Agricultural Economics (99)
Undergraduate
Module
code Course Long
Title Course Description Campus Learning Outcomes
AGEC 2614 Farm Planning
and Management - The main purpose of this module is to enable the student to analyse and plan changes (risks and opportunities) within a farming business. The module is divided into two sections:
Section I: Consists of the planning of livestock and crop production enterprises Section II: Consists of the composition of livestock and crop production enterprises in a whole farm production plan, given the marketing and financial plans, which include mechanisation and human resource planning as well as the planning of the business agreement.
- The focus is further placed on all aspects of human resource management.
- Practical work: The development of enterprise budgets, mechanisation planning, human resource planning and practical exercises to apply risk management instruments in practice.
MAIN Student will be able to:
-Discuss the difference in long term (strategic) and short term (tactical) decision making in agriculture.
-Discuss and apply basic production economic concepts and decision rules that are followed with regard to profit maximising levels of inputs used and output produced.
-Apply basic Agricultural Economics concepts in the case of animal production and be able to calculate break-even production levels and prices for animal production.
-Apply basic Agricultural Economics concepts in the case of crop production and will be able to identify the factors that affect profitability of the current crop and how to select the most profitable crop in a crop- production system.
-Explain the use of partial and whole-farm budgeting in agricultural decision making.
-Calculate machinery cost that is necessary for machinery management and will also be able to motivate how he/she will go about improving the level of efficiency of an agricultural machine.
-Understand the risk and uncertainty in agricultural decision making, the factors that affect the willingness and ability of a decision maker to take a risk, and be able to use decision support tools and decision rules to motivate a choice between risky alternatives
AGEC 2624 Introduction to Agricultural Marketing
This module contains fundamental knowledge, theories, principles and practices of Agricultural Economics, including:
(a) to provide the student with knowledge on the nature and dynamics of the food marketing system, from the production of agricultural commodities to the final consumption of food products and services;
(b) to enable the student to plan and employ programmes to manage the price risks of agricultural commodities through the use of forward contracts, futures, and option strategies;
(c) to introduce the students to the forecasting of agricultural product prices. The student will understand how to do analysis and interpretations of demand and supply, price and income elasticity. Knowledge of the quantification of agricultural marketing questions, the fitting of supply and demand curves, identification of variables that influence agricultural prices, the interdependence of the agriculture sector with the rest of the economy, the international environment and strategic planning will be obtained.
- Practical work: Forecasting the prices of grains and oilseeds and trading on SAFEX. Analysing of supply, demand and price by means of basic econometric techniques. Compiling a marketing plan for an agricultural product taking cognisance of the financial implications.
MAIN Student will be able to:
- Explain and discuss the nature and dynamics of the food marketing system.
- Plan and employ programmes to manage the price risks of agricultural commodities through the use of forward contracts, futures, and option strategies.
- Introduce the students to the forecasting of agricultural product prices.
AGEC 3714 Managerial
Economics The aim of AGEC 3714 is to broaden the student’s knowledge base with respect to the theoretical treatment of traditional production economics employing both detailed graphics, differential calculus and spreadsheets. Specifically factor- product, factor-factor and product-product relationships are considered. AGEC 3714 also aims at providing an introductory treatment of the development of linear programming models, solving the models using the simplex method and interpretation of results.
MAIN Student will be able to:
- Apply principles pertaining to the optimal allocation of one and two variable inputs necessary to evaluate the allocative and technical efficiency of production with the aim of maximizing profit;
- Use alternative production functions to determine optimal resource allocation.
-Apply principles pertaining short-run and long-run cost relationships. These relationships will enable the student to plan for the most profitable level of output (short-run) and the optimal scale of production (long- run).
- Use mathematical skills to apply optimisation theory to determine:
- Optimal input use (one variable and two variable inputs) - Optimal supply decision (one variable output).
- The students will gain a better understanding of different types of activities that are used to construct linear programming models of complex decision-making problems. Students will also develop the skills to apply these activities to construct linear programming models, solve the models and to interpret the results.
AGEC 3721 Agricultural
Economics This module prepares students how to do a written assignment on specific
Agricultural Economics and related topics. MAIN Student will be able to:
-Do a written assignment on specific Agricultural Economics and related topics.
Module
code Course Long
Title Course Description Campus Learning Outcomes
AGEC 3724 Resource
Economics. This module contains fundamental knowledge, theories, principles and practices of Agricultural Economics, including:
-Aspects that will be addressed include: property rights, externalities and environmental problems, market and government failures, optimal use/
management of natural resources and the environment with special reference to water, soil, natural vegetation, fisheries and other species, and pollution.
- Practical work: Application of measuring techniques to determine the economic effects of natural resource and environmental problems. Evaluation of alternative solutions to problems.
MAIN Student will be able to:
-Utilize the theory of natural resource and environmental economics; and
-Optimal use/management of natural resources and the environment with special reference to water, soil, natural vegetation, fisheries and other species, and pollution.
