Agricultural economics programs teach people how to predict trends in markets for farm products. Students learn how farms and ranches use resources and invest in agriculture. They learn to observe and explain changes in markets.
Chances are, during a long cross country trip, you've driven past isolated fields, farms and silos. Those silos, or grain elevators, are filled with corn or grain. Obviously, that corn or grain will go somewhere - to a mill or the grocery store shelves in the form of corn on the cob or even a loaf of bread.
Yet, it's not so simple. The farmer has to sell his crops or livestock, but the path between the farmer and the store is not direct. Contracts must be established, prices must be set, and shipping the goods from point A to point B must be arranged. Payment must be arranged and often loans are necessary, for both the buyers and the farmer. Agricultural economics programs train people to study and manage these processes.
As an agricultural economist, you monitor crops, prices, animal health, and equipment. You study imports and exports, weather cycles, buying patterns, and new methods of production. You consider ups and downs in the general economy and consumer preferences. When you have special expertise, such as in crops or equipment, you might work as an agricultural consultant. Agricultural economists usually have at least a master's degree. Many then work as bankers or commodities traders.
Depending on the college you choose, you could major in economics with a concentration in agricultural business and management. You also could major in agriculture with a concentration in economics. Or you could take agricultural economics courses in graduate school. In general, your course work is similar to general economics programs. You learn about financial management, investments, and marketing. However, your course work teaches you these principles as they apply to grain, feed, livestock, and food products.
About 100 schools offer programs specifically in agricultural economics. Some programs are available at land grant colleges. Many colleges and universities offer bachelor's, master's, and doctoral degrees in economics. Concentrations in agricultural economics are more popular in states where agriculture is an especially active industry.
Most two-year colleges offer the first two years of study, which could be in biology or resource management. Students can often transfer the credits to a four-year school. Master's degrees typically take five or six years of full-time study. Doctoral degree programs typically take about three to five years after the master's degree.
Students who want to major in economics with a concentration in agricultural science need to check into college catalogs to find out whether they can blend courses in agriculture with an economics major. Every state has a land grant college that offers agricultural science programs. Typically, those colleges also offer majors in economics.