Undergraduate Courses
Econ 101. Principles of Microeconomics
(3-0) Cr. 3.Resource allocation, opportunity cost, comparative and absolute advantage. Supply and demand. Marginal analysis. Theories of production and consumption, pricing, and the market system. Perfect and imperfect competition and strategic behavior. Factor markets. Present discounted value.
H. Honors Section (Honors program students only)
Econ 101H. Principles of Microeconomics
(3-0) Cr. 3.Resource allocation, opportunity cost, comparative and absolute advantage. Supply and demand. Marginal analysis. Theories of production and consumption, pricing, and the market system. Perfect and imperfect competition and strategic behavior. Factor markets. Present discounted value. Open only to honors students.
Econ 101L. Laboratory in Principles of Microeconomics
(2-0) Cr. 1. Prereq: Concurrent enrollment in the appropriate section of 101Discussion of material typically covered in Econ 101. Application of economic principles to real world problems. Economic principles and basic business management concepts applied to decision-making in agribusiness operations.
Econ 102. Principles of Macroeconomics
(3-0) Cr. 3. Prereq: 101 recommendedMeasurement of macro variables and general macro identities. Classical models of full employment. Production and growth. Savings and investment. Employment and unemployment. Money, inflation, and price levels. Operation of the U.S. banking system. Fiscal and monetary policy. Elements of international finance.
H. Honors (Honors program students only)
Econ 102H. Principles of Macroeconomics
(3-0) Cr. 3. Prereq: 101Measurement of macro variables and general macro identities. Classical models of full employment. Production and growth. Savings and investment. Employment and unemployment. Money, inflation, and price levels. Operation of the U.S. banking system. Fiscal and monetary policy. Elements of international finance. Open only to honors students.
Econ 110. Orientation in Agricultural Business
(1-0) Cr. 0.5.Orientation course for freshman and new transfer students in agricultural business.
Econ 207. Applied Economic Optimization
(2-2) Cr. 3. Prereq: Math 151, 160, 165 or equivalentApplication of linear algebra, calculus and unconstrained and constrained optimization techniques to economic problems. Learning outcomes include the ability to (i) identify the objective, decision variables and constraints in economic decision problems, (ii) represent elements of an economic problem in simple mathematical models, (iii) identify and apply mathematical tools that can be used to solve the problems, (iv) identify the strengths and limitations of the solution method, and (v) interpret the economic meaning and implications of the solution.
Econ 230. Farm Business Management
(2-2) Cr. 3. Prereq: 101; Acct 284Business and economic principles applied to decision making and problem solving in the management of a farm business. Cash flow, partial, enterprise, and whole farm budgeting. Information systems for farm accounting, analysis, and control. Obtaining and managing land, capital, and labor resources. Alternatives for farm business organization and risk management.
Econ 234X. Small Business Management
(3-0) Cr. 3. Prereq: 101An introduction to small business management, entrepreneurship, and economics utilizing a series of case studies. Exploration of issues related to starting or acquiring a new business and development of knowledge and skills for successful management of a small business, with an emphasis on agricultural business.
Econ 235. Introduction to Agricultural Markets
(3-0) Cr. 3. Prereq: 101Basic concepts and economics principles related to markets for agricultural inputs and products. Overview of current marketing problems faced by farms and agribusinesses, farm and retail price behavior, structure of markets, food marketing channels, food quality and food safety, and the role of agriculture in the general economy. The implications of consumer preferences at the farm level. Introduction to hedging, futures, and other risk management tools.
Econ 292. Career Seminar
(1-0) Cr. 1. Prereq: Classification in economics or agricultural businessCareer opportunities in the various industries and government institutions. Required training and skills needed to perform successfully in different types of careers. Factors important in finding and obtaining employment either before or after graduation including personal resumes, interviewing, and letter writing.
Econ 297. Internship
Cr. 2. Repeatable, maximum of 4 credits. Prereq: Permission of instructor and classification in agricultural business or economicsStudents complete a research report, based on their internship or approved work experience, that examines chosen topics in management, marketing or finance.
