209-101 Economics of Resource Use

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Subject Description

Students of agriculture, forestry, viticulture and horticulture require an understanding of the fundamental economic forces that effect markets for both the inputs and outputs in the system in which they operate. In particular, students need to be made aware that the management of the land and water resources has economic consequences. This is evident when such issues as salinity (an externality) and land degradation arise. Further, the links between the wider economic forces and the success of ventures in resource industries are indisputable. Recently commodity markets have been examined as part of the regularly occurring rounds of international trading agreements. The changes that have occurred in response to these agreements made under the World Trade Organisation, for both the domestic and international economies, have been far reaching for all participants in the markets. The information provided in this subject would ensure that students understand and can apply the economic concepts of supply and demand to issues of policy and trade analysis and of resource use.

Assessment

A 3-hour examination (60%), an assignment equivalent to 2000 words (20%) and two class tests (each worth 10%).

Prescribed Texts

• D McTaggert et al, Economics. Addison-Wesley, 1996.
• W D Seitz, G C Nelson and H G Halcrow, Agriculture and Food, Economics of Resources. Second Edition, McGraw-Hill, 1994.