Environmental and Business Economics 373

11:373:101 Economics, People, and Environment (3) Applications of economic concepts to problems related to environmental and other social problems. Topics include opportunity cost, marginal analysis, supply and demand, cost-benefit analysis, fiscal and monetary policies, and international trade. Not open to students who have completed a term of microeconomics or macroeconomics.

11:373:121 Principles and Applications of Microeconomics (3) Economic principles, laws, processes, and institutions of a free-enterprise economy with applications to contemporary economic life. Emphasis on individuals and firms within the economic system that bring about resource allocation.

11:373:210 Business Decision Computer Tools (4) Applied business decision making, using computer technology to set up, analyze, solve, and communicate results, using databases, spreadsheets, graphics, word processing, and communication techniques. Lec. 80 min., lab. 160 min. Prerequisite: 11:373:121 or 01:220:102.

11:373:231 Introduction to Marketing (3) Introduction to marketing in business and the food industry with emphasis on the economics, institutions, and policies of the food marketing system. Consumer behavior, marketing strategies, cooperatives, food markets, and computer applications. Prerequisite: 11:373:121 or equivalent.

11:373:241 Introduction to Management (3) General application of basic concepts, functions, and tools of management that contribute to success and improve individual performances in decision making and other situations and problems in the field of management. Prerequisite: 11:373:121 or equivalent.

11:373:321 Economics of Production (3) Production theory (factor-product, factor-factor, product-product relationships) and its application to farms, business firms, and industries. Derivation of cost functions, product supply functions, and resource demand functions and their use in constructing theories of value, resource pricing, and distribution. Provides an overall perspective of operations management within the context of a business organization. Prerequisites: 11:373:121 or equivalent, 11:373:210 or equivalent computer course, a semester of calculus or equivalent, or permission of instructor.

11:373:323 Public Policy toward the Food Industry (3) Examination of the major public policies influencing the relationships between business and consumers. Appraisal and analysis of antitrust legislation, consumer protection, and state and federal regulations. Prerequisite: 11:373:121 or equivalent. Open only to juniors and seniors.

11:373:331 Economics of Food Marketing Systems (3) The structure and workings of the U.S. food marketing system, including effects on farmers, consumers, processors, wholesalers, retailers, and food services, and the forces shaping this dynamic market. Prerequisites: 11:373:210, 231.

11:373:341 Management: Human Systems Development (3) Integration and application of behavioral and managerial sciences to promote processes by which individuals, groups, and organizations work together for common goals and mutual success. Prerequisite: 11:373:101 or a semester of microeconomics.

11:373:351 Business Finance I (3) Concepts and practices of financial management. Analysis of financial position, working capital management and budgeting, cost of funds and capital structure, and financial instruments and institutions, with applications to emerging issues. Prerequisites: A semester of microeconomics, a semester of accounting, 11:373:210, 01:960:211 or 285.

11:373:352 Economics of Futures Markets (3) Development, functions, operation, and importance of futures markets. Mechanics of trading futures contracts for hedging and speculative purposes. Use of futures contracts as instruments of financing business activities. Prerequisite: 11:373:210. Open only to juniors and seniors.

11:373:353 Personal Finance (3) Overview of the financial planning process, goal setting, cash flow management, financial statements and ratios, income taxes, credit and debt, identity theft, time value of money and compound interest, investing, retirement planning, and estate planning. Prerequisites: Micro- and macroeconomics; 11:373:351; 33:010:272.

11:373:361 Land Economics (3) Application of economic principles to utilization of land resources. Physical and institutional factors affecting land use. Emphasis on real property rights, economics of conservation, the valuation process, cash flow analysis, and public policy. Prerequisite: 11:373:121 or equivalent.

11:373:362 Natural Resource Economics (3) Market/nonmarket decision-making structure regarding natural resource use and policy implications, with emphasis on public choice. Benefit-cost analysis and market failure as these apply to natural resource use. Prerequisite: 11:373:121 or equivalent.

11:373:363 Environmental Economics (3) The economics of pollution. Socioeconomic origins of environmental problems, failures of market economy and property rights systems, public policies to protect environmental quality. Emphasis on economic incentives as a means of control. Prerequisite: 11:373:121 or equivalent.

11:373:371 Food Health and Safety Policy (3) The nature, importance, and economic consequences of U.S. agricultural and food policies. Commodity price supports, supply controls, marketing orders, soil and water conservation, food subsidies, food safety, agricultural research, taxation, and macroeconomic policies. Prerequisite: 11:373:121 or equivalent.

11:373:402 Global Marketing (3) The sociocultural, economic, and geopolitical environments in which strategies and programs are formulated, the cumulative impact on marketing opportunities and threats, and the management skills relevant to global planning and expansion. Prerequisites: Microeconomics and 11:373:231 or equivalent. Nonmajors by permission.

11:373:403 Innovation and Entrepreneurship (3) Methods and procedures for selecting, planning, financing, organizing, and operating a small business. Emphasis on commercializing innovations derived from research and technology development, including academic entrepreneurship. Prerequisites:  Micro- and macroeconomics; 11:373:231; 373:241; 373:351; 33:010:272 or permission of instructor.

11:373:404 Bioscience Policy (3) Policy needs of the biotechnology industry: public sector research and private technology development; intellectual property and its influence on innovation; regulation of research and technology development; government procurement and federally financed research. Prerequisites: Open to juniors and seniors in the 373 and 126 majors; others by permission; 11:373:101 or microeconomics.

11:373:422 Demand and Price Analysis (3) Advanced analysis of consumer behavior, market demand, producer behavior, and price determination under alternative market structures. Introduction to empirical price analysis. Prerequisites: 01:220:103, 11:373:210, a semester of calculus, a semester of statistics.

11:373:425 Econometric Applications (3) Applications of econometrics to problems in environmental and business economics. Estimation techniques, model specification, problem diagnostics, and forecasting. Prerequisites: Micro- and macroeconomics; a semester of calculus; a semester of statistics.

11:373:451 Business Finance II (3) Efficient capital markets, asset pricing models, risk, return, portfolio theory, equity valuation; fixed-income and derivative investment instruments, with emphasis on practical application of theoretical concepts. Prerequisites: 11:373:210 or equivalent computer course; 11:373:351 or equivalent; Calculus I; a semester of statistics.

11:373:465 Marketing Research (4) Marketing research techniques and methods used to aid management decision making; application of concepts and techniques to real-world situations. Two 80-min. lecs., one 55-min. rec. Prerequisites: 11:373:210, 231; a semester of statistics.

11:373:491,492 Research Problems in Agricultural, Environmental, and Business Economics (BA,BA) Research problems and independent projects under guidance of faculty members. Prerequisite: Permission of adviser.

11:373:495 Issues in Agricultural, Environmental, and Business Economics (3) Senior seminar on major current issues in environmental and business economics. Emphasis on the total system in evaluating rational approaches to issues. Problem solving using best allocation of resources. Debate and discussion. Prerequisite: Permission of instructor. Open only to juniors and seniors.