Agricultural & Resource Economics

AREC 453 Natural Resources and Public Policy (3 credits) - UMCP
Prerequisite: ECON 326 or ECON 306 or equivalent with permission of department
Rational use and reuse of natural resources. Theory, methodology, and policies concerned with the allocation of natural resources among alternative uses. Optimum state of conservation, market failure, safe minimum standard, and cost-benefit analysis. 

AREC 455 The Economics of Land Use (3 credits) - UMCP
Prerequisite: ECON 326 or ECON 306 or equivalent with permission of department
Fundamentals of location theory. Microeconomics of land use decisions, including determination of rent and hedonic pricing models. Impacts of government decisions on land use, including regulation, incentives, provision of public services, and infrastructure investments. Impacts of land use on environmental quality, including issues relating to sprawl, agricultural land preservation, and other topics of special interest. 

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