Agriculture and Resource Economics

Errata
Item Errata Date
1.

Co-requisites have been removed for the following units of study:

ECOS2901 Intermediate Microeconomics Honours

21/6/2019

Agricultural and Resource Economics

Major

A major in Agricultural and Resource Economics requires 48 credit points from this table including:
(i) 12 credit points of 1000-level units
(ii) 12 credit points of 2000-level units
(iii) 12 credit points of 3000-level core units
(iv) 6 credit points of 3000-level selective units
(v) 6 credit points of 3000-level Interdisciplinary Project unit

Minor

A minor in Agricultural and Resource Economics requires 36 credit points from this table including:
(i) 12 credit points of1000-level units
(ii) 12 credit points of 2000-level units
(iii) 12 credit points of 3000-level core units

1000 level units of study

ECON1001 Introductory Microeconomics

Credit points: 6 Session: Intensive January,Semester 1,Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prohibitions: BUSS1040 or ECON1040 Assumed knowledge: Students enrolled in this unit have an assumed knowledge equal to or exceeding 70 or higher in HSC Mathematics (or equivalent), or 35 or higher in HSC Mathematics Extension 1 (or equivalent), or 35 or higher in HSC Mathematics Extension 2 (or equivalent). Assessment: online quizzes (10%), 1xMid-semester test (30%), 1xEssay (10%) and 1x2hr Final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
Introductory Microeconomics addresses the economic decisions of individual firms and households and how these interact in markets. It is a compulsory core unit for the Bachelor of Economics and an alternative core unit for the Bachelor of Economic and Social Science. Economic issues are pervasive in contemporary Australian society. Introductory Microeconomics introduces students to the language and analytical framework adopted in Economics for the examination of social phenomena and public policy issues. Whatever one's career intentions, coming to grips with economic ideas is essential for understanding society, business and government. Students are given a comprehensive introduction to these ideas and are prepared for the advanced study of microeconomics in subsequent years. It is assumed that students undertaking this unit will have a prior knowledge of mathematics.
ECON1002 Introductory Macroeconomics

Credit points: 6 Session: Intensive February,Intensive June,Semester 1,Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Assumed knowledge: Students enrolled in this unit have an assumed knowledge equal to or exceeding 70 or higher in HSC Mathematics (or equivalent), or 35 or higher in HSC Mathematics Extension 1 (or equivalent), or 35 or higher in HSC Mathematics Extension 2 (or equivalent). Assessment: 1500wd written assessments (25%), 1x1hr mid-semester exam (25%), 1x2hr final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
Note: Department permission required for enrolment
Introductory Macroeconomics addresses the analysis of the level of employment and economic activity in the economy as a whole. It is a compulsory core unit for the Bachelor of Economics and an alternative core unit for the Bachelor of Economic and Social Sciences. Introductory Macroeconomics examines the main factors that determine the overall levels of production and employment in the economy, including the influence of government policy and international trade. This analysis enables an exploration of money, interest rates and financial markets, and a deeper examination of inflation, unemployment and economic policy. It is assumed that students undertaking this unit will have a prior knowledge of mathematics.

2000 level units of study

AREC2005 Concepts in Enviro and Agricultural Economics

Credit points: 6 Session: Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: (ECON1001 or BUSS1040 or ECON1040) and (ECON1002 or ECON1003 or ECON1005 or ECON1006 or ECMT1010 or BUSS1020) Prohibitions: AREC2003 or RSEC2031 Assessment: 1x1hr mid-semester test (25%), 1x2hr final exam (50%), 1x1500wd equiv tutorial participation and report (25%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit builds on fundamental economics knowledge to develop concepts that are key to the fields of agricultural economics, environmental economics and natural resource economics. Some globally significant themes, such as food security; sustainable agricultural production; climate change; resource/environmental limits and scarcity; biotechnology and innovation; air and water pollution; environment/agriculture interactions; and sustainable development will be used to illustrate the studied concepts.
ECOS2001 Intermediate Microeconomics

