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2015-2016 Undergraduate Course Catalog & Academic Policies

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College of Agriculture and Life Sciences

Agricultural and Applied Economics

www.aaec.vt.edu/index.html

Steven C. Blank, Head
Professors: J.R. Alwang; D.J. Bosch; K.J. Boyle; R. Crowder; G. C. Davis; M.J. Ellerbrock;
L.L. Geyer; R.H. Lytton; M. A. Marchant; B.F. Mills; G. W. Norton; M. Norton; J. Pease;
E.B. Peterson; K. Stephenson; D.B. Taylor
Associate Professors: G.E. Groover; A. Marathe; K. Moeltner
Assistant Professors: K. Boys; J.H. Grant; H. Smith; W. You
Instructors: G. Ferreira; W.A. White
Career Advisor: K. Stephenson

Students at competition

Degree Requirements

    The graduation requirements in effect at the time of graduation apply. When choosing the degree requirements information, always choose the year of your expected date of graduation. Requirements for graduation are referred to via university publications as “Checksheets”. The number of credit hours required for degree completion varies among curricula. Students must satisfactorily complete all requirements and university obligations for degree completion.

    The university reserves the right to modify requirements in a degree program. However, the university will not alter degree requirements less than two years from the expected graduation year unless there is a transition plan for students already in the degree program.

    Please visit the University Registrar website at http://www.registrar.vt.edu/graduation/checksheets/index.html for degree requirements.

Major Options

  • B.S. in Agribusiness w/ Agribusiness Management Option (AGBM)

  • B.S. in Applied Economic Management w/ Environmental Economics, Management, and Policy Option (EEMP)

  • B.S. in Applied Economic Management w/ International Trade and Development Option (ITD)

  • B.S. in Applied Economic Management w/ Community Economic Development Option (CED)

  • B.S. in Agribusiness w/ Veterinary Business Management Option (VBMG)

  • B.S. in Applied Economic Management w/ Financial Planning Option (FNPN)

Satisfactory Progress

    University policy requires that students who are making satisfactory progress toward a degree meet minimum criteria toward the General Education (Curriculum for Liberal Education) (see "Academics") and toward the degree.

    Satisfactory progress requirements toward the degree can be found on the major checksheet by visiting the University Registrar website at http://www.registrar.vt.edu/graduation/checksheets/index.html.

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Undergraduate Course Descriptions (AAEC)


1005,1006: ECONOMICS OF THE FOOD AND FIBER SYSTEM
Economic principles that underlie functioning of the U.S. economy in general, and the food and fiber system in particular, are developed and applied to analysis of issues important to society. Emphasis on interrelationships of U.S. micro-economic and macro-economics policy, agriculture, and economic well being of world society in terms of availability and price of food and fiber, use of natural resources, and development of rural economics. I,II. (3H,3C)

1264: PEACE ECONOMICS
Introduction to economic impediments and solutions in the pursuit of world peace, including various perspectives on defining peace, the role of natural resources and ethics in regional and global development, and the actual poverty reduction programs. (3H,3C)

2104 (FIN 2104): PERSONAL FINANCIAL PLANNING
Survey of fundamental personal financial planning needs and decisions of young professionals. Introduction to the personal financial planning needs that special household circumstances or non-traditional household situations may precipitate. (3H,3C)

2424: COOPERATIVES AND THEIR IMPACT ON THE HUMAN CONDITION
An assessment of the member-owned cooperative organizational structure, including the founding Rochdale Principles (circa 1842) and how these principles and ethics are still prevalent in modern-day cooperatives. Emphasis will be on both agricultural (supply, marketing, service) and non-agricultural (employee-owned, rural electric, housing, child care, health care, crafts, credit unions) cooperatives, with special attention to the impacts on the human condition. I (3H,3C)

2434: FOUNDATIONS IN AGRIBUSINESS
Introduction to the primary management tools as they relate to farm production enterprises and agribusinesses. Principles and concepts of preparing farm and agribusiness financial statements and their analysis. Application of budgeting and risk management. Pre: 1005. (3H,3C)

2464 (RLCL 2464) (STS 2464): RELIGION AND SCIENCE
Exploration of the relationships between religion and science in the western tradition. Topics include: basic frameworks for relationships between religion and science in historical and cultural context, types of human knowledge and truth, similarities and differences between science and religion, evolution, ecology, and contemporary issues. (3H,3C)

2974: INDEPENDENT STUDY
Variable credit course.

