Certificate: Agricultural and Applied Economics
Applied economics takes conclusions from economic theories and empirical studies and applies them to real-world situations to predict outcomes and inform economic decisions. The field of agricultural and applied economics uses economic principles to allocate resources and solve problems in the agricultural sector in areas such as food systems and crop and animal production.
The graduate certificate in Agricultural and Applied Economics will teach students how to use economic methods in agricultural businesses to manage risk and solve problems.
- Students will learn to assess the impact of micro- and macro-economic influences on business decisions.
- Students will gain an understanding of how to manage agricultural production risks due to weather variability (microeconomics) and how to use Gross Domestic Product (GDP) forecasts and market analyses to determine future dairy prices (macroeconomics).
- Students will learn to analyze economic trends to solve agricultural and resource problems such as the impact of inflation on food production costs and consumer spending.
Program features
- 100 percent online and asynchronous
- Four 3-credit graduate courses
- Access to expert faculty
- Certificate stacks to the degree
- Time to complete: In most cases four semesters.
- Degree-seeking students may take courses in conjunction with their regular course load.
- Non-degree seeking, full-time students can complete the certificate in two-to-three semesters.
- Non-degree seeking, part-time students, taking one course per semester, can complete the certificate in four semesters.
Curriculum
Basic economic theory of food and fiber production, food and fiber consumption, agricultural markets, and social welfare as influenced by the agricultural sector. Major emphasis placed on the application of theory to current agricultural and resource problems.
This course teaches the nature and linkages between agriculture, natural resources, and macroeconomic variables. Theories and methods are used to establish and quantify these linkages. Macroeconomic models measure the effect of national output, unemployment, interest rates, economic growth, exchange rates, and allocation and distribution of resources on the agricultural sector, the environment, and the international economy.
Students will learn the economic analysis of food systems. Analysis of contemporary issues and responses in crop and animal production, food wholesaling, food processing, and food retailing. Economic incentives. Isolated, horizontally, and vertically related markets and principal-agent theory. Appropriate data and application determination. Directional impacts.
This course will teach commodity price analysis, including theoretical relationships, analytical techniques, and practical applications. Empirical evaluation and forecasting approaches include time series, structural, balance sheet, futures-based, and hedonic models.
Apply and view admissions requirements
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CIP code: 01.0103
Contact
Amy Guerin
Graduate Program Professional Coordinator
abguerin@vt.edu
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100+ years in education
Founded in the early 1900s to educate Virginians in agricultural and applied economics. We've been fullfilling that mission ever since.