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Department of Agricultural and Resource Economics

http://www.ag-econ.ncsu.edu

The Department of Agricultural and Resource Economics serves agricultural, resource and related industries through its extension, research and teaching programs. Applying principles of economics, business, and related disciplines, these programs develop an understanding of contemporary economic and business problems and equip students with knowledge of business organization fundamentals and decision-making skills useful in the operation and management of business firms.

The department offers undergraduate programs leading to a Bachelor of Science degree in Agricultural Business Management (ABM). A concentration in biological sciences and business management (BBM) is offered within the agricultural business management program.

The Agricultural Business Management Program prepares graduates for management, marketing, sales, finance and related careers. The program has sufficient flexibility to provide more extensive course work in basic and applied science and math for those students desiring to prepare for advanced graduate study as well. The concentration in biological sciences/business management prepares graduates for management, marketing, and sales careers in fields such as biotechnology, pharmaceuticals, health care, environmental protection, food processing and finance dealing with biological issues. This concentration is designed to be an attractive option for students with a strong background and interest in science who seek alternatives to technical science careers.

Specific curriculum requirements are available on the Registration and Records website.

Opportunities

The growing number of specialized business firms producing and marketing services and products in agriculture, resource and life science-related industries has created an increasing demand for graduates trained in agriculture and biological sciences/business management, resource economics and management and environmental policy.

Employment opportunities include careers with companies in purchasing, processing, and marketing food, fiber and related products; firms producing and marketing production inputs (feed, equipment, chemicals, drugs, etc.) and services; banks; other financial and credit agencies; cooperatives; natural resources management units and consulting firms; and natural resources and environmental educational or regulatory agencies.

Many graduates pursue careers in research and education with various state and federal government agencies. These agencies include the Cooperative Extension Service, the Agricultural Research Service, the State Department of Agriculture and Consumer Services, Environmental and Natural Resources, the United States Department of Agriculture, and the Environmental Protection Agency.

Minor in Agricultural Business Management

The Department of Agricultural and Resource Economics offers a minor in Agricultural Business Management. This minor provides students an opportunity to learn basic concepts useful in many careers in agricultural business.
A total of 15 hours of course work is required, including ARE (EC) 201, and four additional courses chosen from a list of selected courses in agricultural and resource economics and related business fields. The ABM minor can be completed through regular courses on campus or through courses offered via Distance Education. Consult the Department of Agricultural and Resource Economics for specific information on the requirements of the minor.

Associate Department Head

Charles D. Safley


Undergraduate Coordinator

Arnie W. Oltmans


Graduate Coordinator

Tamah C. Morant


William Neal Reynolds Professors

B.K. Goodwin

W. N. Thurman

M.L. Walden

M.K. Wohlgenant


Hugh Kiger Professor

A.B. Brown


Professors

P.L. Fackler

T.J. Grennes

A. Inoue

E.L. Kick

M.C. Marra

N.E. Piggott

M.A. Renkow

C.D. Safley

L. Taylor

T. Vukina


Research Professor

L.U. Hatch


Adjunct Professors

J.B. Hunt, Jr.

C.A. Schwab


Professors Emeriti

G.A. Benson

G.A. Carlson

L.E. Danielson

J.E. Easley

E.A. Estes

D.G. Harwood, Jr.

D.M. Hoover

L.A. Ihnen

H.L. Liner

C.E. Moore

D.F. Neuman

T.E. Nichols, Jr.

E.C. Pasour, Jr.

C.R. Pugh

R.A. Schrimper

R.L. Simmons

C.R. Weathers

R.C. Wells


Associate Professors

I. Kandilov

A.W. Oltmans

R. Rejesus

M.J. Roberts

R. von Haefen

D. Zering

X. Zheng


Extension Associate Professor

T.A. Feitshans


Adjunct Associate Professor

M.K. Muth


Associate Professors Emeritus

J.G. Allgood

H.C. Gilliam, Jr.

