Economic concepts are introduced and applied: to analyse agricultural production and resource use decisions; to develop tools to aid farm management decisions; to understand the economics of agricultural markets and how they work; and to assess agricultural and resource policies.
This course introduces economic principles and analytical tools and applies them to the analysis of farm production decisions, as well as agricultural market and policy issues. The course is designed to familiarise students in related agricultural science, agribusiness and natural resource management with these fundamental concepts and their application. The course provides the basis for further specialised study in agricultural, resource and applied economics.
There are no pre-requisite courses for AGRC2030.
For consultation on course content: (1) schedule using Calendly, (2) call on the phone, or (3) drop by in-person.
For accurate and timely administrative support, contact directly the AGFS Student Administration team by phone at +61 7 5460 1321 or email at agriculture@enquire.uq.edu.au.
The timetable for this course is available on the UQ Public Timetable.
The purpose of the course is to show the application of economic principles to agricultural science and to the analysis of production, marketing and policy decisions in the agricultural sector.
After successfully completing this course you should be able to:
LO1.
Demonstrate an understanding of basic economic principles and their application to agriculture
LO2.
Understand and appreciate the relationship between biophysical and socio-economic information in the analysis of resource allocation within the agricultural sector
LO3.
Use budgeting and economic analysis tools for farm and risk management and decision making
LO4.
Understand the economics of agricultural markets and the use of economic concepts in the analysis of these markets
LO5.
Apply economic analysis to the critical analysis of agricultural and resource policies
| Category | Assessment task | Weight | Due date |
|---|---|---|---|
| Quiz |
Sequential Quizzes
|
40% 10% for each Quiz |
Quiz 1: principles of economics and comparative advantage (week 1). 1/08/2024 2:00 pm Quiz 2: agricultural markets on supply and demand, welfare economics, and elasticities (weeks 2 to 4). 29/08/2024 2:00 pm Quiz 3: agricultural policy (weeks 5 to 6). 5/09/2024 2:00 pm Quiz 4: production economics (weeks 9 to 11). 17/10/2024 2:00 pm |
| Paper/ Report/ Annotation | Economic evaluation of agricultural policy | 20% |
19/09/2024 2:00 pm |
| Examination |
Final exam
|
40% |
End of Semester Exam Period 2/11/2024 - 16/11/2024 |
A hurdle is an assessment requirement that must be satisfied in order to receive a specific grade for the course. Check the assessment details for more information about hurdle requirements.
Quiz 1: principles of economics and comparative advantage (week 1). 1/08/2024 2:00 pm
Quiz 2: agricultural markets on supply and demand, welfare economics, and elasticities (weeks 2 to 4). 29/08/2024 2:00 pm
Quiz 3: agricultural policy (weeks 5 to 6). 5/09/2024 2:00 pm
Quiz 4: production economics (weeks 9 to 11). 17/10/2024 2:00 pm
These quizzes are individual assessments and will be administered online through the course Blackboard site. This is a timed assessment and once you have opened the assessment instructions you have 120 minutes to submit the assessment by the due time of 2:00pm.
More details about the quizzes will be provided on the Blackboard and in class.
This assessment task evaluates students' abilities, skills and knowledge without the aid of generative Artificial Intelligence (AI) or Machine Translation (MT). Students are advised that the use of AI or MT technologies to develop responses is strictly prohibited and may constitute student misconduct under the Student Code of Conduct.
Unless specifically indicated during the semester by the course coordinator, marks and feedback from this assessment will be available within two weeks of the assessment’s due date.
You may be able to apply for an extension.
The maximum extension allowed is 7 days. Extensions are given in multiples of 24 hours.
A penalty of 10% of the maximum possible mark will be deducted per 24 hours from time submission is due for up to 7 days. After 7 days, you will receive a mark of 0.
Assessment deadlines are firm and must be met. Late submission without permission or non-submission of assessable work will result in penalties being applied as documented in the UQ Policy and Procedure Library with key information for the current course in italics:
A penalty of 10% of the maximum possible mark allocated for the assessment item, or one grade per day if graded on the basis of 1-7, or equivalent penalty if an alternative grading approach is used, will be deducted per day for up to 7 calendar days, at which point any submission will not receive any marks unless an extension has been approved. Each 24-hour block is recorded from the time the submission is due.