Credit points: 6 Session: Intensive January,Semester 1,Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECON1001 or BUSS1040 or ECON1040 Prohibitions: ECON2001 or ECON2901 or ECOS2901 Assessment: Tutorial participation (10%), 2x in-class tests (40%) and 2hr Final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
Note: Certain combinations of Maths/Stats may substitute for Econometrics. Consult the School of Economics Undergraduate Coordinator.
The aim of Intermediate Microeconomics is the development of theoretical and applied skills in economics. It covers applications and extensions of the theory of consumer choice, firm behaviour and market structure. Emphasis is given to the economics of information and choice under uncertainty; industry structures other than monopoly and perfect competition; markets for factors of production; general equilibrium and economic efficiency; market failure and the role of government. This unit provides a basis for the more specialised options that comprise third year economics.
or
ECOS2901 Intermediate Microeconomics Honours

Credit points: 6 Session: Semester 1 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: (ECON1001 or BUSS1040 or ECON1040) with a minimum Distinction grade (75%) Corequisites: (ECOS2903 or MATH2070) and (ECMT1010 or BUSS1020 or MATH1905 or MATH1005 or MATH1015) Prohibitions: ECOS2001 or ECON2001 or ECON2901 Assessment: 2x Mid-semester tests (50%) and 2.5hr Final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
Note: Department permission required for enrolment
This unit is comprised of lectures based upon the curriculum for ECOS2001 Intermediate Microeconomics, supported by a seminar for one hour a week. The content of lectures reflect a more analytical and critical treatment of the topics than ECOS2001. The topics, which build on the theory of consumer and firm behaviour and market structure, include game theory, oligopoly, general equilibrium and welfare, externalities and public goods and the economics of information.

3000 level units of study

Core
ECOS3013 Environmental Economics

Credit points: 6 Session: Intensive January,Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: AREC2003 or RSEC2031 or ECOS2001 or ECOS2901 Assessment: 1x1500wd Essay (25%), 1hr Mid-semester test (25%), 1x2hr Final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
The natural environment is invariably affected by production and consumption in our modern economy. In particular, environmental outcomes are important in the presence of market failures (externalities and public goods). This unit focuses on developing a student's detailed understanding of the economic techniques used by policymakers to address environmental issues. These techniques include: Pigovian taxes and subsidies; regulation with asymmetric information; marketable permits; pricing contributions for public goods; optimal damages; and the allocation of property-rights and market failures.
Selective
AREC3002 Agricultural Markets

Credit points: 6 Session: Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: AREC2001 or AGEC2103 or ECOS2001 or ECOS2901 Assessment: 1000wd equivalent problem sets (30%), 1x1500wd essay (30%), 1x2hr final exam (40%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit of study is designed to provide an understanding of the underlying forces driving agricultural markets. It addresses price analysis and efficiency, including aspects of form, time and space in agricultural marketing; information and contracts; changing consumer concerns (food safety, ethical production); futures market and other risk sharing devices. Building on the application of microeconomic theory to both production and consumption in agricultural markets, its content is analytical. The unit also investigates some of the forces which prevent the efficient operation of world agricultural markets, including impediments to trade, imperfect markets for inputs and outputs and market power along the agricultural supply chain.
AREC3003 Econ of Minerals and Energy Industries

This unit of study is not available in 2019

Credit points: 6 Session: Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: AREC2003 or RSEC2031 or ECOS2001 or ECOS2901 Assessment: 1x50min Mid-semester test (35%), 1x2hr Final Exam (50%), 3x500wd Tutorial Reports (15%) Mode of delivery: Normal (lecture/lab/tutorial) day
The unit builds on previously acquired economics training and develops advanced understanding of the economics of minerals exploration, extraction and marketing and the economics of energy generation, distribution and use. The implications of mineral extraction and energy generation activities for natural resources and the environment are explored. The unit will foster in-depth knowledge of the markets for minerals and energy, their industry structure and business environment, including the role of markets for derivatives on minerals and energy commodities.
AREC3004 Economics of Water and Bio-Resources

Credit points: 6 Session: Semester 1 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: AREC2003 or RSEC2031 or ECOS2001 or ECOS2901 Assessment: 1x50min Mid-semester Test (35%), 1x2hr Final Exam (50%), 3x500wd Tutorial Reports (15%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit develops knowledge and skills in natural resource economics built on previously gained economics training. The economics of dynamic natural systems is studied through application of advanced modelling approaches. Particular emphasis is given to the economic mechanisms for managing water and biological resources including property rights, water allocation and water markets. Key policy instruments (taxes, quotas, standards) are analysed. Institutional and policy aspects will also be considered via analysis of water policy reform in Australia and elsewhere.
AREC3005 Agricultural Finance and Risk

