ACE2006 : Agricultural Economics

Semester 1 Credit Value: 10
ECTS Credits: 5.0


To understand the economics of agricultural and the rural economy sectors in the UK context, and of market failure. Examining frameworks within which agricultural economics and policy in the UK and EU can be analysed. Focus will be on developing and understanding key supply and demand analytical frameworks typically used in neoclassical economic theory.

Outline Of Syllabus

-An understanding of what money is
-An introduction to the use of assumptions by economists
-Issues relating to the demand for agricultural produce
-Issues relating to the supply of agricultural products
-The CAP: past, present and future
-The formation of rent
-The valuation of land and discounting future net cash flows to estimate net present values
-Technologies and technological innovation
-The theory of gains from trade
-The characteristics of goods and market failure: pollution
-Market failure: provision of public goods

Teaching Methods

Teaching Activities
Category Activity Number Length Student Hours Comment
Guided Independent StudyAssessment preparation and completion12:002:00Completion of examination
Guided Independent StudyAssessment preparation and completion240:3012:00Student revision for examination
Scheduled Learning And Teaching ActivitiesLecture241:0024:00N/A
Guided Independent StudyDirected research and reading15:005:00Preparation of trial exam answers
Guided Independent StudyIndependent study124:0024:00Lecture follow up
Guided Independent StudyIndependent study133:0033:00research and reading beyond the taught material
Teaching Rationale And Relationship

Students will have full access to all reading materials in advance of classes. Class discussion, Q/A sessions etc. encouraged during class. Lecture material is comprehensive and extensive, and requires substantial student study outside the classroom. Students will not be given prior warning of examination questions. Exam questions set specifically to test learning objectives, and to encourage students to practice their skills and extend their knowledge and understanding to be able to achieve these outcomes.

Assessment Methods

The format of resits will be determined by the Board of Examiners

Description Length Semester When Set Percentage Comment
Written Examination1201A100Unseen questions
Formative Assessments
Description Semester When Set Comment
Written exercise1MSubmission of trial examination answer
Assessment Rationale And Relationship

Understanding is assessed through a final assessment under controlled University examination conditions. The exam questions are unseen - however students are encouraged to write a trial answer for appraisal and feedback prior to the final examination, to allow development of ideas and understandings and rehearsal of knowledge, argument and reasoning during the course, but prior to examination - thereby encouraging co-operative effort during the course, but testing individual grasp and expression of their own understandings. A (practised) written examination is both an effective and efficient method of testing the learning outcomes and the development of the associated skills.

Study abroad students may request a take-away exam paper to be returned via NESS.

Reading Lists