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Undergraduate Catalog 2016-2017

Agricultural and Resource Economics (AREC)

College of Agriculture and Natural Resources
2200 Symons Hall, 301-405-1293
www.arec.umd.edu
arec-undergrad@umd.edu
Chair: J. Hanson
Professors: A. Alberini, R. Chambers, J. Hanson, R. Just, E. Lichtenberg, L. Lynch, M. Nerlove, L. Olson, S. Salant (Res Prof), R. Williams
Associate Professors: H. Leathers, K. Leonard
Assistant Professors: S. Gunnsteinsson, J. Holzer Bilbao, S. Houde, P. Jakiela, D. Newburn, M. Zaki
Instructors: A. Ellixson (Extension Legal Specialist), P. Goeringer (Extension Legal Specialist), D. Johnson (Farm Management Specialist)
Affiliate Professors: P. Cramton, M. Cropper
Adjunct Professors: J. Chavas, R. Fare, J. Hoddinott, A. Lange, J. List, J. Quiggin
Adjunct Associate Professors: K. McNew
Professors Emeriti: N. Bockstael, E. Brown, J. Cain, I. Hardie, D. Hueth, D. Lipton, J. Moore, I. Strand, D. Tuthill

The Major

Agricultural and Resource Economics majors complete a set of prerequisite courses, a core of classes offered by the Agricultural and Resource Economics Department, and one or more fields comprised of selected courses from outside the department.  The core includes courses in economic reasoning, agribusiness management, environmental and resource policy, agricultural policy, economic development, and analytical methods.  The program permits students flexibility in choosing fields to fit their career interests.  Majors must complete one and are strongly encouraged to complete two fields.  The curriculum balances breadth and depth, and lets students develop academic skills in two or more areas.  The program provides a good foundation for careers in economics, resource or environmental policy, agribusiness, and international agriculture.  Students are also able to minor in Agricultural and Resource Economics.

Double Majors
The department features a double major with Spanish for students interested in careers in multinational agribusiness firms or international agencies.  It features a double major with Government and Politics for students interested in law school.  Both can be completed within 120 credits.  Other double majors are possible in consultation with an advisor.

Program Learning Outcomes

Upon completion of the degree program, students should have acquired the following knowledge and skills:

  • An understanding of economic terms and concepts.
  • An ability to draw inferences from data.
  • A knowledge of relevant laws, institutions, and policies.

Requirements for the Major

   

Credits

 

Prerequisite Courses

 

ECON200

Principles of Microeconomics

4

ECON201

Principles of Macroeconomics

4

AREC326

Intermediate Microeconomic Theory 3

3

ECON321

Economic Statistics, OR

3

BMGT230

Business Statistics

 

MATH120 or MATH220

Elementary Calculus I, OR

3

MATH140

Calculus I

 

STAT100

Elementary Statistics and Probability, OR

3

MATH111

 Introduction to Probability

 
     
 

Major Core Courses

 
 

Seven of these courses must be successfully completed.

 

AREC404

Applied Price Analysis

3

AREC405

Economics of Production

3

AREC422

Econometric Applications in Agriculture

3

AREC425

Economics of the Food Sector

3

AREC427

Economics of Commodity Marketing Systems

3

AREC430

Introduction to Agriculture and Resource Law

3

AREC433

Food and Agricultural Policy

3

AREC435

Commodity Futures and Options

3

AREC445

Agricultural Development in the Third World

3

AREC446

Sustainable Economic Development

3

AREC453

Economics of Natural Resource Use

3

AREC455

Economics of Land Use

3

AREC456

Energy and Environmental Economics

3

AREC484

Introduction to Econometrics in Agriculture

3

AREC306

Farm Management

3

AREC382

Computer-Based Analysis in Agricultural and Resource Economics

3

AREC400s

any other 3 credit 400-level AREC course may be substituted with permission of advisor

 

Fields

 
 

All majors must complete one of the following fields. Two are strongly encouraged.

 

Business Management

 

BMGT220

Principles of Accounting I

3

BMGT221

Principles of Accounting II

3

BMGT340

Business Finance

3

BMGT350

Marketing Principles

3

BMGT364

Management and Organization

3

BMGT380

Business Law I

3

BMGT300s

Other 300-level BMGT courses may be substituted, with permission of advisor. (The AREC department cannot authorize students to take BMGT courses that are restricted to business majors.)

 
 

Total Credits

18

 

Agricultural Science

 
 

Six (or more) courses in agricultural science, including:

 

PLSC204

Fundamentals of Agricultural Mechanics

3

PLSC100

Introduction to Horticulture, OR

4

  PLSC101

Introduction to Crop Science

 

ENST105

Soil and Environmental Quality

3

ANSC101

Principles of Animal Science

3

AGRI SCI

Other courses in agricultural science, chosen in consultation with an advisor. Substitutions to the above listed courses may be made with the permission of advisor.

