Applied Economics Undergraduate Programs
 

Learning objectives for the undergraduate economics programs in the Department of Applied Economics are designed to ensure that students receive the skills necessary to begin to formulate the fundamentals for basic solutions to economic and business problems on the basis of theory and analysis. Students receive training in economic theory, quantitative analysis, and agribusiness in their undergraduate work. This training prepares students for beginning management training in agribusinesses, the further pursuit of graduate education, or individual entrepreneurial activities in family-owned enterprises. These learning objectives were formulated to capture the essence of the broad training students receive in the field of economics.

1.  Demonstrate a fundamental knowledge of existing micro and macro course theory. Economic theory serves as the foundation for formulating methods to address economic problems. Students are expected to acquire a sound knowledge of the fundamentals economic theory and its applications. Most of this training is based on graphical analysis.

2.  Demonstrate intermediate knowledge of existing microeconomic theory. Intermediate theory requires the student to begin to formulate economic theory and its applications in a more mathematically-based format than the beginning microeconomic courses described in learning objective one above. Intermediate economic theory prepares students for the economic and agribusiness field courses they will be taking in upper division courses.

3.  Demonstrate basic analytical skills required to address a breadth of economic and business questions. Students will survey all fields of economics germane to the mission of the department, including agricultural economics, environmental and resource economics, and regional economics. Students will also need a basic understanding of algebra and calculus as applied to economic and business problems. Other analytical skills also enhance the student’s economic skill set and are taught in the appropriate field course.

4.  Demonstrate an ability to apply basic economic theory and analytical skills in selected economics and agribusiness field courses. Students will be expected to gain a degree of specialized knowledge in applying their fundamental economic and business theory and analytical skills. Students will acquire this through taking field courses that demonstrate how existing economic theory and analysis can be used to address real-world economic problems.

5.  Demonstrate an ability to effectively communicate how to use existing economic concepts and principles to address economic and agribusiness problems (especially current economic issues). Students will be expected to effectively communicate through written and oral communication that they are able to apply the skills they have acquired in learning objectives 1-4.

The Department of Applied Economics has identified three courses that are core undergraduate training goals: APEC 2010 (Introduction to Microeconomics), APEC 3010 (Introduction to Agricultural Economics and Agribusiness), and APEC 3012 (Introduction to Resource and Regional Economics). For these three courses, specific learning goals are as follows:
 

APEC 2010 Objectives

Students will understand the following:

• Consumer demand and elasticity concepts
• Economic costs and normal profit
• Short-run and long-run cost behavior
• Nature and consequences of competitive markets
• Profit maximization principles
• Nature and consequences of monopolistic competitive markets
• Nature and consequences of monopolies/oligopolies
• Government response to market power
• Determinants of demand for resources

APEC 3010 Objectives

Students will be able to:

• Understand the structure of the U.S. food industry
• Analyze supply and demand, and how these determine price
• Understand the difference between price discrimination and price discovery
• Evaluate fiscal and monetary policies, and government farm policies, and their likely impact on agricultural industries
• Analyze a firm’s profit maximizing decisions
• Analyze consumer behavior in the market
• Understand the flow of food from the farm gate to the dinner plate
• Understand the role of the futures market in price discovery and risk management

APEC 3012 Objectives

Students will have the ability to:

• Define externalities and describe policy approaches to counteract externalities
• Classify renewable and non-renewable natural resources
• Define non-market economic concepts of valuation and measurement of environmental and natural resources
• Understand economic efficiency and its relationship to social benefits and costs
• Apply economic reasoning to environmental and resource issues such as how to manage forests, water, range, and recreation.