Course Syllabus

Agricultural Economics - Economics 331

Spring 2022

Instructor: Kevin Klein

Office: Kirby 238 Telephone:217-245-3474

Email: Kevin Klein

Office Hours: 10 - 12 MWF, and also by appointment

Semester Hours: 4

Required Text: Principles of Agricultural Economics, 3rd Edition, Andrew Barkley and Paul W. Barkley

Course Description: An application of the principles of economics explored in EC 105 including production principles, production costs, supply and demand, market price determination, profit maximization and competitive versus noncompetitive market models, These principles are applied to agriculture policy and the role of agriculture in the United States, world economies, and international trade. Prerequisites: EC 105 or equivalent.

Course Objectives:

The major objectives of this course are:

  • Understanding the structure of the agricultural sector of the US economy.

  • Applying economic principles to understand the conduct and performance of the agricultural industry.

  • Understanding the market structure, in agriculture, that affects farm/ranch level and consumer level prices.

  • Understanding the macroeconomic aspects of the US economy as they affect the agricultural sector

  • Understanding the role and impact of government policy on the agricultural sector

  • Understanding the importance of global interactions that affect the agricultural sector

Suggested Reading Materials

Free Online Select Resources (will be provided to students)


Course Rationale

Agricultural economics is a branch of applied economics that takes the tools of both micro and macroeconomics and uses them to solve problems in a specific area. With food inflation soaring and agricultural disputes at the heart of the collapse of the latest round of world trade talks, the subject has seldom been so topical.

At the micro level, we need to understand the relevant production functions and the relationship between labor and capital. When is it worthwhile to employ labor-saving, ‘lumpy’ capital? And most courses will also look at the by-products (externalities) of some types of agricultural production, such as the effect of increased nitrogen fertilizer use. Equally, we can use consumer theory to understand how shoppers make choices about the food they buy (including diets and fads). Many courses will also look at the food sector more generally and ask whether there is excessive market power in the hands of supermarkets.

At the macro level, the subject studies the way governments decide how to support farmers. In developed economies, agricultural policy has tended to be devised to support and protect farmers – subsidies for prices and agricultural import tariffs under the European Union’s Common Agricultural Policy for example – often with significant effects on trade flows and trading relations. In contrast, developing nations seek ways to ensure adequacy of the supply of food for their people and to gain access to world markets to earn export revenue. Both are difficult tasks and both can be informed by the agricultural economist.

The skills of graduates with training in agricultural economics make them especially attractive to agricultural/environmental-based employers, such as government ministries, lobby groups, and non-governmental organizations. Good knowledge of agricultural economics can prove particularly helpful to those intending to work in developing countries.

See course Tentative Course Outline on Google Classroom

Grades for this course are determined using the following system.


4 exams. 100 points

15 Journal Entries based upon two Podcast series

6 Homework Assignments

Exams will consist of material completed outside of class.

Homework assignments will be designed for you to conduct out-of-class research on the economics of the agricultural sector.

An optional comprehensive final exam will be administered. If you are dissatisfied with your final course grade after all 4 exams and 6 homework assignments are graded and returned, you can choose to complete an optional comprehensive written exam in an attempt to improve your grade.


Final grades are based on this grading system.


A 90

A- 89%

B+ 88%

B 80%

B- 79%

C+ 78%

C 70%

C- 69%

D+ 68%

D 60%

D- 59%


A complete course calendar can be found at the class home page.


Campus Support Resources

Illinois College wants all students to succeed. We offer a variety of support services to help you.


Academic Support Services


Center for Academic Excellence

The Center for Academic Excellence (CAE) is located on the 3rd floor of Schewe Library. The Center is your academic partner on campus and provides services to help you meet your academic goals. Services include 1-on-1 coaching and advising, tutoring, and study skills development. Services are free of charge and open to all students. To make an appointment call 217-245-3575 or stop by the Center 8am-5pm Monday through Friday.

Speech Communication Center

Located in Whipple Hall 203, the SCC is a facility where students can receive practical advice and suggestions (including verbal, written, and video feedback) for improving their presentations. Students enrolled in CO 101: Speech Fundamentals or other Speaking Extensive Experience courses this semester are particularly encouraged to make an appointment. Speech Center Advisors working in the SCC are trained to help individuals not only improve their presentational skills but also reduce their anxiety about public speaking. To make an appointment at the SCC or for further details please contact Dr. Adam Jones at adam.jones@ic.edu or call 217-245-3729.

Students with Disabilities

It is the policy and practice of Illinois College to make reasonable accommodations for students with properly documented disabilities. To receive disability-based academic accommodations, a student must self-identify and register in person with Disability Services. All accommodations must be approved through Disability Services located in the Center for Academic Excellence in Schewe Library. Phone: (217) 245-3575.

Please do this as early as possible. Getting an academic accommodation after midterms may help for the second half of the semester, but you won’t be able to re-do all assignments and tests from the first half of the semester!


Health and Wellness Services

Chesley Wellness Center

If you feel poorly, want to get a flu shot, or have other medical questions, contact the Chesley Wellness Center. The CWC is located on the third floor of the Bruner Fitness and Recreation Center. For an appointment, call x3073 or email renee.overton@ic.edu.

Students Experiencing Emotional Distress

During the semester, if you find that stress or anxiety are interfering with your academic or personal success, consider contacting Templeton Counseling Center. All services are free and confidential. Templeton Counseling Center is located on the third floor of the Bruner Fitness and Recreation Center and can be contacted by phone (x3073) or email renee.overton@ic.edu.

Students Worried About A Friend's Distress

Contact Templeton Counseling Center or SafeIC case manager (Jessica Doak: jessica.doak@ic.edu; x3270). All contacts are confidential. Referrals can also be made anonymously via a Behavioral Incident Referral form at www.ic.edu/SAFEICREFERRAL.


Academic Integrity

Academic integrity is a fundamental component of the mission of Illinois College. Academic integrity is the completion of course tasks with one’s own ideas and/or accurately acknowledging sources. Violations of academic integrity include plagiarism and all other forms of cheating, such as using notes or consulting the web during a test, submitting someone else’s work as your own, or submitting your own paper for two different classes without the faculty member’s permission.

If a professor encounters a violation of Academic Integrity, he or she will contact the Academic Affairs Office. If it is the first time the student has violated the honor code, the instructor will then enact an appropriate punishment.

For a second offense, the Office of Academic Affairs will investigate the incident and determine the sanction, which is generally harsher than the punishment for first offenses. If the student(s) does not agree with the sanction, the student(s) may make an appeal to the Honor Board.

Transfer students

If you are a recent transfer student and are unfamiliar with any language or policies in this syllabus that is unique to Illinois College, or otherwise have questions or concerns that are unclear in your transition to the institution, please don't hesitate to approach me after class or during office hours.