AGRIBUS 3500WT - Agricultural Economics and Policy III
Waite Campus - Semester 1 - 2014
General Course Information
Course Code AGRIBUS 3500WT Course Agricultural Economics and Policy III Coordinating Unit School of Agriculture, Food and Wine Term Semester 1 Level Undergraduate Location/s Waite Campus Units 3 Contact Up to 3 hours per week Assumed Knowledge AGRIC 1510WT, AGRIC 1520WT, AGRIBUS 2520WT Course Description This course provides a basic understanding of the nature, function and structure of agricultural markets, including the economics of commodity markets and of market failure, the role of international trade policy, and how governmental policy, at home and abroad, impacts on producers in Australia.
Course Coordinator: Mr Darren Koopman
The full timetable of all activities for this course can be accessed from Course Planner.
Course Learning Outcomes
1 Upon successful completion of this course, students will understand and appreciate the significance of:
the relevance of the economic principles of scarcity, choice, trade-off, opportunity cost; effectiveness and eco-effectiveness, efficiency and eco-efficiency; anthropocentric and ecocentric thinking; price and price signals; economic systems
2 how to apply basic economic concepts to predict likely changes in product prices and quantities in mixed economy market systems 3 introductory cost theory, markets, market structures, (comparative) market power 4 the market failure concept 5 the concept of 'policy' and the role of government policy re market failure 6 the hierarchy of management environments, and their components and implications 7 how changes in government regulations, taxes, consumer preferences and technology influence agricultural commodity markets and resource allocation 8 the marketing concept and the 'customer-focussed' significance for agricultural business management 9 commodity markets and differentiated product markets 10 the implications of efficient supply chain/ demand chain/ value chain management
University Graduate Attributes
This course will provide students with an opportunity to develop the Graduate Attribute(s) specified below:
University Graduate Attribute Course Learning Outcome(s) Knowledge and understanding of the content and techniques of a chosen discipline at advanced levels that are internationally recognised. 1,3,4,5,7,9 The ability to locate, analyse, evaluate and synthesise information from a wide variety of sources in a planned and timely manner. 2,10 An ability to apply effective, creative and innovative solutions, both independently and cooperatively, to current and future problems. 7,8,10 Skills of a high order in interpersonal understanding, teamwork and communication. 1,2 A proficiency in the appropriate use of contemporary technologies. 10 A commitment to continuous learning and the capacity to maintain intellectual curiosity throughout life. 2,7,8 A commitment to the highest standards of professional endeavour and the ability to take a leadership role in the community. 5,8 An awareness of ethical, social and cultural issues within a global context and their importance in the exercise of professional skills and responsibilities. 4,6,10
Learning & Teaching Activities
Learning & Teaching ModesLectures will be integrated with case study tutorials, and be complimented by the student seminar program to achieve the learning outcomes.
The information below is provided as a guide to assist students in engaging appropriately with the course requirements.A student enrolled in a 3 unit course, such as this, should expect to spend, on average 12 hours per week on the studies required. This includes both the formal contact time required to the course (e.g., lectures and practicals), as well as non-contact time (e.g., reading and revision).
Learning Activities Summary
Lecture Schedule Week 1
introduction to economics… some important contributors to economic philosophy; resource categories; scarcity, choice, tradeoff; opportunity cost; social welfare concept; (eco)effectiveness, (eco)efficiency, ethics… NOT considered by economics; anthropocentric/ecocentric; relativity… relative cost, relative benefit; production possibility curve; price system; economic systems
Week 2 demand and supply curves, demand shifters and supply shifters, market equilibrium price setting, Week 3 price cycles, price elasticity of demand (price response), income elasticity of demand (income response) Week 4 introduction to cost analysis… fixed cost, variable cost, marginal cost; marginal revenue; total utility, marginal utility; market structure, competitive markets, monopoly, (comparative) market power Week 5 resources; property rights and obligations; market failure, negative/positive externalities, public goods/bads; private costs, social costs, user costs, tax intervention; sustainability… weak/strong; total economic value (TEV)… forest example; business and environment considerations Week 6
government role in policy… taxes, standards, pollution permits and permits trades; private organisations role/ business and environment topic
Week 7 management, leadership; management environments, stakeholders and stakeholder management, some key drivers of change (with relevant opportunities and challenges): technology, consumerism, citizens and the natural environment, international trade and globalisation, international developments, the information age (‘knowledge age’); strategy and strategic management, Porter concept re cost/differentiated product… Porter industry 5-forces concept … Porter value chain concept Week 8 marketing functions, marketing concepts… product concept, services, experiential goods; role of consumer satisfaction; customers versus consumers, product features versus product benefits, 4Ps concept and its successors, commodities/differentiation… Theodore Levitt model; price and value, communication, distribution/logistics; cool chain etc Week 9 marketing concepts (continued), consumer behaviour considerations, industrial markets behaviour (Webster-Wind etc), some cross-cultural aspects (eg Geert Hofstede and GLOBE model Week 10 marketing concepts (continued) Week 11 food safety and food quality… concept of quality; concepts of hazard, risk, safety; elements of quality… intrinsic/extrinsic; increasing significance of the credence attribute; Juran trilogy® concept (quality planning/design, quality control, quality improvement); quality assurance (QA); quality costs; standards and codes of practice;tracking and tracing/ traceback; provenance; quality auditing (internal, and external) Week 12 industrialisation of agriculture; transaction costs; trust; coordination; alliances; chains… supply chain, demand chain, value chain
The University's policy on Assessment for Coursework Programs is based on the following four principles:
- Assessment must encourage and reinforce learning.
- Assessment must enable robust and fair judgements about student performance.
- Assessment practices must be fair and equitable to students and give them the opportunity to demonstrate what they have learned.
- Assessment must maintain academic standards.
Assessment Task Task Type Due Weighting Learning Outcome Essay: Role of price.
15% 1,2,3,4,5 Essay: Marketing, chains, food safety and quality
Formative and Summative Week 12 15% 6,7,8,9,10 Seminar presnetation: Formative Rostered throughout the semester 10% Exam Summative Exam period 60%
No information currently available.
No information currently available.
Grades for your performance in this course will be awarded in accordance with the following scheme:
M10 (Coursework Mark Scheme) Grade Mark Description FNS Fail No Submission F 1-49 Fail P 50-64 Pass C 65-74 Credit D 75-84 Distinction HD 85-100 High Distinction CN Continuing NFE No Formal Examination RP Result Pending
Further details of the grades/results can be obtained from Examinations.
Grade Descriptors are available which provide a general guide to the standard of work that is expected at each grade level. More information at Assessment for Coursework Programs.
Final results for this course will be made available through Access Adelaide.
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