Studying online (if an online offering is shown below)
There are now 2 possible online modes for units:
Units with modes Online timetabled and Online flexible are available for any student to self-enrol and study online.
Click on an offering mode for more details.
Unit Overview
- Description
This unit equips students with knowledge and skills necessary to understand economic policies used in international agricultural trade and management of price risk using commodity derivatives. The unit is taught in two modules. The first module introduces students to international agricultural trade by focusing on why trade occurs, trade theories with applications to agriculture, and public policies and government programs affecting agricultural trade. The second introduce students to the purpose, operation, and use of commodity futures contracts and options.
At the end of the unit, the students will have developed an appreciation and understanding of the economics principles that underpinning international trade policies, 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 policies; (e) main arguments for and against protectionism; and (f) process and implications of international economic integration. They will also understand (g) how to hedge price risk using futures and option contracts.
- Credit
- 6 points
- Offering
(see Timetable) Availability Location Mode Semester 1 UWA (Perth) Face to face - Details for undergraduate courses
- Level 3 core unit in the Agricultural Science; Agricultural Science and Technology; Agricultural Technology; Agribusiness and Agricultural Science; Agribusiness major sequences
- Level 3 elective
- Outcomes
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.
- Assessment
Indicative assessments in this unit are as follows: (1) assignments and (2) examination. Further information is available in the unit outline.
Student may be offered supplementary assessment in this unit if they meet the eligibility criteria.
- Unit Coordinator(s)
- Associate Professor Michael Burton and Dr Amin Mugera
- Unit rules
- Prerequisites
- Successful completion of48 points in your chosen degree
- Contact hours
- lectures: 3 hours per week
tutorials: 2 hours per week - Texts
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.
- Visit the Essential Textbooks website to see if any textbooks are required for this Unit. The website is updated regularly so content may change. Students are recommended to purchase Essential Textbooks, but a limited number of copies of all Essential Textbooks are held in the Library in print, and as an ebook where possible. Recommended readings for the unit can be accessed in Unit Readings directly through the Learning Management System (LMS).
- Contact hours provide an indication of the type and extent of in-class activities this unit may contain. The total amount of student work (including contact hours, assessment time, and self-study) will approximate 150 hours per 6 credit points.
Face to face
Predominantly face-to-face. On campus attendance required to complete this unit. May have accompanying resources online.
Online flexible
100% Online Unit. NO campus face-to-face attendance is required to complete this unit. All study requirements are online only. Unit is asynchronous delivery, with NO requirement for students to participate online at specific times.
Online timetabled
100% Online Unit. NO campus face-to-face attendance is required to complete this unit. All study requirements are online only. Unit includes some synchronous components, with a requirement for students to participate online at specific times.
Online Restricted
Not available for self-enrolment. Students access this mode by contacting their student office through AskUWA. 100% Online Unit.
NO campus face-to-face attendance. All study and assessment requirements are online only. Unit includes some timetabled activities, with a requirement for students to participate online at specific times. In exceptional cases (noted in the Handbook) students may be required to participate in face-to-face laboratory classes when a return to UWA’s Crawley campus becomes possible in order to be awarded a final grade.
External
No attendance or regular contact is required, and all study requirements are completed either via correspondence and/or online submission.
Off-campus
Regular attendance is not required, but student attends the institution face to face on an agreed schedule for purposes of supervision and/or instruction.
Multi-mode
Multiple modes of delivery. Unit includes a mix of online and on-campus study requirements. On campus attendance for some activities is required to complete this unit.