Late submission of assessment will only be granted for documented medical reasons, accident, bereavement, jury service and other circumstances allowed in the UQ Policies and Procedures Library (PPL). Submission of an Extension of Assessment Due Date (EADD) should be completed online through your My Requests tab via my.UQ Dashboard before the due date of the assessment item.
19/09/2024 2:00 pm
This assignment requires you to select an agricultural issue (examples will be discussed in class), and describe, discuss and economically evaluate the status quo (business as usual) and potential alternative policies designed to mitigate that issue. Finally, you will make a policy recommendation justified by your findings.
This assessment task evaluates students' abilities, skills and knowledge without the aid of generative Artificial Intelligence (AI) or Machine Translation (MT). Students are advised that the use of AI or MT technologies to develop responses is strictly prohibited and may constitute student misconduct under the Student Code of Conduct.
Submitted via Turnitin
You may be able to apply for an extension.
The maximum extension allowed is 7 days. Extensions are given in multiples of 24 hours.
A penalty of 10% of the maximum possible mark will be deducted per 24 hours from time submission is due for up to 7 days. After 7 days, you will receive a mark of 0.
Assessment deadlines are firm and must be met. Late submission without permission or non-submission of assessable work will result in penalties being applied as documented in the UQ Policy and Procedure Library with key information for the current course in italics:
A penalty of 10% of the maximum possible mark allocated for the assessment item, or one grade per day if graded on the basis of 1-7, or equivalent penalty if an alternative grading approach is used, will be deducted per day for up to 7 calendar days, at which point any submission will not receive any marks unless an extension has been approved. Each 24-hour block is recorded from the time the submission is due.
Late submission of assessment will only be granted for documented medical reasons, accident, bereavement, jury service and other circumstances allowed in the UQ Policies and Procedures Library (PPL). Submission of an Extension of Assessment Due Date (EADD) should be completed online through your My Requests tab via my.UQ Dashboard before the due date of the assessment item.
End of Semester Exam Period
2/11/2024 - 16/11/2024
This exam will assess the entire course. Tutorial and quiz questions will provide a good guide of what to expect in the final exam.
Further details about the exam will be provided in the lectures and on the Blackboard site.
This assessment task evaluates students' abilities, skills and knowledge without the aid of generative Artificial Intelligence (AI) or Machine Translation (MT). Students are advised that the use of AI or MT technologies to develop responses is strictly prohibited and may constitute student misconduct under the Student Code of Conduct.
Section 3 Part F of the PPL lists the student responsibilities that must be adhered to: Examinations Procedure / Document / Policy and Procedure Library (uq.edu.au)
| Planning time | 10 minutes |
|---|---|
| Duration | 120 minutes |
| Calculator options | Any calculator permitted |
| Open/closed book | Closed Book examination - no written materials permitted |
| Exam platform | Paper based |
| Invigilation | Invigilated in person |
You may be able to defer this exam.
Full criteria for each grade is available in the Assessment Procedure.
| Grade | Cut off Percent | Description |
|---|---|---|
| 1 (Low Fail) | 0 - 34 |
Absence of evidence of achievement of course learning outcomes. Course grade description: 0 - 34% |
| 2 (Fail) | 35 - 46 |
Minimal evidence of achievement of course learning outcomes. Course grade description: 35 - 46% |
| 3 (Marginal Fail) | 47 - 49 |
Demonstrated evidence of developing achievement of course learning outcomes Course grade description: 47% - 49% |
| 4 (Pass) | 50 - 64 |
Demonstrated evidence of functional achievement of course learning outcomes. Course grade description: 50% - 64% |
| 5 (Credit) | 65 - 74 |
Demonstrated evidence of proficient achievement of course learning outcomes. Course grade description: 65% - 74% |
| 6 (Distinction) | 75 - 84 |
Demonstrated evidence of advanced achievement of course learning outcomes. Course grade description: 75% - 84% |
| 7 (High Distinction) | 85 - 100 |
Demonstrated evidence of exceptional achievement of course learning outcomes. Course grade description: 85% - 100% |
In order to pass this course, students must achieve a cumulative score of 50% or greater and a passing mark in the End of Semester Exam.
If a student obtains an overall percentage greater than the cut-offs set to achieve a 4 or higher for the course based on marks from all assessment and the student does NOT score a passing mark in the end of semester exam, they are unable to achieve a grade higher than a 3 (failing grade) for the course.