Econ 298. Cooperative Education
Cr. R. Prereq: Permission of the department cooperative education coordinator; sophomore classificationRequired of all cooperative education students. Students must register for this course prior to commencing each work period.
Econ 301. Intermediate Microeconomics
(3-0) Cr. 3-4. Prereq: 101; 207 or Math 166Theory of consumer and business behavior; optimal consumption choices and demand; theory of firm behavior; costs, production, and supply; competitive and imperfectly competitive markets; theory of demand for and supply of factors of production; general equilibrium analysis. Recitation required for 4 credits.
H. Honors Section (Honors program students only)
Econ 302. Intermediate Macroeconomics
(3-0) Cr. 3. Prereq: 101, 102; Math 160 or 165Theory of income, employment, interest rates, and the price level; fiscal and monetary policy; budget and trade deficits; money and capital inflows, interest rates, and inflation.
H. Honors Section (Honors program students only)
Econ 308. Agent-Based Computational Economics
(3-0) Cr. 3. Prereq: 101Computational study of economies as evolving systems of autonomous interacting agents. Key ideas from game theory and complex adaptive systems theory for modeling the adaptation, learning, and co-evolution of economic agents in decentralized market economies. Evolution of behavioral norms and interaction networks. Building agent-based computational laboratories for the experimental study of market protocols and agent learning processes. Illustrative economic applications (e.g., financial markets, labor markets, agricultural markets, electricity markets, auction markets, automated Internet markets, collective usage of common-pool resources).
Econ 312. History of Economic Thought
(3-0) Cr. 3. Prereq: 101The logic and explanatory value of received economic doctrines since the middle of the eighteenth century. The reflection of past economic doctrines in contemporary theory and policy. Discussion of major works by Smith, Ricardo, Mill, Marx, Marshall, Walras, Wicksell, and Keynes.
Econ 313X. Economics in Sports
(3-0) Cr. 3. Prereq: 101Application of economics to issues in sports, including franchising; rival leagues and barriers to entry; cooperative, competitive, and collusive behavior; player productivity and compensation; contracts, unions, and discrimination, antitrust, taxation, and subsidies. Economic concepts include supply and demand, labor economics, pricing, public finance, production, game theory, and industrial organization.
Econ 320. Labor Economics
(3-0) Cr. 3. Prereq: 101Survey of contemporary labor market problems and public policy toward labor. Economic analysis of topics such as labor supply and demand, work incentives and compensation, transfer programs, education and training, mobility, minimum wages, unions, working conditions, benefits, discrimination, unemployment, wage differentials across regions, and labor markets in other countries.
Econ 321. Economics of Discrimination
W S (3-0) Cr. 3. Prereq: 101Economic theories of discrimination. Analysis of the economic problems of women and minorities in such areas as earnings, occupations, and unemployment. Public policy concerning discrimination. Poverty measurement and antipoverty programs in the U.S.
Meets U.S. Diversity Requirement.
Econ 325. Biorenewable Systems
(Cross-listed with A E, AGRON, AN S, BSE, BUSAD, TSM) (3-0) Cr. 3. Prereq: Econ 101, Chem 163 or higher, Math 140 or higherConverting biorenewable resources into bioenergy and biobased products. Biorenewable concepts as they relate to drivers of change, feedstock production, processes, products, co-products, economics, and transportation/logistics.
Counts only as a general elective course for majors in agricultural business, economics, and business economics.
Econ 332. Cooperatives
(3-0) Cr. 3. Prereq: 101Survey of cooperative activities with emphasis on agricultural cooperatives, types of cooperatives, methods of organization and operation, principles, legal and tax aspects, cooperative finance, economic possibilities, and limitations of cooperation. Students will learn how to work together in teams to solve problems while role playing directors of cooperative boards.
Econ 333. Advanced Farm Business Management
(3-2) Cr. 3-4. Prereq: 230Effective use of strategic planning, decision methods, and computer assistance for solving farm problems. Applications of economic and management theory to analyze farm business decisions using efficiency measures to assess current resource use and direct the farm business analysis, planning, and tax process. Computers as aids in the decision process. Three credits available only to students enrolled in AgPAQ. Laboratory required for 4 credits.