D.D. Robinson

P.S. Stone


Assistant Professors

S. Sexton


Teaching Assistant Professor

F.B. Parker


Adjunct Assistant Professors

R.H. Beach, III

J. Chvosta

D.G. Hallstrom

B.J. Hubbell

D.G. MacNair


Senior Lecturers

J.L. Phillips

J.S. Russ

H.A. Sampson III

G. van der Hoeven


Lecturers

R.K. Campbell

M.L. Hendrickson


Lecturer Emeritus

R.H. Usry


Adjunct Lecturer

E. Weems


Extension Specialists

S.G. Bullen

M.T. Roberts

ARE - Agricultural Economics Courses

ARE 104 Agricultural Business Management 3.

Insights into the management skills of a successful agribusiness firm manager. A topical approach to analytical and planning techniques applicable to business decisions. Managerial concepts such as financial analysis, budgeting, investment analysis, capital acquisition, financial and risk management of agribusiness firms. HENDRICKSON.

ARE 106 Agri Business Law 3.

The application of legal principles to agribusiness. Includes a review of our legal system contracts, real property, personal property torts, business organization, estate planning, and laws affecting agribusiness. CAMPBELL.

ARE 112 Agricultural & Agribusiness Marketing 3.

Marketing concepts, techniques and management of the U.S. marketing system from agricultural production, agribusiness, and traditional business perspectives. Broad, basic knowledge of marketing objectives, the marketing environment, strategic planning, marketing information sources, consumer demographics and lifestyle characteristics, product planning, distribution planning, promotion planning, and price planning. PHILLIPS.

ARE 113 Principles of Salesmanship 3.

"How To" course in selling. Understanding customer's behavior, establishing and maintaining customer rapport, and negotiating a sale. Developing sales skills through discussion, role playing and demonstrations. Emphasis on building self-confidence through selling exercises involving class participation, special assignments, and targeted presentations. WEEMS.

ARE 114 Value Added Agriculture and Niche Marketing 3.

Value Added Agriculture and Niche Marketing are ways to increase farm revenue without having to go off farm for employment. This course is designed to provide insights into the opportunities that are available to increase farm revenue, to see what other farms are currently doing with value added within the region, and to create a value added business plan for expanding farm offerings. Site visits are required components of this course. University transportation provided to all site visits. Student transportation (estimated at $30 per student and site visit (estimated at $7 each for 2 sites) fees apply.

ARE 115 Agribusiness Accounting 3.

Introduction to basic accounting principles and concepts applicable to an agribusiness firm. Exposure to journals, ledgers and financial statements. Topics of the accounting cycle, inventories, payrolls, accounts receivable, income taxes and the potential use of computers. RUSS.

ARE 132 Management of Personnel 3.

Personnel problems of recruiting, selecting, training, paying, and motivating employees of an agribusiness firm. Improving organizational effectiveness, functioning of a production supervisor, resolution of conflicts and leadership development. PHILLIPS.

ARE 133 Agricultural & Environmental Policy 3.

History of agricultural and environmental policy, policy formation, agricultural programs, effects of agricultural production on the environment, benefits and costs of agricultural and environmental policy, state of the environment, environmental regulations and their enforcement, optimal level of pollution, incentive-based environmental regulation, outlook for agricultural and environmental policy, and the sustainability of agriculture and of the environment. RUSS.

ARE 141 Personal Financial Management 3.

Economic analysis of personal decisions related to consumer purchases, time value of money, taxes, financial risk management, investment strategies, retirement planning and estate planning. Relationship of an individual's life cycle to budgeting and financial goals. Background information on wise use of credit, home purchase, life insurance, property insurance, health insurance and investment fundamentals. PHILLIPS.

ARE 194 International Agribusiness Management Study Abroad 1-6.

This course is designed to maximize student potential for success by developing a globally and multi-culturally competent agricultural and agribusiness workforce. This course addresses these issues by providing opportunities for students to study abroad in various locations around the world, with different destinations offered each academic year. Credit hours are variable based on length or travel and classroom instruction pre- and post-travel consistent with NCSU policies and practices. Course may be repeated for credit to visit different destinations only. Significant expenses for travel are involved. Please see the instructor for specific program details.

