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Undergraduate Catalog 2014-2015

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: R. Chambers
Professors: A. Alberini, R. Chambers, R. Just, E. Lichtenberg, R. Lopez, L. Lynch, K. McConnell, M. Nerlove, L. Olson (Prof)
Associate Professors: J. Hanson, H. Leathers, K. Leonard, R. Williams
Assistant Professors: L. Barrage (Asst Prof), S. Gunnsteinsson (Asst Prof), V. Hoffmann, J. Holzer Bilbao (Asst Prof), S. Houde (Asst Prof), P. Jakiela (Asst Prof), K. Kalyanaraman (Asst Prof), D. Newburn (Asst Prof), C. Towe
Instructors: D. Johnson (Farm Management Specialist)
Affiliate Professors: P. Cramton, M. Cropper
Adjunct Professors: J. Chavas, J. Hoddinott, J. List, J. Quiggin
Adjunct Associate Professors: K. McNew
Professors Emeriti: F. Bender, N. Bockstael, E. Brown, J. Cain, J. Curtis, P. Foster, I. Hardie, D. Hueth, D. Lipton, J. Moore, G. Stevens, 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  
ECON200Principles of Microeconomics 4
ECON201Principles of Macroeconomics 4
ECON306Intermediate Microeconomic Theory 3
ECON321Economic Statistics, OR 3
BMGT230Business Statistics  
MATH220Elementary Calculus I, OR 3
 MATH140Calculus I  
STAT100Elementary Statistics and Probability, OR 3
MATH111 Introduction to Probability  
    
 Major Core Courses  
 Seven of these courses must be successfully completed.  
AREC404Applied Price Analysis 3
AREC405Economics of Production 3
AREC425Economics of the Food Sector 3
AREC427Economics of Commodity Marketing Systems 3
AREC433Food and Agricultural Policy 3
AREC435Commodity Futures and Options 3
AREC445Agricultural Development in the Third World 3
AREC453Economics of Natural Resource Use 3
AREC455Economics of Land Use 3
AREC484Introduction to Econometrics in Agriculture 3
AREC306Farm Management 3
AREC382Computer-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  
BMGT220Principles of Accounting I 3
BMGT221Principles of Accounting II 3
BMGT340Business Finance 3
BMGT350Marketing Principles 3
BMGT364Management and Organization 3
BMGT380Business 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:  
PLSC204Fundamentals of Agricultural Mechanics 3
PLSC100Introduction to Horticulture, OR 4
  PLSC101Introduction to Crop Science  
ENST105Soil and Environmental Quality 3
ANSC101Principles 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:  
PHYS117Introduction to Physics, OR 4
PHYS121Fundamentals of Physics  
BSCI105Principles of Biology 4
BSCI223General Microbiology 4
NFSC100Elements of Nutrition 3
NFSC112Food Science and Technology 3
NFSC430Food Microbiology 3
NFSC431Food 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:  
ECON481Environmental Economics 3
ANTH450Theory and Practice of Environmental Anthropology 3
HIST405Environmental History 3
GEOG372Remote Sensing 3
GEOG373Geographic Information Systems 3
GVPT273Introduction to Environmental Politics 3
GVPT306Global 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:  
ECON305Intermediate Macroeconomics 3
ECON315Economic Development of Underdeveloped Areas 3
ECON340International Economics 3
GEOG422Population Geography 3
GVPT200International Political Relations 3
GVPT350International Relations in the Third World 3
ENST440Crops, Soils and Civilization 3
PLSC303International 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:  
ECON407Advanced Macroeconomics 3
ECON414Game Theory 3
ECON415Strategic Behavior and Incentives 3
ECON422Econometrics I 3
ECON423Econometrics II 3
ECON425Mathematical Economics 3
MATH141Calculus II 4
MATH240Introduction to Linear Algebra 4
MATH241Calculus 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.
AREC240Introduction to Economics and the Environment
AREC250Elements of Agricultural and Resource Economics
AREC306Farm Management and Sustainable Food Production
AREC404Applied Price Analysis  
AREC405Economics of Production  
AREC425Economics of Food Sector
AREC427Economics of Commodity Marketing Systems
AREC433Food and Agricultural Policy
AREC435Commodity Futures and Options  
AREC489FSpecial Topics in Agricultural and Resources Economics; Econometric Applications in Agricultural, Environmental and Natural Resources 

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.
AREC240Introduction to Economics and the Environment
AREC250Elements of Agricultural and Resource Economics
AREC345Global Poverty and Economic Development
AREC365World Hunger, Population and Food Supplies
AREC433Food and Agricultural Policy
AREC445Agricultural Development, Population Growth, and Environment
AREC453Natural Resources and Public Policy
AREC489FSpecial Topics in Agricultural and Resources Economics; Econometric Applications in Agricultural, Environmental and Natural Resources
AREC489GSpecial Topics in Agricultural and Resources Economics; 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.
AREC200The Chesapeake Bay Ecosystem: Intersection of Science, Economics, and Policy
AREC240Introduction to Economics and the Environment
AREC250Elements of Agricultural and Resource Economics
AREC382 Computer-based Analysis in Agricultural and Resource Economics (Prerequisites: AREC 240 and MATH 111, STAT 100, or equivalent)
AREC445Agricultural Development, Population Growth, and Environment
AREC453Natural Resources and Public Policy
AREC454The Economics of Climate Change
AREC455Economics of Land Use
AREC489FSpecial Topics in Agricultural and Resources Economics; Econometric Applications in Agricultural, Environmental and Natural Resources
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)
ECON315      Economic Development of Underdeveloped Areas  (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)
HONR228N   Evaluating Global Development Assistance  (3 credits)
HONR228R   Parenting and Poverty: The Effects of Growing Up Poor on Children's Development  (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.

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 .

Awards and Recognition

Scholarships honoring Arthur and Pauline Seidenspinner and Ray Murray are available.  Contact a faculty advisor for more information, 301-405-1291.

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