Twin Cities campus
 
Twin Cities Campus

Applied Economics 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 2018
  • Required credits in this minor: 16 to 20
Applied Economics involves the application of economic theory and empirical methods to examine a wide range of topics in different areas of economics, such as agricultural economics, economic education, development economics, economic growth, labor economics, and public economics. It also seeks to explain the impacts of public policies in these areas.
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 and Principles of Macroeconomics, plus 3 elective courses at the 3000 level or higher. No more than 6 credits may be counted for both the major and the Applied Economics Minor. Students must have an overall minimum GPA of 2.00 for the minor program coursework. All courses are to be taken on a letter grade basis with a minimum grade of C- in each course.
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)
APEC 1102 - Principles of Macroeconomics (3.0 cr)
or ECON 1102 - Principles of Macroeconomics (4.0 cr)
Take 3 or more course(s) from the following:
· APEC 3001 - Applied Microeconomics: Consumers, Producers, and Markets (4.0 cr)
· APEC 3002 - Applied Microeconomics: Managerial Economics (4.0 cr)
· APEC 3006 - Applied Macroeconomics: Government and the Economy (3.0 cr)
· APEC 3007 - Applied Macroeconomics: Policy, Trade, and Development [GP] (3.0 cr)
· APEC 3071 - Microeconomics of International Development (3.0 cr)
· APEC 3202 - An Introduction to the Food System: Analysis, Management and Design (3.0 cr)
· APEC 3411 - Commodity Marketing (3.0 cr)
· APEC 3611W - Environmental and Natural Resource Economics [ENV, WI] (3.0 cr)
· APEC 3991 - Independent Study in Applied Economics (1.0-4.0 cr)
· APEC 4311 - Tourism Development: Principles, Processes, Policies (3.0 cr)
· APEC 5321 - Regional Economic Analysis (3.0 cr)
· APEC 5511 - Labor Economics (3.0 cr)
· APEC 5651 - Economics of Natural Resource and Environmental Policy (3.0 cr)
· APEC 5711 - U.S. Agricultural and Environmental Policy (3.0 cr)
· APEC 5721 - Economics of Science and Technology Policy (3.0 cr)
· APEC 5731 - Economic Growth and International Development (3.0 cr)
· APEC 5751 - Global Trade and Policy (3.0 cr)
· GCC 3017 - Grand Challenge: World Food Problems: Agronomics, Economics and Hunger [GP] (3.0 cr)
· APEC 3061 - Economic Development in Contemporary Africa [GP, SOCS] (3.0 cr)
or AFRO 3433 - Economic Development in Contemporary Africa [SOCS, GP] (3.0 cr)
 
