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Agricultural and Food Business Management Minor

Applied Economics
College of Food, Agricultural and Natural Resource Sciences
  • Program Type: Undergraduate minor related to major
  • Requirements for this program are current for Spring 2021
  • Required credits in this minor: 13 to 16
This minor is designed for undergraduate students who want to include courses in business management (such as marketing, finance, entrepreneurship) to enhance and/or supplement courses in their major program and prepare for careers in industry or a graduate business program. The minor has a microeconomic, firm, and industry-level focus.
Program Delivery
This program is available:
  • via classroom (the majority of instruction is face-to-face)
Minor Requirements
To receive a minor, students must complete Principles of Microeconomics, plus 9 credits from elective courses at the 3000 level or higher. No more than 6 credits may be counted for both a major and the agricultural and food business management minor.
AFBM Minor Courses
APEC 1101 - Principles of Microeconomics [SOCS, GP] (4.0 cr)
or APEC 1101H - Principles of Microeconomics [SOCS, GP] (4.0 cr)
or ECON 1101 - Principles of Microeconomics [SOCS, GP] (4.0 cr)
Take 9 or more credit(s) from the following:
· APEC 3001 - Applied Microeconomics: Consumers, Producers, and Markets (4.0 cr)
· APEC 3002 - Managerial Economics (4.0 cr)
· APEC 3003 - Introduction to Applied Econometrics (4.0 cr)
· APEC 3004 - Management Science Workshop (2.0 cr)
· APEC 3202 - An Introduction to the Food System: Analysis, Management and Design (3.0 cr)
· APEC 3411 - Commodity Marketing (3.0 cr)
· APEC 3451 - Food and Agricultural Sales (3.0 cr)
· APEC 3501 - Agribusiness Finance (3.0 cr)
· APEC 3521 - Agribusiness and Food Supply / Value Chain Issues (3.0 cr)
· APEC 3551 - Concept Design and Value-Added Entrepreneurship in Food, Agricultural and Natural Resource Sciences (3.0 cr)
· APEC 3611W - Environmental and Natural Resource Economics [ENV, WI] (3.0 cr)
· APEC 3811 - Principles of Farm Management (3.0 cr)
· APEC 3821 - Retail Center Management (3.0 cr)
· APEC 3841 - Agricultural Cooperatives and Mutuals (3.0 cr)
· APEC 3993 - Directed Study in Applied Economics (1.0-4.0 cr)
· APEC 4311 - Tourism Development: Principles, Processes, Policies (3.0 cr)
· APEC 4451W - Food Marketing Economics [CIV, WI] (3.0 cr)
· APEC 4481 - Futures and Options Markets (3.0 cr)
· APEC 4501 - Financial Modeling: Spreadsheet Applications in Finance, Management, and Marketing (2.0 cr)
· APEC 4821W - Business Economics and Strategy [WI] (3.0 cr)
· APEC 4461 - Horticultural Marketing (3.0 cr)
or HORT 4461 - Horticultural Marketing (3.0 cr)
 
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· College of Food, Agricultural and Natural Resource Sciences


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· Agricultural and Food Business Management Minor
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APEC 1101 - Principles of Microeconomics (SOCS, GP)
Credits: 4.0 [max 4.0]
Course Equivalencies: 00019 - Econ 1101/1104/1111/ApEc 1101
Typically offered: Every Fall & Spring
Economic behavior of consumers/firms in domestic/international markets. Demand, supply, competition. Efficiency, Invisible Hand. Monopoly, imperfect competition. Externalities, property rights. Economics of public policy in environment/health/safety. Public goods, tax policy.