Econ 334. Entrepreneurship in Agriculture
(3-0) Cr. 3. Prereq: 101Introduction to the process of entrepreneurship within the agricultural and food sectors. Emphasis on opportunity recognition and assessment, resource acquisition and feasibility analysis for both private and social enterprises. Students will develop a comprehensive feasibility study for a new business or non-profit organization.
Econ 336. Agricultural Selling
(3-0) Cr. 3. Prereq: 101Principles of selling with application to agricultural and food related businesses. Attitudes, value systems, and behavioral patterns that relate to agricultural sales. Electronic marketing, selling strategies, preparing for sales calls, making sales presentations, handling objections, and closing sales. Analysis of the buying or purchasing process. Evaluation of agri-selling as a possible career choice.
Econ 337. Agricultural Marketing
(2-2) Cr. 3. Prereq: 101 required, 235 recommendedUnderstanding of agricultural commodity markets for grain, livestock and dairy with emphasis on marketing decisions and risk management for farmers and processors. Lab will provide hands-on applications of marketing and management tools via market simulations.
Econ 338. Topics in Agricultural Marketing
Cr. 1-2. Prereq: 101, 235 recommended for topics B and CA given topic can be taken only once. A hands-on application of economic concepts and principles to agricultural commodity markets, marketing methods, risk management, and related agribusiness decisions.
A. Dairy marketing. 2 cr. B. Livestock marketing. 1 cr. C. Grain marketing. 1 cr.
Econ 344. Public Finance
(3-0) Cr. 3. Prereq: 101The economic role of governments in market economies. Public goods, externalities, income distribution, and income maintenance programs. The effect of taxes on economic behavior, descriptions of the structure of the principal U.S. taxes, and current reform proposals.
Econ 353. Money, Banking, and Financial Institutions
(3-0) Cr. 3. Prereq: 101, 102Theoretical and applied analysis of money, banking, and financial markets; interest rates and portfolio choice; the banking industry in transition; the money supply process; the Federal Reserve System and the conduct of monetary policy; macro implications of monetary policy; international finance.
Econ 355. International Trade and Finance
(3-0) Cr. 3. Prereq: 101, 102Explanations of causes of international trade and the impact of trade on welfare and employment patterns. Analysis of government policies towards trade, such as tariffs, quotas, and free trade areas. Theory of balance of payments and exchange rate determination, and the role of government policies. Examination of alternative international monetary arrangements.
Meets International Perspectives Requirement.
Econ 362. Applied Ethics in Agriculture
SOC (3-0) Cr. 3. Prereq: Econ 101 or Soc 130 or Soc 134, junior or senior status in the College of AgricultureIdentify major ethical issues and dilemmas in the conduct of agricultural and agribusiness management and decision making. Discuss and debate proper ethical behavior in these issues and situations and the relationship between business and personal ethical behavior.
Econ 364X. Rural Property Appraisal
(3-0) Cr. 3. Prereq: 101Use of income capitalization, sales comparison and cost appraisal concepts in appraising agricultural resources. Application of underlying economic/business/management principles, especially present value, as they relate to farmland appraisal. Determination and estimation of economic impacts of special consideration and property use factors. Evaluate feasibility and profitability of investment in rural property.
Econ 370. Comparative Capitalism and Economic Transitions
(3-0) Cr. 3. Prereq: 101, 102Theories of capitalism and the economics of transition from a planned to a market economy; the role and the creation of economic institutions supporting different economic systems. An examination of recent experiences of Eastern European countries, the former Soviet Union, China, the European Union, and the United States.
Meets International Perspectives Requirement.
Econ 371. Introductory Econometrics
(4-0) Cr. 4. Prereq: 301, 302 or 353, Stat 326Introduction to the models and methods used to estimate relationships and test hypotheses pertaining to economic variables. Among the topics covered in the course are: Single and multiple regression analysis; functional forms; omitted variable analysis; multicollinearity; heteroskedasticity; autocorrelation; simultaneous equations; and dynamic models.