ARE 201 Introduction to Agricultural & Resource Economics 3.
Credit is not allowed for both ARE 201 and EC 201 or EC 205..

Introduction to economic principles of marginal benefits and costs with application to consumer and producer decisions. Functions of market exchange systems in determining prices and quantities and creation of wealth. Property rights and opportunities for exchange. Role of government in dealing with agricultural and resource problems. Macroeconomic analysis including inflation, unemployment, money and banking system. Credit will not be given for both ARE 201 and either EC 201 or EC 205.

ARE 201A Introduction to Agricultural & Resource Economics 3.
AGI Students Only.

Introduction to economic principles of marginal benefits and costs with application to consumer and producer decisions. Functions of market exchange systems in determining prices and quantities and creation of wealth. Property rights and opportunities for exchange. Role of government in dealing with agricultural and resource problems. Macroeconomic analysis including inflation, unemployment, money and banking system. Credit will not be given for both ARE 201 and either EC 201 or EC 205.

ARE 215 Small Business Accounting 3.
Prerequisite: ARE 201 or EC 201 or EC 205.

Record keeping for small businesses organized as sole proprietorships, partnerships, and family held corporations. Double entry accounting principals applied to service and merchandising businesses. General Journals, Combination Journals, Subsidiary Journals, Ledgers, Accounts Receivable, Accounts Payable, Posting, Worksheets. Financial Statements, Closing, Payrolls, Cost Basis, Depreciation, Section 179, Amortization, Financial Adjustments, and Income Tax Forms. Both manual and computerized systems. Semester project of keeping records for a business for a portion of the year.

ARE 260 Marketing and Risk Management in the Pork Industry 1.
Prerequisite: ANS 150.

A comprehensive overview of structure and trends in markets and marketing options available in the swine industry. Management of market risk with hedging or other contracts.

ARE 301 Intermediate Microeconomics 3.
Prerequisite: MA 121 or 131; ARE 201 or EC 205 or EC 201.

Functioning of the market economy, role of prices in determining the allocation of resources, the functioning of the firm in the economy, forces governing the production and consumption of economic goods. Credit not allowed in more than one of EC 301, 310, 401.

ARE 303 Farm Management 3.
Prerequisite: ARE 201 or EC 201 or EC 205.

Analytical and planning techniques for making business decisions centered around farm business applications. Economic principles and management concepts such as budgeting, accounting, finance credit, investment analysis, business organization, risk,and taxes as related to practical problems of operating a farm business.

ARE 304 Agribusiness Management 3.
Prerequisite: ARE 201 or EC 201 or EC 205.

Management decision-making by food, fiber, horticulture, and forestry firms. Emphasis on current agribusiness topics such as information utilization, strategic planning, organization structures, competitor intelligence, pricing, leadership, crisis management, ethics, and human resource management. Business communications, agribusiness case studies, and a computerized management simulation game.

ARE 306 Agricultural Law 3.
Prerequisite: ARE 201 or EC 201 or EC 205.

Legal principles of practical importance in an agricultural setting: the court system; tort, contract and real and personal property law; legal aspects of organizing an agribusiness; environmental and labor regulations affecting agriculture; income and estate taxation of agriculture. Credit for both ARE 306 and BUS 307 is not allowed.

ARE 309 Environmental Law & Economic Policy 3.
Prerequisite: ARE 201 or EC 201 or EC 205.

Current federal and state environmental laws and regulations and their common law foundations. Relationship of the law and its regulatory mechanisms to economic policy issues: externalities, pollution taxes, incentives, permit trading, and cost-benefit analysis. Major environmental topics including water and wetlands, solid and hazardous wastes, pesticides, clean air, endangered species and nuisance actions. Overview of the legal system.

ARE 311 Agricultural Markets 3.
Prerequisite: ARE 201 or EC 201 or EC 205.