APEC 1101H - Principles of Microeconomics (SOCS, GP)
Credits: 4.0 [max 4.0]
Course Equivalencies: 00019 - Econ 1101/1104/1111/ApEc 1101
Grading Basis: A-F only
Typically offered: Every Fall
Economic behavior of consumers/firms in domestic/international markets. Demand, supply, competition. Efficiency, Invisible Hand. Monopoly, imperfect competition. Externalities, property rights. Economics of public policy in environment/health/safety. Public goods, tax policy. prereq: Honors student, proficiency in high school algebra
ECON 1101 - Principles of Microeconomics (SOCS, GP)
Credits: 4.0 [max 4.0]
Course Equivalencies: Econ 1101/1104/1111/ApEc 1101
Typically offered: Every Fall, Spring & Summer
Microeconomic behavior of consumers, firms, and markets in domestic and world economy. Demand and supply. Competition and monopoly. Distribution of income. Economic interdependencies in the global economy. Effects of global linkages on individual decisions. prereq: knowledge of plane geometry and advanced algebra
APEC 3001 - Applied Microeconomics: Consumers, Producers, and Markets
Credits: 4.0 [max 4.0]
Course Equivalencies: Econ 3101/3101H/3105/ApEc 3001
Typically offered: Every Fall & Spring
Consumer/producer decisions. Theory of supply/demand. Markets, pricing, investment, effect regulation, market failures. prereq: [[1101 or ECON 1101 or 1101H or ECON 1101H], [MATH 1142 or MATH 1271]] or instr consent; intended for undergrads in [Ag/Food Bus Mgmt, Appl Econ]
APEC 3002 - Managerial Economics
Credits: 4.0 [max 4.0]
Typically offered: Every Fall & Spring
Microeconomic theory, its application to managerial problems. Introduction to regression analysis, demand analysis, demand function estimation, forecasting, cost function estimation, resource allocation decisions, linear programming, market structure, pricing policy, risk analysis, investment analysis. prereq - ApEc 3001 or Econ 3101 AND SCO 2550 or Stat 3011
APEC 3003 - Introduction to Applied Econometrics
Credits: 4.0 [max 4.0]
Grading Basis: A-F only
Typically offered: Every Spring
Econometrics is the core empirical methodology used in economics. It allows economists (and others) to learn about the world through data in non-experimental situations. This course teaches student how to use common types of econometric analysis to answer research questions in an experiential learning environment. prereq: APEC 1101 or equiv., STAT 3011 or equiv.
APEC 3004 - Management Science Workshop
Credits: 2.0 [max 2.0]
Typically offered: Every Spring
The Management Science Workshop focuses on quantitative techniques from management science relevant to applied economics and agribusiness management problems, emphasizing applications of linear and nonlinear programming to decision problems of firms and other organizations. The economic foundations of the models and the economic interpretations of their solutions are emphasized. Specific topics include production planning, logistics, scheduling, inventory management, and network models. The course is lab-based and all applications use Excel, with the Solver add-in, as the software platform; however, more specialized software may be introduced. prereq: ApEc 3001 or Econ 3101
APEC 3202 - An Introduction to the Food System: Analysis, Management and Design
Credits: 3.0 [max 3.0]
Typically offered: Every Fall
Introduction to use of systems thinking for exploration of problems in contemporary food system from multidisciplinary perspective. System concepts. Historical evolution of food system. Analysis, management, design.
APEC 3411 - Commodity Marketing
Credits: 3.0 [max 3.0]
Course Equivalencies: 02506 - ApEc 3411/ApEc 5411
Typically offered: Every Fall
Economic concepts related to marketing agricultural commodities. Conditions of competitive markets, historical perspectives on market institutions/policy, structural characteristics of markets, policies/regulations affecting agricultural marketing of livestock, crop, and dairy products. prereq: 1101 or Econ 1101
APEC 3451 - Food and Agricultural Sales
Credits: 3.0 [max 3.0]
Typically offered: Every Spring
Professional selling of agricultural and food products. Students build/refine sales abilities, identify/qualify prospects, deliver sales presentations, close the sale. Principles of market research. prereq: 1101 or Econ 1101
APEC 3501 - Agribusiness Finance
Credits: 3.0 [max 3.0]
Course Equivalencies: 00196
Typically offered: Every Fall
Analysis of financing and investment strategies for agribusiness firms and their effects on liquidity, solvency, and profitability. Analysis of financial institutions, markets, and instruments. Management problems, issues facing financial intermediaries serving agriculture. prereq: [[1251 or Acct 2050], 60 cr] or instr consent
APEC 3521 - Agribusiness and Food Supply / Value Chain Issues
Credits: 3.0 [max 3.0]
Grading Basis: OPT No Aud
Typically offered: Every Spring
The course is an introductory survey of the global food economy and current issues. Included in this course is information on marketing channels, value chains, and supply chains; factors that make the global food economy unique relative to other industries; and current policy topics including labeling, Farm Bill, and trade.
APEC 3551 - Concept Design and Value-Added Entrepreneurship in Food, Agricultural and Natural Resource Sciences
Credits: 3.0 [max 3.0]
Grading Basis: A-F only
Typically offered: Every Fall
Explore the core skills required by entrepreneurs in opportunity identification and problem framing that lead to creating viable concepts that provide solutions to real consumer challenges. Students will tackle innovation challenges from an in-depth exploration of entrepreneurial and design thinking and learn how to incorporate these skills into their future professional work. Master techniques for exploring problems from a systems viewpoint through a series of hands-on projects from concept design to product mapping and consumer testing. Students get to select a project of their choosing directly from their major of study and will pitch their new product or service concept to an expert panel.
