This unit focuses on the nature of agricultural and resource commodity markets, market demand relationships, market supply relationships, price determination under alternative market structures, marketing margin relationships, derived demand for inputs, spatially and temporally related markets, market dynamics, price expectations, commodity futures markets and other pertinent topics. Applied examples from the agricultural and resource industries and the overall economy will be used throughout the semester as illustrations of the principles involved.
1x2hr lecture/week, 1x1hr tutorial/week
1x50min Mid-semester Test (20%), 1xGroup Assignment (1000wd equiv) (20%), 1x2hr Final Exam (60%)
ECON1001 or AGEC1006 or AGEC1102