Agricultural marketing system and economic forces affecting its structure and efficiency. Public policy issues affecting agricultural markets. Emphasis on the analysis of current sources of agricultural market information. Marketing and storage problems over time; futures markets and the management of risk; transportation and international trade; government agricultural programs.

ARE 312 Agribusiness Marketing 3.
Prerequisite: ARE 201 or EC 201 or EC 205.

Application of marketing and economic principles to decision making in contemporary agribusiness firms. Marketing strategies, marketing research and information, segmentation and targeting, marketing mix, and market plans within food, fiber, natural resource, and production input industries. Professional selling skills and knowledge. Off-campus field experience and visiting lecturers from the agribusiness industry.

ARE 321 Agricultural Financial Management 3.
Prerequisite: ARE 201 or EC 201 or EC 205.

Fundamental concepts for financial management decision in agricultural/farm businesses. Emphasis on financial statement analysis of profitability, efficiency, liquidity, repayment capacity, risk, leverage, growth. Capital budgeting, investment decisions, farmland bid price determination, farm real estate appraisal. Financial markets and credit institutions serving agriculture, lending policies, loan analysis, interest rate determination. Financial structure, performance, condition of farm sector.

ARE 323 Agribusiness Finance 3.
Prerequisites: (ARE 201 or EC 201) and (ACC 200 or ACC 210 or equivalent Introductory Accounting Course).

ARE 323 teaches the history of monetary systems, the development of business finance tools and banking, and detailed creation and use of business financial statements, including Income Statements, Balance Sheets, and Statements of Cash Flow, within the context of the agribusiness industry. Two Finance courses are offered in the Agribusiness Management Major: ARE 321 - Agricultural Financial Management, which focuses on the history of finance in agriculture and financial planning for farmers and similar independent agricultural enterprises; and ARE 323 - Agribusiness Finance, which focuses on finance for larger agribusinesses and for managers of agribusiness divisions in larger organizations.

ARE 332 Human Resource Management for Agribusiness 3.
Prerequisite: ARE 201 or EC 201 or EC 205 .

General introduction to human resource management in agribusinesses. Skills for agribusiness owners for efficient productivity from employees in a legal and ethical manner. Topics on labor economics, human resource legislation, employee planning and recruitment, and migrant labor issues. Emphasis on techniques for training, motivating, leading, and disciplining employees.

ARE 336 Introduction to Resource and Environmental Economics 3.
Prerequisite: ARE 201 or EC 201 or EC 205.

Application of basic economic tools to understand and evaluate environmental/resource policies. Concepts such as property rights, non-market goods, allocation over time, externalities, and public goods. Current policy issues such as global climate change, evaluating natural resource damages from oil spills, reducing the costs of regulations, protecting estuaries, and dealing with non-point source pollution.

ARE 345 Global Agribusiness Management 3.
Prerequisite: EC 201 or 205 or ARE 201.

Global trade is the largest growth area in American agribusiness, and knowledge of international agribusiness markets is one of the primary qualifications desired from college graduates entering the workforce. This course provides detailed knowledge of the six major regions for agribusiness trade worldwide, to prepare students to understand, speak intelligently about, and capitalize on opportunities for NC and US agribusiness products in the global marketplace. Students will be required to provide their own transportation to local markets and incidental expenses for meals representative of the six major regions connected with class assignments. Please see the Instructor for details.

ARE 404 Advanced Agribusiness Management 3.
Prerequisite: (ARE 303 or ARE 304), ARE 321, and (ARE 311 or ARE 312).

An advanced course in business planning that integrates the risk and uncertainty associated with production, marketing, and financial management strategies of agribusiness firms. Focuses on the fundamental components required to develop a strategicbusiness plan and design a viable business strategy in the context of the firm's market and its internal environment. Special attention is given to the application of economic theory and analysis to business decision-making processes. 80% of enrollment is restricted to Agricultural & Resource Economics students with the remaining 20% open for all other majors.

ARE 412 Advanced Agribusiness Marketing 3.
Prerequisite: ARE/EC 201 or EC 205; Pre- or Co-requisite: ARE 312 or BUS 360.