4

 

Total Credits

18

 

Food Production

 
 

Six courses from the following list:

 

PHYS117

Introduction to Physics, OR

4

PHYS121

Fundamentals of Physics

 

BSCI170&171

Principles of Molecular and Cellular Biology and Lab

4

BSCI223

General Microbiology

4

NFSC100

Elements of Nutrition

3

NFSC112

Food Science and Technology

3

NFSC430

Food Microbiology

3

NFSC431

Food Quality Control

4

 

Other courses related to food science can be substituted with permission of advisor.

 
 

Total Credits

18

 

Environmental and Resource Policy

 
 

Six courses from the following list:

 

ECON481

Environmental Economics

3

ANTH450

Theory and Practice of Environmental Anthropology

3

HIST405

Environmental History

3

GEOG372

Remote Sensing

3

GEOG373

Geographic Information Systems

3

GVPT273

Introduction to Environmental Politics

3

GVPT306

Global Ecopolitics

3

 

Other courses related to environmental policies or sciences can be substituted with permission of advisor.

 
 

Total Credits

18

 

International Agriculture

 
 

Six courses from the following list:

 

ECON305

Intermediate Macroeconomics

3

ECON315

Economic Development of Underdeveloped Areas

3

ECON340

International Economics

3

GEOG422

Population Geography

3

GVPT200

International Political Relations

3

GVPT350

International Relations in the Third World

3

ENST440

Crops, Soils and Civilization

3

PLSC303

International Crop Production

3

 

Other courses related to international economics, business, politics, or agriculture can be substituted with permission of advisor.

 
 

Total Credits

18

 

Political Process

 

GVPT

Any six courses in government and politics, chosen with permission of the advisor.

18

 

Total Credits

18

 

Advanced Degree Preparation

 
 

Six (or more) courses from the following list:

 

ECON407

Advanced Macroeconomics

3

ECON414

Game Theory

3

ECON415

Strategic Behavior and Incentives

3

ECON422

Econometrics I

3

ECON423

Econometrics II

3

ECON425

Mathematical Economics

3

MATH141

Calculus II

4

MATH240

Introduction to Linear Algebra

4

MATH241

Calculus III

4

 

Other courses in mathematics, statistics, or econometrics may be substituted with permission of advisor.

 
 

Total Credits

18

 

Student Designed Field

 
 

This field requires a written proposal listing at least six courses totaling at least 18 credits. The proposal must be submitted to the Undergraduate Committee of the AREC department. Committee approval must be obtained 30 or more credit hours before graduation. A student designed field may be used to study a foreign language as part of the AREC curriculum.

18

 

Total Credits

18

 

Other Requirements for the Major

All courses must be passed with a grade of "C-" or better to count towards prerequisite courses, major core courses, or field requirements.  "C- or better" means any grade for which the University awards 1.7 or more quality points in calculating GPA.  Beginning with students matriculating Fall 2012, to be awarded a baccalaureate degree, students must have a minimum "C" (2.00) cumulative grade point average across all courses used to satisfy major degree requirements.

Requirements for the Minor

Four minors exist in AREC, Agribusiness Economics, Resource and Agricultural Policy in Economic Development, Environmental Economics and Policy, and Global Poverty.  Requirements are listed below:

 

Agribusiness Economics

Choose five courses from the following list.  Nine credits must be at the 300-400 level.

AREC240

Introduction to Economics and the Environment

AREC250

Elements of Agricultural and Resource Economics

AREC306

Farm Management and Sustainable Food Production

AREC404

Applied Price Analysis  

AREC405

Economics of Production  

AREC425

Economics of Food Sector

AREC427

Economics of Commodity Marketing Systems

AREC433

Food and Agricultural Policy

AREC435

Commodity Futures and Options  

AREC422

Econometric Applications in Agricultural and Natural Resource Economics 

Another AREC course can be substituted for one of the courses listed with permission of the AREC Undergraduate Coordinator.  

 

15 Total Credits

   
 

Resource and Agricultural Policy in Economic Development

Choose five courses from the following list.  Nine credits must be at the 300-400 level.

AREC240

Introduction to Economics and the Environment

AREC250

Elements of Agricultural and Resource Economics

AREC345

Global Poverty and Economic Development

AREC365

World Hunger, Population and Food Supplies

AREC433

Food and Agricultural Policy

AREC445

Agricultural Development, Population Growth, and Environment

AREC453

Natural Resources and Public Policy

AREC422

Econometric Applications in Agricultural and Natural Resource Economics 

AREC446

Sustainable Economic Development

Another AREC course can be substituted for one of the courses listed with permission of the AREC Undergraduate Coordinator.

 

15 Total Credits

   
 

Environmental Economics and Policy

Choose five courses from the following list.  Nine credits must be at the 300-400 level.

AREC200

The Chesapeake Bay Ecosystem: Intersection of Science, Economics, and Policy

AREC240

Introduction to Economics and the Environment

AREC250

Elements of Agricultural and Resource Economics

AREC382 

Computer-based Analysis in Agricultural and Resource Economics (Prerequisites: AREC 240 and MATH 111, STAT 100, or equivalent)

AREC445

Agricultural Development, Population Growth, and Environment

AREC453

Natural Resources and Public Policy

AREC454

The Economics of Climate Change

AREC455

Economics of Land Use

AREC422

Econometric Applications in Agricultural and Natural Resource Economics

Another AREC course can be substituted for one of the courses listed with permission of the AREC Undergraduate Coordinator.

