Environmental, Agricultural and Resource Economics

Unit outlines will be available through Find a unit outline two weeks before the first day of teaching for 1000-level and 5000-level units, or one week before the first day of teaching for all other units.
 

Environmental, Agricultural and Resource Economics

Major

A major in Environmental, Agricultural and Resource Economics requires 48 credit points from this table including:
(i) 12 credit points of 1000-level units
(ii) 12 credit points of 2000-level units
Alternative units for 2000-level core units of study may be taken from the 2000-level selective units, if the core units have already been completed for a different major.
(iii) 12 credit points of 3000-level core units
(iv) 6 credit points of 3000-level selective units
(v) 6 credit points of 3000-level Interdisciplinary Project unit

Minor

A minor in Environmental, Agricultural and Resource Economics requires 36 credit points from this table including:
(i) 12 credit points of 1000-level units
(ii) 12 credit points of 2000-level units
Alternative units for 2000-level core units of study may be taken from the 2000-level selective units, if the core units have already been completed for a different major.
(iii) 12 credit points of 3000-level core units

1000-level units of study

ECON1001 Introductory Microeconomics

Credit points: 6 Teacher/Coordinator: Refer to the unit of study outline https://www.sydney.edu.au/units Session: Intensive February,Semester 1,Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prohibitions: BUSS1040 or ECON1040 Assumed knowledge: Students enrolled in this unit have an assumed knowledge equal to or exceeding 70 or higher in HSC Mathematics (or equivalent), or 35 or higher in HSC Mathematics Extension 1 (or equivalent), or 35 or higher in HSC Mathematics Extension 2 (or equivalent). Assessment: online quizzes (10%), 1xMid-semester test (30%), 1xEssay (10%) and 1x2hr Final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
Introductory Microeconomics addresses the economic decisions of individual firms and households and how these interact in markets. Economic issues are pervasive in contemporary Australian society. Introductory Microeconomics introduces students to the language and analytical framework adopted in Economics for the examination of social phenomena and public policy issues. Whatever one's career intentions, coming to grips with economic ideas is essential for understanding society, business and government. Students are given a comprehensive introduction to these ideas and are prepared for the advanced study of microeconomics in subsequent years. Prior knowledge of mathematics is assumed.
ECON1002 Introductory Macroeconomics

Credit points: 6 Teacher/Coordinator: Refer to the unit of study outline https://www.sydney.edu.au/units Session: Intensive February,Intensive June,Semester 1,Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Assumed knowledge: Students enrolled in this unit have an assumed knowledge equal to or exceeding 70 or higher in HSC Mathematics (or equivalent), or 35 or higher in HSC Mathematics Extension 1 (or equivalent), or 35 or higher in HSC Mathematics Extension 2 (or equivalent). Assessment: 1500wd written assessments (25%), 1x1hr mid-semester exam (25%), 1x2hr final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
Note: Department permission required for enrolmentin the following sessions:Intensive June
Introductory Macroeconomics addresses the analysis of the level of employment and economic activity in the economy as a whole. Introductory Macroeconomics examines the main factors that determine the overall levels of production and employment in the economy, including the influence of government policy and international trade. This analysis enables an exploration of money, interest rates and financial markets, and a deeper examination of inflation, unemployment and economic policy. It is assumed that students undertaking this unit will have a prior knowledge of mathematics.

2000-level units of study

AREC2005 Concepts in Enviro and Agricultural Economics

Credit points: 6 Teacher/Coordinator: Refer to the unit of study outline https://www.sydney.edu.au/units Session: Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: (ECON1001 or BUSS1040 or ECON1040 or AGEC1006) and (ECON1002 or ECON1003 or ECON1005 or ECON1006 or ECMT1010 or BUSS1020 or GEOS1001 or AGEN1001 or ENVX1002) Prohibitions: AREC2003 or RSEC2031 Assessment: 1x1hr mid-semester test (25%), 1x2hr final exam (50%), 1x1500wd equiv tutorial participation and report (25%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit builds on fundamental economics knowledge to develop concepts that are key to the fields of agricultural economics, environmental economics and natural resource economics. Some globally significant themes, such as food security; sustainable agricultural production; climate change; resource/environmental limits and scarcity; biotechnology and innovation; air and water pollution; environment/agriculture interactions; and sustainable development will be used to illustrate the studied concepts.
Students choose between ECOS2001 or ECOS2901 as appropriate.
ECOS2001 Intermediate Microeconomics