Supplementary Assessment
In the event of supplementary assessment being awarded this will take the form of an exam. In order to receive a grade of 3S4 (pass) a student must obtain a mark of 50% or higher in the supplementary examination. Therefore, the final grade (maximum 4) is awarded solely on the basis of performance in that exam.
Supplementary assessment is available for this course.
TurnItIn Assignmentsﾠ
Assignments that are required to be submitted through TurnItIn, must only be uploaded to the assessment specific Turnitin link on the relevant course Blackboard site.ﾠ If you submit any version of your assessment item to any alternative Turnitin link, this is considered cheating and you will be held liable for this action.ﾠﾠ
Re-mark Applications – refer to the University's Re-mark Policy to check your eligibility
Before applying for a remark, students should consider the following:
ﾷﾠﾠﾠﾠﾠﾠﾠﾠ You have consulted the course coordinator for feedback
ﾷﾠﾠﾠﾠﾠﾠﾠﾠ Your academic grounds for remark have been discussed and are valid
ﾷﾠﾠﾠﾠﾠﾠﾠﾠ Wanting a higher grade is not grounds for a remark. A remark can decrease your grade.
Remark applications will not be considered without first having contacted your course Co-ordinator.ﾠ
Deferred and Supplementary assessment (including Deferred Mid-Semester Examinations)
Deferred and Supplementary information can be located on the my.UQ website
You'll need the following resources to successfully complete the course. We've indicated below if you need a personal copy of the reading materials or your own item.
Find the required and recommended resources for this course on the UQ Library website.
AGRC2030 Agricultural Economics Blackboard site. Blackboard is the main method of communication for the course. http://learn.uq.edu.au
The learning activities for this course are outlined below. Learn more about the learning outcomes that apply to this course.
Filter activity type by
| Learning period | Activity type | Topic |
|---|---|---|
Week 1 (22 Jul - 28 Jul) |
General contact hours |
Introduction Principles for and examples of the application of economics to agriculture, including comparative advantage. Apply the principle of comparative advantage to study the gains from trade. Learning outcomes: L01 |
Week 2 (29 Jul - 04 Aug) |
General contact hours |
Economics of agricultural markets Supply and demand. Learning outcomes: L04 |
Week 3 (05 Aug - 11 Aug) |
General contact hours |
Economics of agricultural markets How markets affect economic wellbeing (welfare economics). Learning outcomes: L04 |
Week 4 (12 Aug - 18 Aug) |
General contact hours |
Economics of agricultural markets Responsiveness of one economic variable to a change in another (elasticities). Learning outcomes: L04 |
Week 5 (19 Aug - 25 Aug) |
General contact hours |
Agricultural and resource policy Agricultural and resource policies: types of policy instruments and how to analyse policies. Learning outcomes: L05 |
Week 6 (26 Aug - 01 Sep) |
General contact hours |
Agricultural and resource policy Why and how governments intervene in agricultural markets and the agricultural and natural resources sectors. Learning outcomes: L05 |
Week 7 (02 Sep - 08 Sep) |
General contact hours |
Agricultural and resource policy One-on-one consultations for assessment report on the economic evaluation of agricultural policy Learning outcomes: L05 |
Week 8 (09 Sep - 15 Sep) |
General contact hours |
One-on-one consultations for feedback on Quizzes 1 to 3. Learning outcomes: L01, L04, L05 |
Week 9 (16 Sep - 22 Sep) |
General contact hours |
Agricultural production economics Input-output relationships, Equi-marginal returns. Learning outcomes: L02, L03 |
Week 10 (30 Sep - 06 Oct) |
General contact hours |
Agricultural production economics Input-input relationships (optimal input combinations). Learning outcomes: L02, L03 |
Week 11 (07 Oct - 13 Oct) |
General contact hours |
Agricultural production economics Output combinations and cost of production. Learning outcomes: L02, L03 |
Week 12 (14 Oct - 20 Oct) |
General contact hours |
Special topics in agricultural economics Learning outcomes: L01 |
Week 13 (21 Oct - 27 Oct) |
General contact hours |
Time allocated for a session on (1) preparing for the final exam and (2) completing the SECaTs. Learning outcomes: L01, L02, L03, L04, L05 |
University policies and procedures apply to all aspects of student life. As a UQ student, you must comply with University-wide and program-specific requirements, including the:
Learn more about UQ policies on my.UQ and the Policy and Procedure Library.