Econ 376. Rural, Urban and Regional Economics
C R P (3-0) Cr. 3. Prereq: 101Firm location with respect to regional resources, transport, scale economies, externalities, and policies. Measures of local comparative advantage and specialization. Spatial markets. Population location considering jobs, wages, commuting, and local amenities. Business, residential, and farm land use and value. Migration. Other topics may include market failure, regulation, the product cycle, theories of rural and urban development, developmental policy, firm recruiting, local public goods and public finance, schools, poverty, segregation, and crime.
Econ 378. Economics of Aging
HD FS (3-0) Cr. 3. Prereq: 3 credits in principles of economics and 3 credits in human development and family studiesEconomic status of the aging, retirement planning and the retirement decision, role of Social Security, public transfer programs for the elderly, intrafamily transfers to/from the elderly, private pensions, financing medical care and housing for the elderly, prospects and issues for the future.
Econ 380. Environmental and Resource Economics
ENV S (3-0) Cr. 3. Prereq: 101Natural resource availability, use, conservation, and government policy, including energy issues. Environmental quality and pollution control policies.
Econ 385. Economic Development
GLOBE (3-0) Cr. 3. Prereq: 101, 102Current problems of developing countries, theories of economic development, agriculture, and economic development, measurement and prediction of economic performance of developing countries, alternative policies and reforms required for satisfying basic needs of Third World countries, interrelationships between industrialized countries and the developing countries, including foreign aid.
Meets International Perspectives Requirement.
Econ 387X. Economics of China and India
(3-0) Cr. 3. Prereq: Econ 101The economic development of China and India within the larger historical, political, and socio-economic contexts. The characteristics of the development paths of major industries. The drivers of and impediments for future economic development. The two economies’ connections to the world economy.
Econ 398. Cooperative Education
Cr. R. Prereq: Permission of the department cooperative education coordinator; junior classificationRequired of all cooperative education students. Students must register for this course prior to commencing each work period.
Econ 401. Topics in Microeconomics
(3-0) Cr. 3. Prereq: 301, Stat 226Advanced treatment of selected topics from one or more of the following areas: household production models, factor markets, game theory and imperfect competition, general equilibrium, intertemporal choice, asset markets, income distribution, externalities and public goods, etc.
Econ 402. Topics in Macroeconomics
(3-0) Cr. 3. Prereq: 301, 302, Stat 226Advanced treatment of selected topics from one or more of the following areas: business cycle theory, growth theory, fiscal and monetary policy, coordination issues, open economy macroeconomics, and financial economics.
Econ 415. Firms, Markets and Industry Structure
(2-2) Cr. 3. Prereq: 301The theory of the firm; determinants of firm boundaries; firm behavior; perfectly competitive markets; welfare and market efficiency; monopoly and monopsony; price discrimination; oligopoly and oligopsony; strategic market behavior.
Econ 416. Industrial Organization
(3-0) Cr. 3. Prereq: 301Study of the structure of firms and markets and of their interaction, with emphasis on imperfectly competitive markets. Behavior of firms in strategic settings and insights of basic game-theoretic models. Welfare implications of alternative market organizations, consequences of market power, and scope for government regulation and antitrust/competition policies. Topics include monopoly and price discrimination, oligopoly models, product quality, product differentiation, vertical integration, information and advertising, patents, R&D and innovation, and regulation.
Econ 418. Introduction to Game Theory
(3-0) Cr. 3. Prereq: 301Systematic introduction to game theory and its uses in economics. Develops the basic framework, models and tools necessary to analyze games of strategy, including: Strategic and extensive-form representations of games; best response functions and Nash equilibrium, mixed strategies backward induction and subgame-perfect equilibrium, imperfect and incomplete information, Bayesian and sequential equilibria. Examples and applications taken from economics, business, political science, law and biology.
Econ 431. Managerial Economics
(3-0) Cr. 3. Prereq: 301Theory of the firm; organizational incentives and efficiency; moral hazard; role of information and decision making under uncertainty; ownership and control; business investment.
Econ 437. Commodity Marketing and Risk Management
(3-0) Cr. 3. Prereq: 235, 301, Stat 326The purpose and performance of commodity markets. How commodity marketing institutions function. Merchandising arrangements. Distinguishing features of agricultural commodities. Hedging, arbitrage, and speculation in commodity spot, forward, futures, and options markets. Valuation theory.