Credit points: 6 Teacher/Coordinator: Refer to the unit of study outline https://www.sydney.edu.au/units Session: Intensive February,Semester 1,Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ECON1001 or BUSS1040 or ECON1040 Prohibitions: ECON2001 or ECON2901 or ECOS2901 Assessment: Tutorial participation (10%), 2x in-class tests (40%) and 2hr Final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
Note: Certain combinations of Maths/Stats may substitute for Econometrics. Consult the School of Economics Undergraduate Coordinator.
The aim of Intermediate Microeconomics is the development of theoretical and applied skills in economics. It covers applications and extensions of the theory of consumer choice, firm behaviour and market structure. Emphasis is given to the economics of information and choice under uncertainty; industry structures other than monopoly and perfect competition; markets for factors of production; general equilibrium and economic efficiency; market failure and the role of government. This unit provides a basis for the more specialised options that comprise third year economics.
or
ECOS2901 Intermediate Microeconomics Honours

Credit points: 6 Teacher/Coordinator: Refer to the unit of study outline https://www.sydney.edu.au/units Session: Semester 1 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: (ECON1001 or BUSS1040 or ECON1040) with a minimum Distinction grade (75%) Prohibitions: ECOS2001 or ECON2001 or ECON2901 Assumed knowledge: ECOS2903 or MATH2070 or MATH2970 Assessment: 2x250wd assignments (10%), 1x1.5hr mid-semester test (35%), 1x2.5hr final exam (45%), participation (10%) Mode of delivery: Normal (lecture/lab/tutorial) day
Note: Department permission required for enrolment
Note: Students are strongly advised to undertake one of ECOS2903 or MATH2070 or MATH2970 either concurrently with or prior to ECOS2901.
This unit is comprised of lectures based upon the curriculum for ECOS2001 Intermediate Microeconomics, supported by a seminar for one hour a week. The content of lectures reflect a more analytical and critical treatment of the topics than ECOS2001. The topics, which build on the theory of consumer and firm behaviour and market structure, include game theory, oligopoly, general equilibrium and welfare, externalities and public goods and the economics of information.

3000-level units of study

Core
AREC3006 Agricultural Production Economics

Credit points: 6 Teacher/Coordinator: Refer to the unit of study outline https://www.sydney.edu.au/units Session: Semester 1 Classes: 1x2hr lecture/week, 1x1hour tutorial/week Prerequisites: AREC2005 or ECOS2001 or ECOS2901 or AREC2003 Prohibitions: AREC2001 or AREC3001 Assessment: 1 x mid-semester test (25%), 1x 1500wd assignment (25%), 1x final exam (50%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit of study is concerned with the application of microeconomic principles to management decisions in agricultural production systems. It builds on the theoretical knowledge acquired in previous studies and introduces the methods of applied economic analysis through a range of topics including: production, cost and profit functions; methods for the measurement of productivity; optimisation in biological production systems; and production under risk. The unit introduces the linear programming technique to solve decision making problems encountered by agribusiness and natural resource firms and managers in public agencies.
ECOS3013 Environmental Economics

Credit points: 6 Teacher/Coordinator: Refer to the unit of study outline https://www.sydney.edu.au/units Session: Intensive February,Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: AREC2005 or AREC2003 or RSEC2031 or ECOS2001 or ECOS2901 Assessment: 1x1500wd Essay (25%), 1hr Mid-semester test (25%), 1x2hr Final exam (50%) Mode of delivery: Block mode
The natural environment is invariably affected by production and consumption in our modern economy. In particular, environmental outcomes are important in the presence of market failures (externalities and public goods). This unit focuses on developing a student's detailed understanding of the economic techniques used by policymakers to address environmental issues. These techniques include: Pigovian taxes and subsidies; regulation with asymmetric information; marketable permits; pricing contributions for public goods; optimal damages; and the allocation of property-rights and market failures.
Selective
AREC3001 Production Modelling and Management

