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AGB110 Agricultural Economics (8)

Abstract

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.

+ Subject Availability Modes and Location

Session 1
OnlineWagga Wagga Campus
On CampusCY O'Connor - Muresk Institute
On CampusWagga 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

Duration Grading System School:
One sessionHD/FLSchool 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

The 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

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The information contained in the 2018 CSU Handbook was accurate at the date of publication: 20 October 2017. The University reserves the right to vary the information at any time without notice.