DEPARTMENT OF AGRIC. ECONOMICS

Curricula for B.Sc.(Hons) Agriculture Degree Program

4th SEMESTER
Course No. / Course Title / Credit
Hours
SES-411 / Introduction to Soil & Environmental
Sciences / 3 (2-2)
WM-411 / Fundamentals of Water Management / 3(2-2)
PP-411 / Introduction Plant Pathology / 3(2-2)
WS-411 / Introduction to Weed Science / 3(2-2)
AgEc-411 / Introduction to Economics & Agricultural Economics / 3(3-0)
Stat-411 / Statistics-II / 3(2-2)
Total / 18

Specialization Courses

5th Semester

Course No. / Course Title / Credit Hours
AgEc.-501 / Agribusiness Management,
Marketing & WTO / 3(3-0)
AgEc-503 / Microeconomics / 3(3-0)
AgEc-504 / Macroeconomics / 3(3-0)
AgEc-505 / Farm Planning and Agribusiness / 3(3-0)
AgEc-506 / Agricultural Finance / 3(3-0)
Agron-502 / Agro-Technology of Major Crops (Elective) / 4(3-2)

6th Semester

Course No. / Course Title / Credit Hours
AgEc-511 / Mathematics for Economics / 3(3-0)
AgEc-512 / Economic Development / 3(3-0)
AgEc-513 / Marketing System Analysis / 3(3-0)
AgEc-514 / Introduction to Natural Resource Economics / 3(3-0)
AgEc-516 / Introduction to Research Methods / 3(3-0)
ExEd-510 / Agricultural Extension Methods / 4(3-0)

7th Semester

Course No. / Course Title / Credit Hours
AgEc-601 / International Economics / 3(3-0)
AgEc-602 / Introduction to Econometrics / 3(3-0)
AgEc-603 / Agricultural Policy & Development / 3(3-0)
AgEc.604 / Economics of Agricultural Production / 3(3-0)
AgEc-605 / Economic Problems of Pakistan / 3(3-0)
AgEc-606 / Technology Application in Agricultural
Extension Education / 4(3-1)

8th Semester

Course No. / Course Title / Credit Hours
AgEc-699 / Internship / 15(0-15)

DETAIL OF COURSES

Introduction to Economics & Agricultural Economics3(3-0)

Definitions and overview of economics, Subject Matter and Scope, Theory of consumer behavior, Preferences, Utility and Law of diminishing marginal utility, Indifference Curve Analysis, Demand curve and the law of demand. Supply curve and the law of supply. Elasticity of Demand and Supply, Market Equilibrium. Market Structures.

Definition, scope, nature and importance of agricultural economics, Agriculture as industry, its peculiarities, and its role in national economy, Organization and structure of the agricultural Sector, Factors of production and their rewards, Production possibility frontier, Production function. Laws of return, and its significance in agriculture, Choices and decision making in agricultural production. Land utilization and land use policy, Land tenure systems and land reforms. Important indicators of agriculture sector in Pakistan economy. Issues of agriculture sector in Pakistan.

Books recommended

  1. Mankiw, N. Gregory. 2003. Principles of Economics (Third Edition). South-Western College Publisher.
  2. Hill, Berkeley. 1990. Introduction to Economics for Students of Agriculture. Pergamon Press.
  3. Khuwaja, A. Haleem. 2004. Fundamentals of Economics. Ilmee Kitab Khana Lahore.
  4. Samuelson, P. A. and Nordhaus, W. D. 2004. Economics (Eighteenth Edition). McGraw Hills, Inc.
  5. Cramer, G., Jensen C. W. and Southgate, D. D. 2000. Agricultural Economics and Agribusiness. Eighth Edition. Wiley Publisher.
  6. Penson, J. B., Capps, O. and Rossen C. P. 2001. Introduction to Agricultural Economics. Third Edition. Prentice Hall, New Jersey.
  7. Azhar, B. A. 1996. Pakistan Agricultural Economics. National Book Foundation, Pakistan.
  8. Pakistan, Government of Economic Survey 2003-04. Ministry of Finance, Government of Pakistan.

Agribusiness Management, Marketing and WTO3(3-0)

Definition, concepts and scope of Agribusiness Management. Important features of Agribusiness management. Elements of good management. Functions of management. Forms of business organization: Cooperatives in Agribusiness. Agribusiness financial management. Marketing, Operating and managing human resources in Agribusiness. Input markets in Pakistan. Definition of market and marketing. Role of agri. marketing in economic development. Approaches to understanding agricultural marketing problems. Marketing functions, Marketing institutions. Marketing problems and remedial measures.

