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The University of Tennessee | Institute of Agriculture

Department of Agricultural and Resource Economics

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Courses In Department

Agricultural & Resource Economics (AREC)


110 Opportunities in Agricultural, Food and Resource Economics (1) Overview of the curriculur requirements for departmental majors, current issues in associated fields of study and career opportunities. Fall.

201 Economics of the Global Food and Fiber System (4) Introduction to microeconomic and macroeconomic principles and their application to the global food and fiber system. Specific topics include consumer and producer behavior, market equilibrium, monetary and fiscal policy, and international trade. Fall and Spring. Satisfies General Education Requirement: (SS). Spring.

212 Introduction to Agribusiness Management (3) Introduction to agribusiness firm characteristics and decision-making. Overview of economic principles and the basic functions of management: planning, organizing, controlling and directing. Specific topics include firm structure, forecasting, marketing and selling, budgeting, break-even analysis, use of financial statements, capital investment, supervision, staffing, and evaluation. Fall and Spring.

270 Economic Perspectives on Natural Resource and Environmental Issues (3) Exploration of the economic causes of natural resource depletion and environmental degradation, employing the concepts of externalities, public goods, and market failure. Use of economic logic and analysis to assess the relative effectiveness of alternative policy approaches for addressing such problems. Application to issues of air quality, climate change, water quality, water quantity, energy use, fisheries management, endangered species protection, and waste recycling. Fall.

310 Career Planning and Placement (1) Career planning, job markets in the agricultural industry, and techniques to obtain employment including recruitment/placement services, resume construction, personal interviewing, and job offer evaluation/analysis. Fall.

312 Rural Real Estate Appraisal (2) Theory, methods and procedures of real estate appraisal applied to rural property; trends in real estate values; factors influencing real estate values; approaches used in real estate valuation. Prereq: AREC 201 or ECON 201 or ECON 211. Fall in alternatiing years.

313 Agricultural Law (2) Survey of legal topics related to agribusiness operations and production agriculture in Tennessee. Topics include introduction to legal system, property, contracts, farm and business organization, civil liabilities,and estate planning. Fall in alternating years.

314 Environmental Law (2) Survey of legal topics related to the natural environment, including an overview of the most important federal environmental statutes and the regulatory tools and concepts used to mitigate environmental degradation. Fall in alternating years.

324 Quantitative Methods in Agricultural Economics (3) Quantitative analytical tools used in economics and business. Simple and multiple linear regression techniques applied to economic data. Analysis of cross-section and time series date. Optimization techniques applied to economic and business decisions. Prereq: AREC 201 or Economics 201, Statistics 201. Coreq: AREC 320. Fall.

331 Agricultural Commodity Policy (2) Economics rationale for and effects of historical and current policies and programs for the agricultural commodity sector including price and income support, supply management, and crop insurance. Relationship of domestic commodity policy to international trade agreements. Prereq: AREC 201 or Economics 201, Economics 211. Fall in alternating years.

332 Food Policy (2) Economic rationale for and effects of policies and programs rlating to food production and consumption, including hunger and nutrition, safety, labeling, advertising, organic production, and local food systems. Prereq: AREC 201 or Economics 201, Economics 211. Spring in alternating years.

333 Agricultural Conservation Policy (2)Economic rationale for and effects of policies and programs for the mangemenet of soil and water resources control, nutrient and pesticide application, and the protection of agricultural lands and wildlife habitat. Prereq: AREC 201 or Economics 201, Economics 211. Fall in alternating years.

342 Farm Business Management (3) Principles and procedures for determining most profitable business organizations and systems of operation; attention to traditional and nontraditional agricultural enterprises and businesses; nature of managerial processes; business records and their uses; budgeting; acquisition and management of capital, land, labor and machinery; farm business planning. Prereq: AREC 212 and Accounting 200. Spring.

350 The Food and Agricultural Marketing System (3) Survey of U.S. food and fiber marketing system; marketing functions; industry structure; market channels; marketing options of farmers; basic analysis of marketing problems. Prereq: AREC 201, Economics 201 or 211, AREC 212. Spring.

352 Futures and Options Markets (2) Examination of futures and options markets. Emphasis is placed on using futures and options in a risk management and pricing context pertaining to trading, marketing, hedging and procurement of agricultural commodities and natural resources in relation to the agribusiness/agricultural sectors. Prereq: AREC 201, Economics 201 or 211, AREC 212. Spring.