APEC 3611W - Environmental and Natural Resource Economics (ENV, WI)
Credits: 3.0 [max 3.0]
Typically offered: Every Spring
Concepts of resource use. Financial/economic feasibility. External effects, market failures. Resource use, environmental problems. Measuring impacts of resource development. Economics of alternative resource programs, environmental strategies. prereq: 1101 or ECON 1101 or 1101H or ECON 1101H
APEC 3811 - Principles of Farm Management
Credits: 3.0 [max 3.0]
Typically offered: Every Fall
Strategic and operations aspects of farm management; financial analysis, budgeting, strategic management; marketing plan and control; enterprise and whole farm planning and control; investment analysis, quality, risk, and personnel management. prereq: 1101 or Econ 1101
APEC 3821 - Retail Center Management
Credits: 3.0 [max 3.0]
Typically offered: Every Spring
Management of garden centers, grocery stores, and other retail units selling perishable agricultural products. prereq: [1101 or Econ 1101], [1251 or Acct 2050]
APEC 3841 - Agricultural Cooperatives and Mutuals
Credits: 3.0 [max 3.0]
Course Equivalencies: 02156 - ApEc 3841/ApEc 5841
Typically offered: Every Fall
Introduction to the cooperative and mutual form of business organization. Extensive applications to agricultural, food, and consumer cooperatives are used. The class is an active-student learning process with a distance learning component. prereq: ApEc 1101 or 1101H or Econ 1101 or 1101H
APEC 3993 - Directed Study in Applied Economics
Credits: 1.0 -4.0 [max 6.0]
Typically offered: Every Fall, Spring & Summer
A course in which a student designs and carries out a directed study on selected topics or problems under the direction of a faculty member; eg, literature review. Directed study courses may be taken for variable credit and special permission is needed for enrollment. Students enrolling in a directed study will be required to use the University-wide on-line directed study contract process in order to enroll. Prereq: department consent, instructor consent, no more than 6 credits of directed study counts towards CFANS major requirements.
APEC 4311 - Tourism Development: Principles, Processes, Policies
Credits: 3.0 [max 3.0]
Typically offered: Every Spring
Evolution of tourism industry; economic, environmental, and sociocultural impacts of tourism development; influence of government policies and organizations; models and tools needed for successful development; consequences of development activities and ways to involve stakeholders in decisions. prereq: 1101, 1102 or Econ 1101, 1102
APEC 4451W - Food Marketing Economics (CIV, WI)
Credits: 3.0 [max 3.0]
Course Equivalencies: 00385 - ApEc 4451W/ApEc 5451
Typically offered: Every Fall
Economics of food marketing in the United States. Food consumption trends, consumer food behavior, marketing strategies, consumer survey methodology, food distribution/retailing system. Policy issues related to food marketing. Individual/group projects. prereq: [[1101 or Econ 1101], [1101H or Econ 1101H], SCO 2550 or STAT 3011 or equiv, 60 cr] or instr consent
APEC 4481 - Futures and Options Markets
Credits: 3.0 [max 3.0]
Course Equivalencies: ApEc 4481/5481
Typically offered: Every Spring
Economics of futures/options trading in theory/application. Basis/price relationship in storable/nonstorable commodities. Hedging/commercial use of futures/options contracts. Speculation. Pricing efficiency. Market performances/regulation. prereq: [[3001 or Econ 3101], [AnSc 3011 or SCO 2550 or Stat 3011],] or instr consent
APEC 4501 - Financial Modeling: Spreadsheet Applications in Finance, Management, and Marketing
Credits: 2.0 [max 3.0]
Grading Basis: A-F or Aud
Typically offered: Every Spring
Designing/implementing solutions to problems in finance, management, and market analysis with MS ExcelŽ spreadsheet, VBA language, MS Power BI and Power Excel tools. Exercises cover topics such as proforma financial statement analysis, efficient portfolio derivation, VBA macros and functions, and building interactive dashboards for analysis of market trends. prereq: [APEC 3501 or FINA 3001], [APEC 1251 or ACCT 2050]
APEC 4821W - Business Economics and Strategy (WI)
Credits: 3.0 [max 3.0]
Course Equivalencies: 02511 - ApEc 4821W/ApEc 5821
Typically offered: Every Spring
Strategic management for production, processing, wholesaling, retailing, and service. Strategy formulation, implementation, and control. Business plans. Case study analysis. prereq: 3002, [3501 or FINA 3001], and [ACCT 3001 or MGMT 3001 or MKTG 3001]
APEC 4461 - Horticultural Marketing
Credits: 3.0 [max 3.0]
Course Equivalencies: 01519
Grading Basis: A-F only
Typically offered: Every Spring
Major areas in horticultural marketing. Difference between horticultural products and commercial commodities. Core marketing components that should be used by every small horticultural business. Approaches to consumer research.
HORT 4461 - Horticultural Marketing
Credits: 3.0 [max 3.0]
Course Equivalencies: 01519
Grading Basis: A-F only
Typically offered: Every Spring
Major areas in horticultural marketing. Difference between horticultural products and commercial commodities. Core marketing components that should be used by every small horticultural business. Approaches to consumer research.