2984: SPECIAL STUDY
Variable credit course.

3004: AGRICULTURAL PRODUCTION AND CONSUMPTION ECONOMICS
The economic principles of production. Applications to decision-making and the allocation of resources for the agricultural firm. Consumer behavior and demand for agricultural products. Pre: 1005. (3H,3C) II.

3014: ANALYTICAL METHODS IN APPLIED ECONOMICS
Quantitative methods used in applied empirical economic analysis including simple and multiple regression, estimation and application of elasticity, decision analysis, economic simulations, linear programming, and risk analysis. Analysis using spreadsheets stressed. Pre: STAT 3005 or BIT 2405 or STAT 3615. (3H,3C)

3015-3016: INTERNSHIP IN AGRICULTURAL AND APPLIED ECONOMICS
Preparation for, and follow-up to, a practical experience in a selected agricultural, resource, or governmental enterprise, which takes place under the direct supervision of an owner, manager, or supervisor. 3015: offers the student a broad management horizon on understanding the value and the process of setting goals and objectives, and provides methods for evaluating one's abilities, interests, and desires for making career-path choices. 3016: provides a forum for students to share work experiences, discuss human resource issues, and apply the problem solving process to a problem or concern witnessed during the internship. 3015: II; 30I6: I. (1H,1C)

3024: MONETARY AND GLOBAL ISSUES IN APPLIED ECONOMICS
Economics of an open economy and its impact on agricultural and natural resource markets. History of the monetary system, national accounts, balance of payments, fiscal and monetary policy, foreign exchange determinants, trade deficits, international finance, globalization and economic growth. Linkages to agricultural policy and commodity markets stressed. Pre: 1005, 1006. (3H,3C)

3104: FINANCIAL PLANNING FOR PROFESSIONALS
Analysis of financial needs, from the context of the individual, household or small business owner, related to financial situation (cash management and use of debt), income taxes, risk management, retirement planning, investment planning, estate planning, and other special needs. Utilizes mathematical and computing skills. FIN students may be excused from the AAEC 2104 pre-requisite with instructor permission. Pre: 2104, FIN 3134. Co: FIN 3134. (3H,3C)

3204: INTERNATIONAL AGRICULTURAL DEVELOPMENT AND TRADE
Examination of the role of agriculture in less developed countries and how that role is affected by public policies. Topics include the dimensions of world food, population, and income problems; theories of economic development and the role of agriculture; a description of traditional agricultural systems and their evolution; components of an agricultural modernization strategy; the impacts of international trade and aid; and the effects of international development on U.S. agriculture. I Pre: 1005, 1006. (3H,3C)

3314: ENVIRONMENTAL LAW
Principles of law involved in environmental issues, survey of environmental litigation, legislation and administrative rulings. Law topics include natural resources, water pollution, private land use, air pollution, toxic substance, food, drug, pesticides, and biotechnology. (3H,3C) II.

3324: ENVIRONMENT AND SUSTAINABLE DEVELOPMENT ECONOMICS
Economics of environment and sustainable development. Topics include economic efficiency, property rights, externalities, benefit-cost analysis, economic evaluation procedures, public and private conflicts in land use, water quality, and international growth/development/environmental issues. Pre: 1005 or ECON 2005. (3H,3C)

3454 (MGT 3454): SMALL BUSINESS MANAGEMENT AND ENTREPRENEURSHIP
Characteristics of small business and entrepreneurs, and their economic importance. Development and operation of a small business, including concepts and principles such as franchising, business plans, capital acquisition, venture capital, financial and administrative control, marketing, human resource and operations management. Taxation, legal, insurance and ethics in small business. Pre: 2434 or ACIS 2115 or MGT 3064. (3H,3C)

