BEC-51806 Agricultural Business Economics

Course

Credits 6.00

Language of instruction:

English

Assumed knowledge on:

BEC-21806 Introduction to Business Economics, Management and Marketing. Excluded are students who follow(ed) the course(s) Financial and Business Management (BEC-52306) and/or Financial Management in Agriculture (BEC-52306).

Continuation courses:

BEC-30306 Advanced Business Economics.

Contents:

This course deals with the economic aspects farm owners/managers face when managing their farms. They need to control and evaluate their business on a regular basis. For this purpose they need reliable financial data and overviews based on well-defined accounting standards. Further, there is a continuous need for farm planning in order to deal with the changing environment.

Learning outcomes:

After successful completion of this course students are expected to be able to:
- understand the basic underlying economic principles of farm evaluation and farm planning;
- read, create and use financial overviews for performing economic analyses;
- calculate optimal production plans, optimal levels of inputs and outputs;
- compare and select different investment options;
- assess the impact of risk;
- applying decision rules of optimal production with and without risk.

Activities:

The course includes lectures, computer practicals and assignment sessions.

Examination:

- written multiple choice exam.
A bonus arrangement applies. The minimal mark for the written exam is 5.0.

Literature:

Book: Kay, R. D., Edwards, W. M., & Duffy, P. A. (2016). Farm Management, Eighth edition. New York: McGraw-Hill. (This book can be bought at WURshop.)
Supplementary study material, such as lecture slides and assessments, will be provided.