United Nations Conference on Trade and Development (UNCTD), Brief history of General Agreement on Tariffs and Trade (GATT). Formation of the World Trade Organization (WTO); Objectives, basic principles and functions of the WTO. Structure, organization and dispute settlement mechanism of the WTO. Agreements under GATT/WTO: The General Agreement on Tariffs and Trade (GATT); Agreement on Agriculture (AoA); and its three pillars; Market Access; Domestic Support; Export competition. Agreement on application of Sanitary and Phytosanitary measures (SPS). Agreement on Trade Related Intellectual Property Rights (TRIPs); Trade Related Investment Measures (TRIMs).

Books Recommended
  1. Kohls, R.L. and J.N. UhI. Marketing of Agricultural Products. Seventh Edition. New York Max Well. Macmillan. 1990.
  2. Walters, F.E. Marketing of Agricultural Products. Ministry of Food. 1990. Agriculture and Livestock, Govt. of Pakistan and Us AID, Islamabad.
  3. Terry G.R. and Frankin. Principles of Management. The Interstate Printers and Publishes, IIIinois. 1992.
  4. World Trade Organization. The legal Texts: The Results of the Uruguay Round of Multilateral Trade Negotiations. Cambridge. 1999.
  5. NUST. WTO and its Impacts on Pakistan's Agriculture & Trade Institute of Management Sciences, NUST, Rawalpindi. 2001.
  6. Hoekman, B., A. Mattoo, P. English. Development, Trade and the WTO-A Hand Book, The World Bank Washington, D.C. 2002.
  7. Downey, W.D. & S. P. Erickson. Agri. Business Management. McGraw Hill. Singapore. 1987.
  8. Web page:

Microeconomics3(3-0)

Consumer Behavior, Demand/Supply Analysis, Elasticity, Profit Maximization, Theory of Production, Laws of Returns, Determination of output and price under different market structures, Theory of Rent, Interest, Wages and Profit, Welfare Economics, Public Goods, Externalities and Pareto Optimality

Books recommended

1.Varian, H.R. Intermediate Microeconomics. W.W. Norton & Company, New York. 2003.

2.Mankiw, N. Gregory. Microeconomics. Worth Publishers, 2002.

3.Eckert, R.D. and Leftwich, R.H. The Price system and Resource Allocation. The Dryden Press, New York, 1989.

4.McConnel, C.R. and Brue, S.L. 2004. Economics: Principles, Problems and Policies (Sixteenth Edition) McGraw-Hill, Inc.

5.Nicholson, Walter. Intermediate Microeconomics. The Drydon Press. Harcourt Brace College. Publishers, New York/Sanfransisco, 1994.

  1. Mansfield E. Microeconomics: Theory and Applications. Tenth Edition. 2000.
  2. Dobson, S., Maddala, G.S. and Miller, E. Microeconomics. McGraw-Hill New York. 1988.

Macroeconomics3(3-0)

Basic concepts. National income accounting. Consumption and saving functions, Theories of Investment, Theory of national income and employment, classical and Keynesian theory of employment. The concept of full employment. Inflationary and deflationary gaps. The Keynesian theory and the under developed countries. Multiplier and acceleration principles. Business cycle theories. Inflation and its causes, consequences and remedies, Money and its functions. Central banks functions. Monetary policy, its objectives and tools. Impact of Monetary policy upon consumption, investment, and government expenditure. Types of Inflation. Fiscal policy, its meaning, objective and tools. Public expenditure, taxes, national debt and income determination. Budget deficit and its role in inflation. Deficit financing. Role of IMF & World Bank in monetary and fiscal policies. Public finance.

Books recommended

1.Mankiw, N. Gregory. Macroeconomics. Fifth Edition. Worth Publishers. 2002.

2.McConnell, C.R. and Brue, S.L. Economics. 14th Ed. McGraw-Hill, Inc. New York, U.S.A.

3.Dornbusch, R. & Fisher, S. Macroeconomics. Sixth Edition. Mc Graw Hill. Inc. New York U.S.A. 1994.

4.Khawaja, A.H. Macroeconomics, Ilmi Kitab Khana Lahore. 1998.

Farm Planning and Agribusiness Management3(3-0)

Principles of farm planning, operation and management. Techniques of farm planning, Farm budgeting, Resource constraints in farm planning, the optimum combinations, alternate farm plans.

