ECON3300 Agricultural Economics and Marketing
- 6 points
Availability Location Mode Semester 1 UWA (Perth) Face to face
- Details for undergraduate courses
- Level 3 core unit in the Agricultural Science major sequence
- The area of knowledge for this unit is Life and Health Sciences
- Category B broadening unit for students
- Level 3 elective
- This unit provides students interested in pursuing careers in agricultural commodity markets and trade with tools for understanding issues unique to managing commodity price risk and international trade. In the first module students are introduced to the purpose, operation, and use of commodity futures and options markets. The second module introduces students to international agricultural trade by focusing on why trade occurs, trade theory with applications to agriculture, and public policies and government programs affecting agricultural trade.
The objectives of the unit are to help students develop an understanding of (1) the basic working of commodity futures and options markets for hedgers and how these are used by agricultural producers to manage price risk; and (2) the economic foundations underpinning governing the analysis of international trade, including (a) determinants of trade patterns between nations; (b) gains from international trade; (c) effects of international trade on an economy; (d) winners and losers from international trade; (e) main arguments for and against protectionism; and (f) process and implications of international economic integration.
- Students are able to (1) understand the basic trade theories and their prediction of the pattern of trade between nations; (2) evaluate the impact of different domestic and international trade policies to society, including identifying winners and losers in international trade; (3) understand the basic working of commodity futures and options markets for hedgers and how these are used by agricultural producers to manage price risk; and (4) develop the ability to manage price risk using different hedging and options strategies.
- Typically this unit is assessed in the following ways: (1) assignments and (2) examination. Further information is available in the unit outline.
Supplementary assessment is not available in this unit except in the case of a bachelor's pass degree student who has obtained a mark of 45 to 49 overall and is currently enrolled in this unit, and it is the only remaining unit that the student must pass in order to complete their course.
- Unit Coordinator(s)
- Dr Amin Mugera
- Unit rules
- completion of 48 points
- Contact hours
- lectures: 3 hours per week; Practical Classes: 2 hours per week
- Unit Outline
Carter C. A. Futures and Options Markets: an Introduction: Prentice-Hall 2003
Koo, W. W. and Lynn, K. P. International Trade and Agriculture: Theories and Practices: Wiley-Blackwell 2005
- The availability of units in Semester 1, 2, etc. was correct at the time of publication but may be subject to change.
- All students are responsible for identifying when they need assistance to improve their academic learning, research, English language and numeracy skills; seeking out the services and resources available to help them; and applying what they learn. Students are encouraged to register for free online support through GETSmart; to help themselves to the extensive range of resources on UWA's STUDYSmarter website; and to participate in WRITESmart and (ma+hs)Smart drop-ins and workshops.
- Books and other material wherever listed may be subject to change. Book lists relating to 'Preliminary reading', 'Recommended reading' and 'Textbooks' are, in most cases, available at the University Co-operative Bookshop (from early January) and appropriate administrative offices for students to consult. Where texts are listed in the unit description above, an asterisk (*) indicates that the book is available in paperback.