 Industrial Organisation
  • ECOS3006 International Trade
  • ECOS3013 Environmental Economics

* Units not offered in 2018

# BUSS1020 is a core unit for the Bachelor of Commerce and related degrees and substitutes for the junior prerequisite unit ECMT1010 for students enrolled in those courses.

Any senior unit can only be counted toward one major (be it the Economics, Econometrics, Financial Economics, Agricultural Economics or Environmental and Resource Economics major).

## Where students are completing both an Economics and an Environmental and Resource Economics major, an additional senior elective (at ECOS2000 or ECOS3000 level) should be completed for one of the majors, as both majors require the compulsory unit ECOS2001/ECOS2901. Both majors must include at least 36 senior credit points without counting a senior unit i.e. ECOS2001/ECOS2901 towards two separate majors.