The Economics of the Wine Industry

Note: This 8-credit program will meet from 8 a.m. to 5 p.m. on Saturdays. First class will meet in Sem2 A1105.

The primary aim of this program is to explore the economics of the wine industry with special interest and focus on the American Viticultural Areas of California and the Pacific Northwest. Lectures, presented in a non-technical and logical manner, will introduce the student to the essentials of economic theory and practice. Throughout the quarter we will extend these concepts to real-world applications within the context of the wine-making business.

This program will help the student acquire an understanding of micro- and macro-economic terminology, concepts, and principles. Students will learn about economic modeling and concepts such as profit maximization, market structure, consumer choice, labor markets, international trade, and foreign exchange, among others. In particular, we will learn how resources such as land, labor, and capital are traded among individuals, companies, and nations to build wealth and progress through the production, distribution, and consumption of wine. Furthermore, this course will help the student realize the important role that grape growing vineyards and the wine making industry have on the economy of Washington State.

By the end of the quarter students should be able to have a complete understanding of basic business economic principles and theory. The student should also be able to apply these concepts within the context of wine making and the local economy.