ARE provides opportunities for undergraduates to gain experience with the practical application of Marketing principles with real and fictitious Agribusiness products through two courses taken on campus: ARE 412 and ARE 413. These opportunities are provided to students that are specifically interested in pursuing a Marketing or Sales position after graduation, especially when an internship is not an option. The practical applications often require two semesters (one full academic year) to complete, so student involved in projects are encouraged to take ARE 412 in the Fall and ARE 413 in the Spring. Projects very each year.

ARE 413 Applied Agribusiness Marketing 3.
Prerequisite: ARE 201/EC 201 or EC 205, ARE 312, ARE 412.

ARE provides opportunities for undergraduates to gain experience with the practical application of marketing principles with real and fictitious agribusiness products through two courses taken on campus, ARE 412 and ARE 413. These opportunities are provided to students that are specifically interested in pursuing a Marketing or Sales position after graduation, especially when an internship is not an option. The practical applications often require two semesters (one full academic year) to complete, so students involved in projects are encouraged to take ARE 412 in the Fall, and ARE 413 in the Spring. Projects vary each year. This course is an elective for ABM, BBM, and related CALS majors. Departmental approval required to enroll in course.

ARE 433 U.S. Agricultural Policy 3.
Prerequisite: ARE(EC) 301 or ARE(EC) 401.

Government economic policies and programs affecting agricultural inputs and farm products. Analysis of the rationale, objectives, and major types of agricultural programs and their effects on resource allocation and income distribution within agriculture and between agriculture and the rest of the economy.

ARE 444 Ethics in Agribusiness 3.

Ethical behavior is a crucial issue in American business, especially after numerous ethical lapses over the past decade, and for agribusiness given claims of marketing unhealthy foods, development of genetically-modified organisms, hiring of undocumented workers, and consolidation into industrial production facilities. Students are taught ethical theories and frameworks, used to discuss general ethical questions such as death, theft, and lying, followed by the more specific agribusiness issues mentioned above. Students will formulate their own opinions about these issues, recognize and understand the opinions of others, and be able to accurately and adequately communicate those opinions.

ARE 490 Career Seminar in Agriculture & Resource Economics 1.
Prerequisite: Sophomore standing.

Planning and preparing for career choices. Resume writing, networking, interviewing, personality characteristics, and job searching. Visits with employer representatives. Employer expectations and career opportunities. Researching firms and employment opportunities. Oral and written presentations.

ARE 492 External Learning Experience 1-6.
Prerequisite: Sophomore standing.

A learning experience in agriculture and life sciences within an academic framework that utilizes facilities and resources which are external to the campus. Contact and arrangements with prospective employers must be initiated by student and approved by a faculty adviser, the prospective employer, the departmental teaching coordinator and the academic dean prior to the experience.

ARE 493 Special Problems/Research Exploration 1-6.
Prerequisite: ARE Sophomore standing.

A learning experience in agriculture and life sciences within an academic framework that utilizes campus facilities and resources. Contact and arrangements with prospective employers must be initiated by student and approved by a faculty adviser, the prospective employer, the departmental teaching coordinator and the academic dean prior to the experience. Individualized/Independent Study and Research courses require a Course Agreement for Students Enrolled in Non-Standard Courses be completed by the student and faculty member prior to registration by the department.

ARE 494 Agribusiness Study Abroad 1-6.

Global trade is the largest growth area in American agribusiness, and knowledge of international agribusiness markets is a primary qualification desired from college graduates entering the workforce. This course addresses these issues by providing opportunities for students to study abroad in various locations around the world, with different destinations offered each academic year. Credit hours are variable based on length of travel and classroom instruction pre-and post-travel consistent with NCSU policies and practices. Course may be repeated for credit to visit different destinations only. Significant expenses for travel are involved. Please see the instructor for specific program details.

ARE 495 Special Topics in Agricultural and Resource Economics 1-6.

Presentation of material not normally available in regular course offerings or offering of new courses on a trial basis.