About Lesson
- Opportunity cost is defined as the returns that are sacrificed from the next best alternative.
- Opportunity cost is also known as real cost or alternate cost.
Introduction to farm management – definition, nature, and scope
This lesson will discuss about the definition, nature and scope of farm management.
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Farm management in relation to other science, farm management and farming systems
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Production economics and production relationships
Factor-product relationships, factor-factor relationships, product-product relationships
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Principles involved in farm management decisions
The principle of diminishing return, cost principle, the principle of substitution, the principle of combining enterprise, The principle of equimarginal returns, the principle of comparative advantages, the principle of time comparison
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Farm planning – principles and techniques of farm planning
It includes making decisions regarding the organization and operation of a farm business so that it results in a continuous maximization of net returns of a farm business.
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Farm budgeting
Partial and complete budgeting, steps in farm planning and budgeting
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Farm records, accounts, and their types
It is essential for a systematic and accurate farm records is helpful for the projection of successful plan and program for betterment.
0/7
Farm inventory
It includes a complete listing of all that a farm owns and owes at a particular date, generally at the beginning and at the end of each agricultural year.
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Measuring financial conditions and farm profits
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Farm prices and production efficiency
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Factors affecting farm cost and incomes
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Introduction to linear programming
0/3
Risk and uncertainty management
This topic describes what risk and uncertainty is.
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