ECON 202 Study Guide - Profit Maximization, Decision-Making, Animal Husbandry
Document Summary
By the end of this unit study, you should be able to: explain common terms in farm management, explain management framework, define farm management, understand why we need business management in agriculture, explain step in decision making. Farm business management has assumed greater importance not only in developed and commercial agriculture all round the world but also in developing and subsistence type of agriculture. A farm manager must not only understand different methods of agricultural production, but also he must be concerned with their costs and returns. He must know how to allocate scarce productive resources on the farm business to meet his goals and at the same time react to economic forces that arise from both within and outside the farm. On one hand, a farmer has a set of farm resources such as land, labour, farm buildings, working capital, farm equipments, etc. that are relatively scarce.
