AGB110 Agricultural Economics (8)

Agricultural economics is the application of economic principles and financial management relating to the economic, social and environmental performances of agricultural businesses. This extends beyond the farm gate to encompass a broader range of food and fibre related activity which contributes significantly to the nation's output. This subject introduces some key economic theories and financial management tools for decision making in agriculture in Australia from a domestic and international perspective.

Availability

Session 1 (30)
On Campus
Wagga Wagga Campus
Online
Wagga Wagga Campus

Continuing students should consult the SAL for current offering details: AGB110. Where differences exist between the Handbook and the SAL, the SAL should be taken as containing the correct subject offering details.

Subject Information

Grading System

HD/FL

Duration

One session

School

School of Agricultural and Wine Sciences

Enrolment Restrictions

No enrolment restrictions

Learning Outcomes

Upon successful completion of this subject, students should:
  • Be able to understand the forces of supply and demand and how they determine price in the market
  • Be able to identify core principles of microeconomics, especially related to agricultural production, cost analysis and prices and application of these economic principles to selected farm management problems
  • Be able to demonstrate an awareness of various agricultural industries and characteristics of their market structures
  • Be able to interpret and apply basic algebra and graphical representation to present economic concepts
  • Be able to understand the relevance of private and social costs in agricultural production and market failure

Syllabus

This subject will cover the following topics:
  • Part A - Market and Price Analysis - Introduction to Australian agriculture; consumer demand and elasticity; profit maximisation and supply;market equilibrium; and imperfect competition
  • Part B - Production and Cost Analysis - Production and optimal input selection; optimal combinations of inputs and outputs; costs of production; enterprise performance and gross margin analysis

Indicative Assessment

The following table summarises the assessment tasks for the online offering of AGB110 in Session 1 2019. Please note this is a guide only. Assessment tasks are regularly updated and can also differ to suit the mode of study (online or on campus).

Item Number
Title
Value %
1
Engagement quizzes
10
2
Market and price analysis
30
3
Production and cost analysis
20
4
Final exam
40

The information contained in the CSU Handbook was accurate at the date of publication: July 2020. The University reserves the right to vary the information at any time without notice.

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