Scope and objectives of Agribusiness Management, Functions of management, Forms of business organizations, Cost and Yield Calculation, Cost Benefit Analysis, Uncertainty and Risk in Farm Business, Risk Management Strategies, Government Intervention in Farm Policies.

Books Recommended

  1. Downey, W.D. & Enieson, S.P. Agribusiness Management, Singapore, McGraw Hill. Latest Edition.
  2. Kinsey, B.lH. Agri. Business and Rural Enterprises, London Lehm, Ltd Latest Edition.
  3. Jewell, B.R. An Integrated Approach to Business Studies, Addison Wesley Lonman Limited, England., 1996.
  4. Goldberg, Roy. Agribusiness Management for Developing Countries. Harper Publishers, New York.
  5. Agricultural Prices Commission of Pakistan (Government of Pakistan). Various Publications.
  6. Barnard, C.S. and Nix. J.S. ‘Farm Planning and Control’. Cambridge University Press, England, Latest Edition.
  7. Kay, R.D. and Edwards, S.M. ‘Farm Management’ McGraw-Hill International Editions, New York, 1994.
  8. Raju, V.T., and Rao D.V.S., ‘Economics of Farm Production and Management”. Oxford and IBH Publishing Co. Pvt. Ltd., New Delhi, 1990.
  9. Kahlon, A.S. and Singh, K. ‘Economics of Farm Management in India’. Theory and Practice. Allied Publishers Limited, New Delhi, India, 1981.
  10. Ahmad Bashir, et al. ‘Economics of Livestock Production and Management. Agri. Social Sciences Research Centre, Faculty of Agri. Economics and Rural Sociology, University of Agriculture, Faisalabad, 1996.
  11. Buckett, M. ‘An Introduction to Farm Organization and Management’ Pergamon Press, New York, Latest Edition.
  12. Castle, E. N., Becker, M. H. and Nelson, A. G. Farm Business Management. Macmillan, New York, 2002.

Agricultural Finance 3(3-0)

Nature and scope of agricultural finance, classification of credit, Financing agribusiness. Capital budgeting. Credit worthiness. Credit risk management, Agricultural credit market: formal and informal sources of agricultural credit. Micro credit and role of NGO’s in agricultural lending and development. Supervised Agricultural Credit. Agricultural credit policies and their problems.

Books Recommended

  1. Murray & Nelson. Agricultural Finance, Iowa State University Press, Ames, lowa, 1988.
  2. Devino, G.T Agricultural Finance, Inter State Printers and Publishers, INC, Danville, Illinois, 1981.
  3. Barry, P. J., Ellinger, P. N., Hopkin, J.A., Baker, C. B. Financial Management in Agriculture. 6th Edition. Prentice Hall. 1999.
  4. Pandey. An Introduction to Agricultural Finance. 1990.

Mathematics for Economists3(3-0)

Elementary sets theory: Definition, Some important types of sets. Venn-diagrams. Basic set operations. Cartesians product. Algebra of sets. Functions and Equations; Higher Order equations; simultaneous equations; Vectors: Vectors and scalars. Scalar and vector products. Scalar and vector triple products. Matrices and determinants: Matrix. Addition and subtraction of matrices. Matrix multiplication. Types of matrices. Matrix algebra. Cramer’s rule.

Books Recommended

  1. Chiang, Alpha C. Fundamentals Methods of Mathematical Economics. 3rd Edition. International Edition, McGraw Hill publications. 1996.
  2. Shanon, J. Mathematics for Business Economics and Finance, John Willey and Sons, 1995.

Economic Development3(3-0)

The concepts of economic development and Economic growth, characteristics of under developed economies, importance and urgencies of the problems of underdevelopment. The economics of growth, some major economic development and growth theories, Education, technological change and Economic development. Growth, Poverty and Income distribution, Economics of population and development, Importance of trade for development, Theories of trade and development. Economic approach of development projects. Fundamentals and issues of economic development of Pakistan, NGOs and Development, Globalization and its implications for development, Debt burden of third world countries..

Books Recommended

  1. Todaro, M, P. and Smith, S. C. Economic Development. Eighth Edition. Pearson Education, Singapore. . 2003.
  2. Jhingan. M.C. Economics of Development and Planning, Konark Publishers Pvt. Ltd. New Delhi, 1995
  3. Meier, G.M. Leading Issues in Economic Development, Oxford University Press New York, 1997.
  4. Griffin, K. Alternative Strategies for Economic Development, The MacMillan. Press, Hampatire London, 1999.
  5. Khan, S.R. (ed). Fifty Years of Pakistan's Economy, Oxford University Press, Karachi, 1999.
  6. Dil, Anwar. 2000. Hunger, Poverty and development (Life and work of Sartaj Aziz). A Ferozsons-Intercultural Forum Publication.
  7. Yotopoulos, Pan A. and Nugent, Jaffrey B. Economics of Development: Empirical Investigations, New York, Harper and Row Publishing Co. 1977.