AGEC 3734 Agribusiness
Management. This module contains fundamental knowledge, theories, principles and practices of Agricultural Economics, including:
After completion of this module the student will have knowledge:
- Analyse and confidently handle challenges pertaining to the agribusiness system such as entrepreneurship, strategic management in agriculture, quality management, role and importance of value chains, competitiveness of SA agriculture, choice of legal business forms (sole proprietorship, partnership, close
Corporation, private company, business trust, cooperative, new generation cooperative) and handling collaboration structures in the value chain, as well as human resource management within a modern transformed society.
- Practical work: Develop a detailed and coherent business plan for an agribusiness deploying a wide range of agricultural economics techniques.
MAIN Student is will be able to:
-Analyse and confidently handle challenges pertaining to the agribusiness system such as entrepreneurship, strategic management in agriculture, quality management, role and importance of value chains, competitiveness of SA agriculture;
-Choose legal business forms (sole proprietorship, partnership, close
corporation, private company, business trust, cooperative, new generation cooperative); and -Handle collaboration structures in the value chain, as well as human resource management within a modern transformed society.
AGEC 3744 Agricultural Policy
and Development This module contains fundamental knowledge, theories, principles and practices of Agricultural Economics, including:
-Involvement of the government in agriculture, reasons for government interference, how agricultural policy causes distortions and the spill over effect of it,
The effect of policy on the welfare of populations and on the competitiveness of agriculture, factors that prevent small scale farmers from becoming surplus producers, transaction costs and the utilisation of new technologies,
The role of research in developing countries, the development of human capital and poverty.
Practical work: Discussion of reading material and analyses of agricultural policy on computers.
MAIN Student will be able to:
-discuss and explain the involvement of the government in agriculture;
-explore the effect of policy on the welfare of populations and on the competitiveness of agriculture; and -analyse the role of research in developing countries, the development of human capital and poverty.
AGMA 3714 Business Management and Entrepreneurship
This module contains fundamental knowledge, theories, principles and practices of Agricultural Management/Economics, including:
After completing this course the student will understand:
-Demonstrate his/her expertise in entrepreneurship relating to the basic principles and historical development and application thereof given the entrepreneurial environment, interpret the concept entrepreneurship along with the characteristics of the entrepreneur
-Argue the importance of creativity and innovation as well as feasibility and viability in entrepreneurship
-Develop an effective business plan in order to enter the business world with all the attachments thereof, employ all the different management and operational aspects that are part of starting and growing business and demonstrate the different ways that exist when he/she wants to start a business.
MAIN Student will be able to:
Demonstrate his/her expertise in entrepreneurship; Argue the importance of creativity and innovation as well as feasibility and viability in entrepreneurship; and do a business plan
AGMA 3724 Innovation
Management This module contains fundamental knowledge, theories, principles and practices of Agricultural Management/Economics, including:
- Generate sustainable business ideas that will ensure a competitive advantage and growth in a business.
- Analise and apply the innovation process.
- Identify and evaluate the barriers as well as success factors to innovation
MAIN Student will be able to:
Generate sustainable business ideas; Analise and apply the innovation process; and -Identify and evaluate innovation
Module
code Course Long
Title Course Description Campus Learning Outcomes
AGMA 3734 Farm Tax An introductory course relating to the tax aspects of farming operations. This module will teach students about the basic tax aspects of a business (VAT, income tax, capital gains tax and estate duty) with a specific focus on farming operations. This will assist students in integrating tax planning with the financial planning of a business in order to manage it in the most effective way possible.
MAIN Student will be able to:
Discuss and apply different types of tax, including how these taxes can influence a farming operation`s planning from a tax and and cash flow perspective; and Use the necessary tools and methods, effective communication and clear and concise calculation of different tax liabilities
AGMA 3744 Strategic Agricultural Management
This module contains fundamental knowledge, theories, principles and practices of Agricultural Management/Economics, including:
- Strategic thinking is, in the present turbulent agricultural environment, of crucial importance. In this module the student will gain knowledge about implementing the steps in strategic management as well as the tasks of the strategic manager;
strategic management of new technologies;
- Developing creative and innovative thoughts; setting a paradigm shift for a farm; re-engineering of a farm; drawing a scenario for any agricultural product or possible outcomes in the future; discounting droughts strategically in the decision-making process;
- Developing a community development programme for any community (commercial agriculture) in the form of an executable plan.
- Practical work:
Development of a paradigm shift, re-engineering, scenarios and strategic plan for a farming business and a community development project as well as creativity exercises; practical demonstrations of new technologies in agriculture.
MAIN Student will be able to: Implementing the steps in strategic management;
- Developing creative and innovative thoughts setting a paradigm shift for a farm; and - Developing a community development programme
AGMA 3762 Seminar:
Integrated Agricultural Management
This module contains fundamental knowledge, theories, principles and practices of Agricultural Management/Economics, including:
-Developing an integrated farm management model on a spread sheet.
MAIN Student will be able toDevelop an integrated farm management model on a spread sheet