3504: MARKETING AGRICULTURAL PRODUCTS
Structure of the agricultural marketing system with emphasis on factors determining farm level prices. Emphasis on how markets coordinate consumer desires and producer costs through marketing channels. Impact of market structure, grades, information, product form, and advertising on farm prices. International trade impacts on producers, consumers, agribusiness, and government. I Pre: 1005. (3H,3C)

3514: AGRICULTURAL FUTURES AND OPTIONS
The role of agricultural futures and options in risk management strategies for producers and agribusiness firms and in the price discovery process. Fundamental supply-demand and technical analysis of the markets and pricing processes. Development and applications of effective price risk management strategies. (3H,3C) II.

3604: AGRICULTURAL LAW
Legal problems of farm and agribusiness management. Practical application of principles of contracts, negligence, debt instruments and commercial transactions of the farm and agribusiness organization. Selected state and federal laws regulating the farm and agribusiness sector; basic animal laws including state and federal regulation of agricultural sector. I (3H,3C)

3954: STUDY ABROAD
Variable credit course.

4104: RETIREMENT PLANNING
Overview of planning needs, products, and strategies used by financial professionals to help businesses, small business owners, and individuals choose and implement an effective retirement plan. Must have prerequisite or permission of instructor. Pre: 3104. (3H,3C)

4114 (FIN 4114): FINANCIAL PLANNING TECHNOLOGY & MODELING
Use of professional software applications that support financial planning analyses, plan preparation, wealth management, and client relationships. Principles of personal investment portfolio research, construction, and performance applied to comprehensive financial planning and wealth management. Pre: 3104, FIN 3144. (3H,3C)

4124: CLIENT RELATIONSHIP MANAGEMENT
Investigation of socio-psychological factors and communication/interviewing strategies that foster trust-based relationships essential to the success of financial advisors and other financial service professionals. Graduate students are expected to have completed AAEC 3104 or an equivalent course or may enroll with permission of the instructor. Pre: 2104 or 3104. (3H,3C)

4134: FINANCIAL PLANNING APPLICATIONS
Integration of financial planning content in the resolution of client situations in the context of ethical and compliant workplace practices. Utilizes a case analysis approach applying financial planning processes and procedures. Graduate students are expected to have similar background from equivalent courses or professional experience or may enroll by permission of the instructor. ACIS 4344 or FIN 4004 taken simultaneously with this course can be substituted for the pre-requisites. Pre: 3104, 4104, FIN 3144, FIN 3204. (3H,3C)

4135 (ECON 4135): INTERNATIONAL ECONOMICS
4135 International Trade: Factor mobility and commercial policy (tariffs, quotas, export licensing). Pre: ECON 3104 or ECON 2025H or AAEC 3004. (3H,3C)

4204: FOOD AND AGRICULTURAL POLICY
Examination of the role of agriculture in developed economies and how agriculture is affected by policy decisions in the public sector. Emphasis will be placed on the economic impacts of policies on the producers and consumers of agricultural products: price supports, food stamps, tariffs and quotas. I Pre: 1005, 1006. (3H,3C)

4314: ENVIRONMENTAL ECONOMIC ANALYSIS AND MANAGEMENT
Quantitative methods and computer-aided tools used in the economic analysis of environmental/natural resource issues. Economic concepts and analytical tools will be applied to realistic, problem-solving situations. Topics include cost effectiveness analysis, benefit-cost analysis, economic simulations, and statistical analysis. Pre: 3324 or ECON 4014 or FOR 3424. (3H,3C) II.