Marketing System Analysis3(3-0)

Basic concepts and principles of marketing with reference to Agriculture and its role in Agricultural development. Marketing Infrastructure, Understanding Market Approaches and their problems. Marketing functions such as standardization, grading, packaging, storage transportation, information, legislation and management. Marketing margins and profitability, price movement, seasonal price variation and support price. Causes of price variation and price stabilization measures. Review agricultural marketing system in Pakistan.

Books Recommended

  1. Clarkson, K.W. Industrial Organization, Theory, Evidence and Public Policy, New York John Willey & sons, 1997.
  2. Kohls, R.L. and UHL.J.N. Marketing of Agricultural Products. Seventh Edition. New York Max Well. MacMillan, 1990.
  3. Kotler, P. and Armstrong, G. Principal of Marketing. Seventh Edition Prentice-Hall International, Inc, 1996.
  4. Scarborough, V. and Kydd, J. Economic Analysis of Agricultural Markets: A Manual, Chatham, UK. Natural Resources Institute, 1992.
  5. Walter, F.E. Marketing of Agricultural Products. Ministry of Food, Agriculture and Livestock, Govt. of Pakistan and US AID, Islamabad, 1990.
  6. Niaz, M.S. Pricing of Farm Produce in Pakistan Print Associates Int. Islamabad, 1995.
  7. Mellor, John W. and Ahmed R. (Editors). Agricultural Price Policy for Developing Countries. Oxford University Press Bombay. 1988.

Introduction to Natural Resource Economics3(3-0)

Concepts: Economics and environment, resource scarcity, prices, demand and supply of natural resources, market equilibrium, economic efficiency, intertemporal efficiency, property rights, the economics of pollution, natural resource exploitation, economic approaches to conservation of natural resources, benefit cost analysis.

Books Recommended

  1. Common, M. ‘Environmental and Resource Economics: An Introduction. Latest Edition. Addison Wesley Longman Publishing, New York,
  2. Randall, A. Resource Economics- An Economic Approach to Natural Resource and Environmental Policy. John Wiley and Sons, Inc. New York, 1987.
  3. Compathy, R.S. and R.S. Ganapatty, ‘Natural Resource Management’ Mohan Primlani for Oxford and IBH Publishing Co. Pvt., New Delhi, 1990.
  4. Saleem, M and Ishfaque M. Environmental Pollution and Agriculture. 2004.

Introduction to Research Methods3(3-0)

Foundation of Empirical Research, the scientific approach, the Conceptual foundation of Research, Sampling and Sample Design, Data collection: observation methods, survey research, questionnaire construction process. Data analysis: coding scheme, univariate distribution, bivariate analysis, writing the research report.

Books Recommended

  1. Nachmias, C, F and David N. Research Methods in the Social Sciences. Edward Arnold, London, 1992.
  2. Baker Therese L. Doing Social Research, McGraw-Hill International Editions, Sociology Series. London. 1992.
  3. Judd. M, Eliot R. and Louies H. Research Methods in Social Relation Holt, Rinehart and Winston, Inc. Sydney, 1991.
  4. Vaus, D.A. Surveys in Social Research. Allen & Unwin Pvt. Ltd. Australia, 1993.
  5. Poate C.D and Daply P..F. Data for Agrarian Development, the Cambridge University Press new York, 1993.
  6. Casley D.J. and Lury, D.A. Data Collection in Developing Countries, Oxford University Press Kerachi 1989.
  7. Ghebrenedhin. T. and L.Tweeten A Guide to Scientific Writing and Research Methodology Agriculture Policy Analysis Project, Oklahoma State University Stillwater 1988.
  8. Good and Hatt. Methods in Social Research. Macmillan, 1999.

International Economics3(3-0)

International trade concepts. Trade Theories. Barriers to trade. Approaches to the measurement of protection, distortion and comparative advantage, frameworks for assessing policies, the effects of exchange rates on the agricultural and food sectors, commodity and price instability and terms of trade, international commodity agreements. Basic concepts of WTO and its implication on agriculture trade.