Econ 455. International Trade
(3-0) Cr. 3. Prereq: 301Rigorous treatment of theories of international trade and international factor movements. Examination of the impact of trade and labor migration on domestic and world welfare and on the distribution of income. Theoretical analysis of government policies towards trade and factor movements, including quotas, tariffs, free trade areas and immigration restrictions. Discussion of contemporary issues and controversies concerning globalization, including multinational firms and labor migration.
Meets International Perspectives Requirement.
Econ 457. International Finance
(3-0) Cr. 3. Prereq: 302National income accounting and balance of payments; foreign exchange rates and exchange rate markets; money, interest rates, and exchange rate determination; prices, exchange rates, and output in the short run; international monetary arrangements; fixed versus flexible exchange rates; optimal currency areas; international capital flows; currency and financial crises in emerging markets.
Econ 458. Economic Systems for Electric Power Planning
E E (3-0) Cr. 3. Prereq: E E 303 or Econ 301Evolution of electric power industry. Power system operation and planning and related information systems. Linear and integer optimization methods. Short-term electricity markets and locational marginal prices. Risk management and financial derivatives. Basics of public good economics. Cost recovery models including tax treatment for transmission investments.
Econ 460. Agricultural, Food, and Trade Policy
Dual-listed with : 560 (3-0) Cr. 3. Prereq: 301 or 501Description and analysis of economic problems of U.S. agriculture. Explanation and economic analysis of government policies and programs to develop agriculture, conserve agricultural resources, address consumer food concerns, stabilize farm prices, and raise farm incomes. The influence of macropolicy, world economy, international trade, and bioenergy on U.S. agriculture.
Econ 466. Agricultural Finance
(3-0) Cr. 3. Prereq: 301, Stat 226, Fin 301 and Econ 353 (recommended)Financial analysis of agricultural businesses; liquidity, capital structure, and growth and risk of agricultural firms; capital budgeting methods; analysis of land investments, leasing, and costs of credit; financial intermediation and major financial institutions for agriculture; borrower-lender relationships, and asset-liability management techniques by financial intermediaries; public policies affecting agricultural credit markets.
Econ 480. Intermediate Environmental and Resource Economics
Dual-listed with : 580 (3-0) Cr. 3. Prereq: 301 or 501Theories of natural resource utilization and allocation. Externalities, public goods, and environmental quality. Renewable energy, biofuels, land use change and life cycle analysis of carbon, and sustainability and resource conservation. Methodologies for analyzing natural resource and environmental problems and evaluating resource policies.
Econ 490. Independent Study
Cr. 1-5. Repeatable, maximum of 6 credits. Prereq: Junior or senior classification, 14 credits in economicsE. Entrepreneurship H. Honors
No more than 9 credits of Econ 490 may be used toward graduation
Econ 492. Graduating Senior Survey
Cr. R. Prereq: Graduating seniorFinal preparations for graduation. The final stages of job searching, interviewing, letter writing, and resume preparation. Outcomes assessment information from graduating seniors including opinion surveys, instructor/advisor/course evaluations, exit interviews, student accomplishment surveys, job placement surveys, and comprehensive skills examinations. Departmental recognition of graduating seniors. Life as an alumnus - expectations and obligations. Convocation and commencement information.
Econ 495X. Economics Domestic Travel
(3-0) Cr. 1-3.COURSE TRAVELING TO NORTH CAROLINA SPRING 2012 Satisfactory/Fail Only
Econ 496. Economics Travel Course
Cr. 1-3. Repeatable, maximum of 6 credits. Prereq: Sophomore status; permission of instructorTour and study of international agricultural and/or nonagricultural economies, markets, and institutions. Locations and duration of tours will vary. Limited enrollment.
Meets International Perspectives Requirement.
Econ 498. Cooperative Education
Cr. R. Prereq: Permission of the department cooperative education coordinator; senior classificationRequired of all cooperative education students. Students must register for this course prior to commencing each work period.
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