356 Marketing Team Participation (1-2) Participation in the development of a total marketing plan for a product sold to or by farmers. Includes product identification, market research, and development of an action plan including an extensive promotional plan, financial analysis, and evaluation. Requires preparation of final plan for presentation in written, oral and visual formats. Plan presented in national competition during the National AgriMarketing Conference. May be repeated up to a maximum of 6 hours. Prereq: Consent of instructor. Fall and Spring.

410 Senior Seminar (1) Capstone experience for departmental majors involving application of curricular knowledge and skills to one or more case studies in the field of agricultural and resource economics. Fall.

412 Agricultural Finance and Risk Management (3) Microeconomic and financial concepts applied to decision problems faced by farms and agribusinesses; financial statement analysis; firm capital structure; time value of money, capital budgeting and investment analysis, risk management and diversification; computer applications. Prereq: AREC 212 and Accounting 200. Fall.

420 International Agricultural Trade and Marketing (3) Introduction to real and monetary aspects of international trade effect on agricultural commodity flows; partial equilibrium analysis of international trade in agricultural products; institutional aspects of international marketing of agricultural products. Prereq: AREC 311. Spring.

442 Advanced Agribusiness Management (3) Applications of advanced decision analysis concepts and tools to analyze management decision problems in farm and nonfarm agribusiness settings. Case study work on strategic planning; assessing cost structure using budgeting and breakeven analysis; evaluating profitability, liquidity, and solvency using financial statements; analyzing investments using capital budgeting; etc. AREC 212 and Accounting 200. Spring.

443 Food Industry Management and Marketing (3) Market analysis and business strategy for agricultural products from 'farm to fork'.  Food industry procurement systems, transportation and logistics; supply chain forecasting and planning; management of food processing facilities; development of business plans for new food products and comprehensive marketing plans. AREC 201 or Economics 201, Statistics 201, AREC 342, AREC 350. Spring.

444 Agricultural Production and Technology Management (3) Advanced topics in agricultural production management and applied use of advanced tools to make farm management decisions. Topics include business structure, managing income tax, machinery management, human resources, and the adoption and use of new and emerging technologies. Applied tools include mathematical programming, regression analysis, and spreadsheet decision tools. Prereq: AREC 324, AREC 342, AGNR 291. Fall.

445 Renewable Energy Economics (2) Overview of the economics of renewable energy including wind, solar, hydro, and biomass technologies. Assessment of the economic, environmental, and policy forces that are shaping the renewable energy industry. Exploration of methods for evaluating the economic feasibility of investment in renewable energy. Prereq: AREC 201 or Economics 201 or 211 or graduate standing. Fall.

460 Rural Economic Development (3) Use of economic principles in understanding rural economic development at community and regional levels, emphasizing the linkages between rural and urban communities, business location decisions, and how geography shapes markets. Integrating historical and current information, students will explore efficiency and equity as driving forces behind public and private sector policy to encourage, manage and forecast domestic and international development. Prereq: AREC 311. TBD.

470 Policy Analysis for Environmental and Natural Resource Management (3) Application of a policy analysis framework to conflicts and issues associated with natural resource use and related environmental quality impacts. Design of institutional changes to improve economic efficiency and equity, with emphasis on the potential applicability of market-type and incentive-based policy mechanisms. Prereq: AREC 201 or Economics 201 or 211 or graduate standing. Spring.

472 Natural Resource Economics (3) Economic analysis of natural resource use and conservation with emphasis on land, water and other renewable resources. Principles for benefit-cost analyses of natural resource projects and policies. Methods for valuation of non-market impacts associated with natural resource use. Sustainability as an economic concept. Prereq: AREC 311. Fall.

492 Off-Campus Internship (1-3) Pre-approved supervised experience with firm or organization in the field. May be repeated for a different experience up to a maximum of 6 hours. Prereq: Junior standing or consent of advisor. S/NC.

493 Independent Study (1-3) Directed individual or team research and report writing. Special courses in specific topics. Student must arrange with instructor before registering. May be repeated up to a maximum of 6 hours. Maximum 6 hours. Prereq: Junior standing.

499 Undergraduate Research (1-3) Experience in research projects under supervision of staff members. Student should make arrangements for research project with instructor prior to enrollment. May be repeated up to a maximum of 12 hours. Registration Permission: Consent of Instructor.