Books Recommended
  1. Krugman, P.R. & Obstfeld, M. International Economy: Theory and Policy. Addison-Wesley Longman, Inc. New York. 1997.
  2. Dominic, Salvatore. International Economics (Sixth Edition). Prentice Hall International. 2000.
  3. Appleyard, R.D. International Economics: Trade, Theory and Policy. 3rd Edition. Richard D. Irwin. Inc.II, 1998.
  4. Scott Jeffery, J. WTO – 2000, Setting the Course for World Trade, Policy Analysis in International Economics, No.45, Washington D.C. Institute for International Economics, 1996.
  5. Grimwade, N. International Trade New Pattern of Trade, Production and Investment, 2nd Edition, 2000.
  6. Caves-Frankel . World Trade and Payment. An Introduction, 7th Edition, 1996.
  7. Kindleberger, C.P. International Economics. Latest Edition. Richard D. Irwin, Inc. Homewood, Illinois,.
  8. Henink, D.M. The International Economy, John Wiley & Sons, Inc. New York 1994.
  9. FAO. WTO Manual. Rome.

Introduction to Econometrics3(2-2)

Definition, scope and importance of econometrics. Basic concepts. Regression analysis. OLS estimation of simple and multiple Regression, Properties of statistical estimators. Inferences, and hypothesis testing. Dummy variables. Specification bias and tests. Multicollinearity. Heteroscedasticity, Autocorrelation.

Books Recommended

  1. Gujrati, D.N. Basic Econometric, Mc Graw Hill, International Edition, London. 2003.
  2. Studenmund, A. H. Using Econometrics: A Practical Guide (Third Edition). Addison-Wesley. 1977.
  3. John Fox. Applied Regression Analysis- Linear Models & Related Methods. Sage Publication, London, New Delhi. 1997.
  4. Mirar, T.W. Economic Statistics and Econometrics, McMillan Publishing Co. New York. 1990.
  5. Ramu. Ramanathan. Introductory Econometrics with Applications, 1992.
  6. Butt A.R. Least Square Estimation of Econometric Models, Islamabad, 1999.

Agricultural Policy and Development3(3-0)

Introduction to Policy. Review of Past Policies and Agricultural Development. Study of land tenure, Land Reforms, Irrigation Policies, Technology Transfer, Input and Output markets, Taxes, Subsidies and Support Prices, and their implications for Agricultural Development.

Books Recommended

  1. Naqvi, H.M. & Horeld Jonathan National Conference on Agriculture Policies and Farmers in Pakistan May 19-21, 1992, Proceeding Academy of Rural Development, Peshawar 1998.
  2. Govt. of Pakistan, Report of the National Commission on Agriculture, Ministry of Food and Agriculture, 1988.
  3. Government of Pakistan, Food and Agriculture Report, 1950.
  4. Knutson R.D. J.B. Penn, and W.T. Bocam, Agricultural and Food Policy Prentice Hall, Inc. New Jersey, USA. Latest Edition.
  5. Hanink, D.M. The Intenational Economy, John Wiley & Sons, Inc. New York, 1994.
  6. Krugman, P.R. & Obstfeld, M. International Economy: Theory and Policy. Addison-Wesley Longman, Inc. New York. 1997.
  7. Raza, Rafique. 2001. Pakistan in Perspective (1947-1997). Oxford University Press.
  8. Tolley, George S., Thomas, Vinod and Wong, Ming. Agricultural Price Policies and Developing Countries, World Bank. 1982.

Economics of Agricultural Production3(3-0)

Definition and scope of agricultural production economics, Assumptions of static and dynamic production economics, production relationships, i.e. factor-product relationships, factor-factor relationship and product-product relationships, economic decision making under various production relationships, Costs of production, returns to scale, technological change, role of management in resource allocation.

Recommended Books

  1. Doll, J.P. and Orazem, Production Economics: Theory and Applications, John Wiley and Sons, New York. Latest Edition.
  2. Debertin, D.L Agricultural Production Economics. McMillan Publishing Company, New York, 1986.
  3. Beatie, B. R. and Taylor. The Economics of Production. John Wiley and sons, New York, 1990.

Economic Problems of Pakistan3(3-0)

Overview of Pakistan economy. Important problems of economy: Population growth, Low level of income, saving and investments. Unemployment and poverty. Substandard and poor infrastructure and technology. Inflation. Macro imbalances: fiscal deficits, trade deficits, public debt. Governance: service delivery system, inefficient institutions, corruption, Environmental Degradation, depletion of resources and unsustainable development. Industrialization and industrial problems, human capital formation.