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 semester 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.

11:373:122 Principles and Applications of Macroeconomics (3) Applications of economic concepts to the general economy. Topics include inflation, unemployment, economic growth, economic recessions, budget deficits, international trade, and fiscal and monetary policies. Prerequisites: 01:640:111, 112 or 115.

11:373:200 Agricultural Accounting (3) The course introduces general accounting concepts and offers instruction into how an accounting system is constructed and operated, with a specific focus on the basic financial infrastructure governing modern agricultural production. The course pays particular attention to using accounting methods to evaluate and manage agricultural business risks, financing alternatives, hedging strategies, cooperatives, government programs and financial statement preparation.

11:373:201 Corporate Social Responsibility (3) Investigation of ethical issues facing businesses including acceptable risk, workers rights, economic sustainability and inclusivity, outsourcing, whistle-blowing, and ethical issues in marketing and biotechnology. Prerequisite: 11:373:121 or 01:220:102.

11:373:202 Sustainability Decision Tools (3) This course is designed to engage students in the practical and theoretical aspects of sustainability, and prepare them for careers such as corporate sustainability officer, green supply chain manager, environmental policy analyst, energy or materials accountant/auditor, utilizing life cycle and carbon footprint analysis.

11:373:205 Small Business Essentials (3) Focuses on the design and management of all aspects of a business, such as bookkeeping, inventory management, customer experience, pricing, marketing, and benchmarking. Emphasis is placed on providing the knowledge base and skills to succeed in small business administration. Prerequisite: A basic math class is recommended.

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.

11:373:211 Applications of Mathematical Concepts in Agricultural Economics (4) Applications of mathematical concepts to business and economics. Topics include economic applications of equilibrium, slopes and derivatives, differentials, optimization, constrained optimization, discounting, compounding, and solving linear equations using methods of matrix algebra and linear programming. Prerequisite: 01:640:111, 112, or 115.

11:373:215 Applications of Statistics in Business Economics (3) Applications of descriptive and inferential statistics necessary for effective interpretation of data used in business decision making. Prerequisite: 01:640:115.

11:373:218 Sustainable Food Policy for Developing Countries (3) This course provides an overview of the food problem in the developing world and examines the social, political, and economic reasons for population growth, poverty, malnutrition, food insecurity, underemployment, under development, and gender inequality, and the role of agriculture in economic development. Open to sophomores and above.

11:373:220 Introduction to Environmental Valuation (3) This course will provide students the knowledge and skill set to extend and integrate economic systems to biophysical and ecological environments.

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.

11:373:242 Customer Relationship Management (3) This course examines business relationships with customers from acquisition, retention, and development, and focuses on the strategic, operational, and analytical aspects that are central to successful customer relations. Prerequisite: 11:373:121 or 01:220:102.

11:373:296 Honors Seminar (3) The topic for each semester addresses current issues from the perspectives of the humanities, sciences, and social sciences. Open only to honors students (SEBS Honors Program, SAS Honors Program, and Honors College) or by permission of instructor. 

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 Agricultural and Food Policy (3) The nature, importance, and economic consequences of U.S. agricultural and food policies. Commodity price 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 Organizational Dynamics (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.

11:373:355 Energy Economics and Policy (3) Examination of the history of oil, economics of petroleum and petroleum products, natural gas, coal, and unconventional fossils. Economics of renewables and socioeconomic origins of energy problems. Emphasis placed on energy-related policies in the areas of transportation, power, heat, and electricity. Prerequisite: 11:373:121 or 01:220:102.

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, Nutrition, and Health (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 only by permission of instructor.

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.

11:373:431 International Trade Policy (3) This course focuses on the political economy of trade in agricultural products, trade policies and practices of import and export nations, trade negotiations, and current developments in agricultural trade from a multidisciplinary perspective. Prerequisite: 11:373:121 or 01:220:102.

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 Applied Marketing Research (4) Marketing Research is an important tool in the real world of business and marketing management. It is a systematic inquiry of challenges facing businesses in the real world in order to provide information that guides managerial decision making. Two 80-min. lecs., one 55-min. rec. Prerequisites: (01:960:285 INTRODUCTORY STATISTICS FOR BUSINESS or 11:373:215 APPL STAT BUS ECON) AND (11:373:231 INTRO TO MARKETING).

11:373:491 Applied Research in Economics (3) Research problems and independent projects under guidance of faculty members. Prerequisite: Permission of adviser.

11:373:492 Business Issues (3) 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.