Credit points: 6 Session: Semester 1 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: AREC2001 or AGEC2103 or ECOS2001 or ECOS2901 Assessment: 1x2hr final exam (60%), 1x50min mid-semester test (15%), 1x1500wd assignment (25%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit builds on the principles of biological production economics and introduces optimisation methods to solve decision making problems encountered by agribusiness and natural resource firms and managers in public agencies. The principle focus is on the application of linear programming techniques, and students learn to consider solving decision making problems where the outcomes are not known with certainty and where the timing of decisions is of essence.
Textbooks
Refer to the unit of study outline https://www.sydney.edu.au/units
AREC3002 Agricultural Markets

Credit points: 6 Teacher/Coordinator: Refer to the unit of study outline https://www.sydney.edu.au/units Session: Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: AREC2005 or AREC2001 or AGEC2103 or ECOS2001 or ECOS2901 Assessment: 1000wd equivalent problem sets (30%), 1x1500wd essay (30%), 1x2hr final exam (40%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit of study is designed to provide an understanding of the underlying forces driving agricultural markets. It addresses price analysis and efficiency, including aspects of form, time and space in agricultural marketing; information and contracts; changing consumer concerns (food safety, ethical production); futures market and other risk sharing devices. Building on the application of microeconomic theory to both production and consumption in agricultural markets, its content is analytical. The unit also investigates some of the forces which prevent the efficient operation of world agricultural markets, including impediments to trade, imperfect markets for inputs and outputs and market power along the agricultural supply chain.
AREC3003 Econ of Minerals and Energy Industries

This unit of study is not available in 2021

Credit points: 6 Session: Semester 1 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: AREC2003 or RSEC2031 or ECOS2001 or ECOS2901 Assessment: 1x50min Mid-semester test (35%), 1x2hr Final Exam (50%), 3x500wd Tutorial Reports (15%) Mode of delivery: Normal (lecture/lab/tutorial) day
The unit builds on previously acquired economics training and develops advanced understanding of the economics of minerals exploration, extraction and marketing and the economics of energy generation, distribution and use. The implications of mineral extraction and energy generation activities for natural resources and the environment are explored. The unit will foster in-depth knowledge of the markets for minerals and energy, their industry structure and business environment, including the role of markets for derivatives on minerals and energy commodities.
AREC3004 Economics of Water and Bio-Resources

Credit points: 6 Session: Semester 1 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: AREC2003 or RSEC2031 or ECOS2001 or ECOS2901 Assessment: 1x50min mid-semester test (35%), 1x2hr final exam (50%), 3x500wd tutorial reports (15%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit develops knowledge and skills in natural resource economics built on previously gained economics training. The economics of dynamic natural systems is studied through application of advanced modelling approaches. Particular emphasis is given to the economic mechanisms for managing water and biological resources including property rights, water allocation, and water markets. Key policy instruments, taxes, quotas, standards are analysed; Institutional and policy aspects will also be considered via analysis of water policy reform in Australia and elsewhere.
Textbooks
Refer to the unit of study outline https://www.sydney.edu.au/units
AREC3005 Agricultural Finance and Risk

Credit points: 6 Teacher/Coordinator: Refer to the unit of study outline https://www.sydney.edu.au/units Session: Semester 1 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: AREC2005 or AREC2001 or AREC2002 or AGEC2101 or ECOS2001 or ECOS2901 or ECOS2040 Assessment: 1x1hr Mid-semester test (20%), 1x1500wd Written assignment (25%), 1x2hr Final exam (55%) Mode of delivery: Normal (lecture/lab/tutorial) day
Agricultural production is typically risky, adding complexity to decision analysis and increasing need of risk consideration in agricultural policy design. This unit explores this theme, and has two related components: risk and risk management in agriculture, and issues of agricultural producer finance. These two components cover a broad range of topics that incorporate production risk and other sources of risk in agriculture.
AREC3007 Benefit-Cost Analysis