Credit points: 6 Session: Semester 1 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: AREC2001 or AGEC2103 or AREC2002 or AGEC2101 or ECOS2001 or ECOS2901 Assessment: 1x2hr Final Exam (70%), 2x1500wd Assignments (30%) Mode of delivery: Normal (lecture/lab/tutorial) day
Agricultural production is typically risky, adding complexity to decision analysis and increasing need of risk consideration in agricultural policy design. This unit explores this theme, and has two related components: risk and risk management in agriculture, and issues of agricultural producer finance. These two components cover a broad range of topics that incorporate production risk and other sources of risk in agriculture.
AREC3007 Benefit-Cost Analysis

Credit points: 6 Session: Semester 2 Classes: 1x2 hour lecture/week; 1x1 hour tutorial/week Prerequisites: ECOS2001 or ECOS2901 or AREC2005 or AREC2003 Prohibitions: (AREC2004 and RSEC4131) Assessment: 1x500wd benefit-cost analysis (10%), 1x1000wd group work essay (20%), 1x1000wd report (20%), 1x2hr final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
Foundational concepts in welfare economics, such as economic efficiency, criteria for assessing social welfare improvements, and economic surplus measures, are analysed in detail and applied to project evaluation and policy assessment. Procedures of conducting a benefit-cost analysis are presented, and tools of non-market valuation for public goods and environmental assets are covered in detail. These techniques include both stated and revealed preference techniques, including contingent valuation, choice modeling, hedonic pricing and travel cost methods.
ECOS3002 Development Economics

Credit points: 6 Session: Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECOS2001 or ECOS2901 or ECOS2002 or ECOS2902 Assessment: 1x1500wd written assessment (30%), 1x1hr mid-semester exam (20%), 1x2hr final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit examines the economic transformation of less-developed countries from microeconomic and macroeconomic perspectives. It covers applied topics such as education, health, nutrition, demographics, labour, agriculture and the private sector, focusing on how policies attempt to overcome market and institutional failures that are particularly acute in the developing world. Focus is given to applying theoretical and empirical tools necessary to conceptualise, analyse and interpret various issues in economic development. Applied examples from developing countries are used throughout the unit.
ECOS3005 Industrial Organisation

Credit points: 6 Session: Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECOS2001 or ECOS2901 Prohibitions: ECOS2201 Assessment: Mid-semester test (35%), problem sets (5%) and 2hr Final exam (60%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit of study examines the nature of inter-firm rivalry in industries with market power. It explores the various ways in which firms can increase their market power by: extracting more surplus from consumers, by colluding with rivals or by excluding entrants. The unit also analyses the international competitiveness of industries in the context of industry assistance and the prevalence of foreign multinationals. Competition policy is also discussed.
ECOS3006 International Trade

Credit points: 6 Session: Semester 1 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECOS2001 or ECOS2901 Assessment: problem sets (5%), Mid-semester test (35%) and 2hr Final exam (60%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit of study provides a systematic analysis of the theory of international trade and trade policy. Initially differences between countries are emphasised as the source of trade and the gains from trade. Models that are examined include the Classical-Ricardian model, the Heckscher-Ohlin model and the Specific-Factors model. Next economics of scale and imperfect competition are introduced as sources of trade and gains from trade. The unit concludes with an examination of empirical studies aimed at testing trade theories. The analysis of trade policy begins with a discussion of the instruments of trade policy, in particular, tariffs and quotas and their effect on welfare. This discussion is then extended to the case of imperfect competition and strategic trade policy.

Interdisplinary project unit of study

ECON3998 Industry and Community Project

Credit points: 6 Session: Intensive December,Intensive February,Intensive January,Intensive July,Semester 1,Semester 2 Prerequisites: Interdisciplinary Impact in any major Mode of delivery: Normal (lecture/lab/tutorial) day
This unit is designed for third year students to undertake a project that allows them to work with one of the University's industry and community partners. Students will work in teams on a real-world problem provided by the partner. This experience will allow students to apply their academic skills and disciplinary knowledge to a real-world issue in an authentic and meaningful way.
A specific interdisciplinary unit for this major commences in 2020. In 2019, the alternative interdisciplinary project units of study available within the major are one of the following: ECOS3022 or ECOS3008 or ECOS3013 or ECOS3017 or ECOS3022.