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· Applied Economics 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 1102 - Principles of Macroeconomics
Credits: 3.0 [max 3.0]
Course Equivalencies: 00323 - ApEc 1102ApEc 1102H/Econ 1102
Typically offered: Every Spring
Unemployment/inflation, measures of national income, macro models, fiscal policy/problems. Taxes and the national debt. Money/banking, monetary policy/problems. Poverty and income distribution. International trade and exchange rates. Economic growth/development. prereq: 1101 or Econ 1101
ECON 1102 - Principles of Macroeconomics
Credits: 4.0 [max 4.0]
Course Equivalencies: 00020 - ApEc 1102/Econ 1102/1105/1112
Typically offered: Every Fall, Spring & Summer
Aggregate consumption, saving, investment, and national income. Role of money, banking, and business cycles in domestic and world economy. International trade, growth, and development. U.S. economy and its role in the world economy. International interdependencies among nations. prereq: [1101 or equiv], 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 - Applied Microeconomics: 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 3006 - Applied Macroeconomics: Government and the Economy
Credits: 3.0 [max 3.0]
Course Equivalencies: 00026 - Econ 3102/ApEc 3006
Typically offered: Every Fall & Spring
Public sector and market economics. Public goods, externalities, and other allocation issues. Government and stabilization of national economy. Overview of new classical/Keynesian models. Principles of taxation. Individual income tax. Sales, business, and property taxes. prereq: [[1102 or Econ 1102], [3001 or Econ 3101]] or instr consent
APEC 3007 - Applied Macroeconomics: Policy, Trade, and Development (GP)
Credits: 3.0 [max 3.0]
Typically offered: Every Fall & Spring
Indicators of economic development, growth in trade, and welfare of developing countries. Globalization. Drivers of growth, productivity, technical change, and research. Comparative advantage. Distribution consequences of trade. Trade policy instruments/institutions. prereq: [1101 or ECON 1101], [1101H or ECON 1101H], [1102 or ECON 1102], [1102H or ECON 1102H]; 3001, 3006 recommended
APEC 3071 - Microeconomics of International Development
Credits: 3.0 [max 3.0]
Typically offered: Every Fall
Characteristics and performance of peasant agriculture; potential role of agriculture in economic development, and design of economic policies to achieve agricultural and economic development; role of women in agricultural development. prereq: 1101, 1102, Econ 1101, 1102, or instr consent
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 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 3991 - Independent Study in Applied Economics
Credits: 1.0 -4.0 [max 12.0]
Typically offered: Every Fall, Spring & Summer
Independent study and supervised reading and research on subjects and problems not covered in regularly offered courses. prereq: instr consent
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 5321 - Regional Economic Analysis
Credits: 3.0 [max 3.0]
Typically offered: Every Spring
Development patterns. Role of resources, transportation, and institutional constraints. Migration, investments in growth and change. Economic information in investment and location decisions. Economic development policies and tools. Economic impact analysis. prereq: 3006 or ECON 3102 or instr consent
APEC 5511 - Labor Economics
Credits: 3.0 [max 3.0]
Typically offered: Periodic Fall
Theoretical foundations of labor markets. Intertemporal/household labor supply. Demand for labor, efficiency wages. Human capital theory, unemployment, migration decisions. Analysis of econometric research applied to labor policy issues such as minimum wage, tax policy, social insurance, education. prereq: [[3001 or Econ 3101 or PA 5021], [PA 5032 or equiv]] or instr consent
APEC 5651 - Economics of Natural Resource and Environmental Policy
Credits: 3.0 [max 3.0]
Course Equivalencies: 01860 - ApEc 5651/PA 5722
Typically offered: Every Spring
Economic analyses, including project evaluation of current natural resource/environmental issues. Intertemporal use of natural resources, natural resource scarcity/adequacy, environmental quality, and mechanisms for pollution control and their implications for public policy. prereq: [[3001 or ECON 3101], [3611 or ECON 3611 or ESPM 3261]] or instr consent
APEC 5711 - U.S. Agricultural and Environmental Policy
Credits: 3.0 [max 3.0]
Typically offered: Periodic Spring
U.S. agricultural policy in an open world economy; role of private markets and government in regulating supply and demand; income vs. price support, supply controls, environmental constraints, and export protectionism; functioning of markets; roles of public interest groups and future of American agricultural policy. prereq: 3001 or Econ 3101
APEC 5721 - Economics of Science and Technology Policy
Credits: 3.0 [max 3.0]
Typically offered: Every Fall
Economics of innovation, technical change, and research and development. Productivity measurement. Knowledge stocks, research lags and spillovers. Econometric/welfare surplus methods for evaluating economic consequences of research and development. Economics of intellectual property rights. prereq: 3001 or ECON 3101 or instr consent
APEC 5731 - Economic Growth and International Development
Credits: 3.0 [max 3.0]
Typically offered: Periodic Spring
Economics of research and development. Technical change, productivity growth. Impact of technology on institutions. Science and technology policy. prereq: 3002 or [Econ 3101, Stat 3022]; Econ 4211 recommended
APEC 5751 - Global Trade and Policy
Credits: 3.0 [max 3.0]
Typically offered: Every Fall
Trade policies of import/export nations, gains from trade, trade negotiations/agreements. Free trade and common market areas. Exchange rate impacts. Primary commodities and market instability. Current trade issues. prereq: 3001 or Econ 3101 or PA 5021
GCC 3017 - Grand Challenge: World Food Problems: Agronomics, Economics and Hunger (GP)
Credits: 3.0 [max 3.0]
Course Equivalencies: 00136
Grading Basis: A-F only
Typically offered: Periodic Fall
This course provides a multi-disciplinary look at problems (and some of the possible solutions) affecting food production, distribution and requirements for the seven plus billion inhabitants of this planet. It is co-taught by an agronomist (Porter) and an economist (Runge) who together have worked on international food production and policy issues for the past 40 years. Historical context, the present situation and future scenarios related to the human population and food production are examined. Presentations and discussions cover sometimes conflicting views from multiple perspectives on population growth, use of technology, as well as the ethical and cultural values of people in various parts of the world. The global challenge perspective is reflected in attention to issues of poverty, inequality, gender, the legacy of colonialism, and racial and ethnic prejudice. Emphasis is placed on the need for governments, international assistance agencies, international research and extension centers, as well as the private sector to assist in solving the complex problems associated with malnutrition, undernutrition, obesity and sustainable food production. Through a better understanding of world food problems, this course enables students to reflect on the shared sense of responsibility by nations, the international community and ourselves to build and maintain a stronger sense of our roles as historical agents. Throughout the semester students are exposed to issues related to world food problems through the lenses of two instructors from different disciplinary backgrounds. The core issues of malnutrition and food production are approached simultaneously from a production perspective as well as an economic and policy perspective throughout the semester.
APEC 3061 - Economic Development in Contemporary Africa (GP, SOCS)
Credits: 3.0 [max 3.0]
Course Equivalencies: 01744 - Afro 3433/ApEc 3061
Typically offered: Every Spring
Major socio-economic challenges that confront post-independence sub-Saharan African countries in quest for sustainable economic development/growth. Causes of persistent poverty/inequality, role of institutions/multinational agencies. Growth in 21st century. prereq: 1101 or ECON 1101
AFRO 3433 - Economic Development in Contemporary Africa (SOCS, GP)
Credits: 3.0 [max 3.0]
Course Equivalencies: 01744
Typically offered: Every Spring
Major socio-economic challenges that confront post-independence sub-Saharan African countries in quest for sustainable economic development/growth. Causes of persistent poverty/inequality, role of institutions/multinational agencies. Growth in 21st century. prereq: APEC 1101 or ECON 1101