 

15 Total Credits

   
 

Global Poverty

Students must complete at least 15 credits in the Minor including at least one of the following Signature courses in the Global Poverty Minor:

AREC345       Global Poverty and Economic Development (3 credits)
AREC365       World Hunger, Population, and Food Supplies (3 credits)

and at least one signature course from another track in the Global Studies Minor Program:

BSST330       Terrorist Motivations and Behaviors  (3 credits)
ENES472       International Business Cultures in Engineering and Technology  (3 credits)
GEOG130      Developing Countries  (3 credits)
GEOG330      As the World Turns: Society and Sustainability in a Time of Great Change  (3 credits)
GVPT306       Global Ecopolitics  (3 credits)

The remaining credits must be completed from the following:

AREC445      Agricultural Development, Population Growth and the Environment (3 credits)

ANTH265      Anthropology of Global Health (3 credits)

GVPT282      Politics and the Developing World (3 credits)

GVPT350      International Relations of the Third World (3 credits)

GEOG423     Latin America (3 credits)

ECON314     Economic History, Development and Policy (3 credits)

ECON315     Economic Development of Underdeveloped Areas (3 credits)

ECON317     Global Economic Policies (3 credits)

ECON375     Economics of Poverty and Discrimination (3 credits)

ECON416     Theory of Economic Development (3 credits)

ECON418     Economic Development of Selected Areas (3 credits)

ENST100      International Crop Production-Issues and Challenges in the 21st Century (3 credits)

FMSC381     Poverty, Affluence, and Families (3 credits)

GEOG130    Developing Countries (3 credits)

HIST496      Africa Since Independence (3 credits)

HONR228N  Evaluating Global Development Assistance (3 credits)

HONR228R  Parenting and Poverty: The Effects of Growing Up Poor on Children's Development (3 credits)

NFSC425      International Nutrition (3 credits)

3 credits of study abroad or 3 credits of an internship or experiential learning related to poverty and approved by advisor.

A second Global Poverty signature course and additional signature courses from another Global Studies Minor may serve as electives provided they are not being used to satisfy the requirements of a different minor.  Students may also propose other courses to meet the elective requirement.  No course may be used to satisfy the requirements of more than one minor.  

At least 9 credits must be at the 300-400 level.

All courses presented for the minor must be passed with a grade of "C-" or better.  Beginning with students matriculating in Fall 2012, to be awarded a baccalaureate degree, students must have a minimum “C” (2.00) cumulative grade point average across all courses used to satisfy minor requirements.

Advising

Because the program is flexible, advising is mandatory every semester.  Appointments may be made by visiting the link below:
www.arec.umd.edu/undergraduate/advising

 

Undergraduate Research Experiences

Because it is part of a land grant university, the Department also has responsibility for research and technology transfer.  During undergraduate study, students are encouraged to conduct independent research in faculty laboratories on campus or at the nearby U.S. Department of Agriculture Beltsville Agricultural Research Center and other area locations. 

AREC faculty members provide a unique and rewarding research experience for undergraduates through the UMD First-Year Innovation & Research Experience (FIRE) program.  The research agenda is continually updated and is designed to engage multiple focus areas in the department’s advanced computational collaborative learning center.  Current examples include how species characteristics, ecosystems, markets, technology and trade influence the conservation or overexploitation of natural resources, the impact of renewable energy systems and vehicle ownership on environmental quality and interventions that encourage households and small businesses to invest in cost-effective, energy-saving technologies. Students develop quantitative research skills including: framing research questions for quantitative policy analysis, preparing large data sets for analysis, data analytics and visualization techniques, and preparing research results for presentation, publication and outreach. This opportunity is available to first-year students of all majors.  For more information please visit: http://fire.umd.edu/ .

Internships

Internship Program

This internship experience is open to current AREC undergraduate students and students in the Global Poverty minor.

Internship Program Description

Students will identify an internship and start the process of getting approval from the Assistant Director.  If students need help with identifying an internship, the Assistant Director can provide assistance.  Once approval is given and all paperwork is signed, the student will register for the internship course, AREC386. A students must complete the internship in the same semester he/she register for the course.

Please visit this link for additional information:
www.arec.umd.edu/undergraduate/undergraduate-programs/internship-program

Scholarships and Financial Assistance

AREC offers scholarships to AREC undergrads.  These awards are based on merit and are in addition to any funding received from the campus or from the college.  Currently, scholarship awards are available to the full-time AREC majors with the highest GPAs.  They are determined on a semester basis and depend on the availability of funds.  Scholarship awardees are required to conduct themselves in accordance with the rules and regulations of the University.

The Office of Student Financial Aid (OSFA) administers all types of federal, state and institutional financial assistance programs and, in cooperation with other university offices, participates in the awarding of scholarships to deserving students.  For information, visit: www.financialaid.umd.edu .

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