4324: RURAL AND REGIONAL DEVELOPMENT POLICY
Description of rural areas, their economic structure, and conditions for broad-based economic development. Emphasis on the role of markets in the development process. Introduction to tools to evaluate policies and programs, identify distributional impacts, identify appropriateness for long-term sustainable development, and analyze tradeoffs between policy goals. Alternatives to public financing in rural areas. Pre: 1005, 3004. (3H,3C)

4334: APPLICATIONS RURAL DEVELOPMENT
Evaluation of policy alternatives and programs for the development of rural areas. Intensive use of analytical techniques, including spreadsheet analysis of trends and changes over time, shift-share analysis of economic change, creation of indices of distribution and poverty for rural areas, creation and use of economic base multipliers, construction, use and interpretation of input-output models. Pre: 1005, 3004. Co: 4324. (1H,1C)

4344: SUSTAINABLE DEVELOPMENT ECONOMICS
Sustainable development concepts are critically explored particular emphasis on implications for domestic and international sustainable development agriculture and for economic development. Students investigate case studies illustrating problems of sustainable development and potential policy solutions. I Pre: (3324 or 3004 or ECON 4014). (3H,3C)

4404: AGRICULTURAL MANAGEMENT AND PROBLEM-SOLVING
Capstone course for students interested in agribusiness management. Application of concepts, tools, and principles including management, finance, marketing, economic theory, and quantitative methods to applied agricultural decisions. Application of knowledge on selected agricultural projects that enhance team-building, written, and oral communication skills. Senior Standing required. Pre: 3454. (3H,3C) II.

4424: AG FINANCIAL MANAGEMENT
Principles and concepts of preparing agricultural financial statements. Analysis of these statements following professional farm financial guidelines. Economic concepts applied to management of agricultural enterprises. Leasing, purchasing, borrowing, and lending decisions in agriculture. Agricultural applications of budget, risk management and mitigation, and loan structuring. Pre: 1005, 2434, FIN 3104. (3H,3C)

4504: AGRICULTURAL PRICE AND MARKET ANALYSIS
Estimation of agricultural supply, demand, and price relationships. Determination of market potential for new products. Students identify problem, collect data, estimate statistical relationship(s), interpret results, and write research report. Use of probability distribution in marketing strategy development. I Pre: 3004, 3504, STAT 3006. (3H,3C)

4514: ADVANCED AGRIBUSINESS MARKETING
Applying concepts, principles, and analytical tools in developing a marketing plan for an existing or new agricultural product or service. Students will define the market, perform competitive marketing analysis, outline market assumptions and objectives, and perform a three-year financial evaluation of the action plan. Course can be repeated once. Co: 3504 or 3004. I Variable credit course. Pre: 2434, 3504.

4754: REAL ESTATE LAW
The law of real property, legal framework, law of estates in land, conveyancing, landlord-tenant and non-possessory interest in real property. Zoning, easements, restrictive covenants. Mortgages, deeds of trust, and taxation of real estate. Junior standing required. I (3H,3C)

4764: REAL ESTATE APPRAISAL
Application of economic principles to the valuation and appraisal of property. Income, cost and comparable approach to value. Rural property, commercial, residential and transitional will be evaluated. Ethical and professional requirements. Variable lab credit available to meet Real Estate licensing requirements. (Course credits may vary from 3 to 5 hours.) Junior standing required. Variable credit course. II.

4804 (STAT 4804): ELEMENTARY ECONOMETRICS
Economic applications of mathematical and statistical techniques: regression, estimators, hypothesis testing, lagged variables, discrete variables, violations of assumptions, simultaneous equations. Pre: 1006, (STAT 3005 or STAT 3604). (3H,3C) II.

4814: FOOD AND HEALTH ECONOMICS
Microeconomics of food, nutrition, and health. Overview of nutrition, nutrition recommendations, and implications for economics based decisions. Individual and household food consumption and health production models. Farm to consumer market linkage models with nutrition and health implications Effectiveness of food and nutrition interventions and policies. Cost-benefit and cost-effectiveness analysis of health interventions. Pre-requisite: Senior Standing required. (3H,3C)

4974: INDEPENDENT STUDY
Variable credit course.

4984: SPECIAL STUDY
Variable credit course.

4994: UNDERGRADUATE RESEARCH
Variable credit course.

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Virginia Tech 2015-2016 Undergraduate Course Catalog and Academic Policies