Credit points: 6 Teacher/Coordinator: Refer to the unit of study outline https://www.sydney.edu.au/units Session: Semester 2 Classes: 1x2 hour lecture/week; 1x1 hour tutorial/week Prerequisites: ECOS2001 or ECOS2901 or AREC2005 or AREC2003 Prohibitions: (AREC2004 and RSEC4131) Assessment: 1x1hr mid-semester exam (25%), 1x2hr final exam (40%), 1x1200wd Individual essay (25%), 300wd total tutorial assignments (10%) Mode of delivery: Normal (lecture/lab/tutorial) day
Foundational concepts in welfare economics, such as economic efficiency, criteria for assessing social welfare improvements, and economic surplus measures, are analysed in detail and applied to project evaluation and policy assessment. Procedures of conducting a benefit-cost analysis are presented, and tools of non-market valuation for public goods and environmental assets are covered in detail. These techniques include both stated and revealed preference techniques, including contingent valuation, choice modeling, hedonic pricing and travel cost methods.
ECOS3020 Special Topic in Economics

Credit points: 6 Teacher/Coordinator: Refer to the unit of study outline https://www.sydney.edu.au/units Session: Semester 1,Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: ((ECOS2001 or ECON2001) and (ECOS2002 or ECON2002)) or ((ECOS2901 or ECON2901) and (ECOS2902 or ECON2902)) Assessment: Assessment dependent on topic Mode of delivery: Normal (lecture/lab/tutorial) day
Note: Department permission required for enrolment
Note: Students must seek written permission from the School of Economics Undergraduate Coordinator to enrol in this unit.
Study of a special topic in Economics. Topics will vary from semester to semester according to staff availability and the presence of visitors. If taught in both semesters, the topic in Semester 2 will be different to that of Semester 1.

Interdisciplinary project unit of study

If you are completing two majors and both of your majors are from the Faculty of Arts and Social Sciences, please select the Interdisciplinary Impact unit of study for your first major, and the Industry and Community Project unit of study for your second major.
If you are completing two majors but only one of your majors is from the Faculty of Arts and Social Sciences, please select the Interdisciplinary Impact unit of study for that major.
If you are completing one major only and that major is from the Faculty of Arts and Social Sciences, please select the Interdisciplinary Impact unit of study for your major.
ECOS3997 Interdisciplinary Impact in Economics

Credit points: 6 Teacher/Coordinator: Refer to the unit of study outline https://www.sydney.edu.au/units Session: Intensive February,Semester 1,Semester 2 Classes: 1x2hr lecture/week, 1x1hr tutorial/week Prerequisites: 12 credit points at 2000 level from one of the following majors: Economics; Econometrics; Financial Economics; Environmental, Agricultural & Resource Economics Assessment: 1x1000wd Quantitative Analysis (10%), 1x2500wd Final Report (60%), 1x1000wd Media Presentation (30%) Mode of delivery: Normal (lecture/lab/tutorial) day
This unit of study is concerned with the application of economic principles to problems in an interdisciplinary context. It builds on theoretical knowledge acquired in previous studies and introduces methods of applied economic analysis to real-world problems. Initially, a research problem will be presented by a guest lecturer. Supporting lectures will be delivered by the unit coordinator on the nature of research, appropriate theoretical concepts, quantitative methods and communication. Students will have an opportunity to define a research problem, conduct a literature review, analyse data, and present research results in an interdisciplinary context.
ECON3998 Industry and Community Project

Credit points: 6 Teacher/Coordinator: Refer to the unit of study outline https://www.sydney.edu.au/units Session: Intensive February,Intensive July,Semester 1,Semester 2 Classes: Refer to the unit of study outline https://www.sydney.edu.au/units Corequisites: Interdisciplinary Impact in any major. Assessment: Refer to the unit of study outline https://www.sydney.edu.au/units Mode of delivery: Normal (lecture/lab/tutorial) day
This interdisciplinary unit provides students with the opportunity to address complex problems identified by industry, community, and government organisations, and gain valuable experience in working across disciplinary boundaries. In collaboration with a major industry partner and an academic lead, students integrate their academic skills and knowledge by working in teams with students from a range of disciplinary backgrounds. This experience allows students to research, analyse and present solutions to a real¿world problem, and to build on their interpersonal and transferable skills by engaging with and learning from industry experts and presenting their ideas and solutions to the industry partner.