241 FARM MANAGEMENT ECONOMICS lecture notes - Yola

2. AECO 241 FARM MAN AGEMENT AND PRODUCTION ECONOMICS 2(1+1). THEORY. Sl No. Topic 1 Farm MANAGEMENT - Meaning Definitions of Farm MANAGEMENT Scope of Farm MANAGEMENT Relationship with other science 2 Economic principles applied to the organization of farm business principles of variable proportions Determination of optimum input and optimum output 3 Minimum loss principle ( cost Principle) Principle of Factor substitution principle of product substitution 3 Law of Equi-marginal returns Opportunity cost principle Principle of Comparative advantage Time comparison principle 4 Type of farming Specialization, Diversification, Mixed farming, Dry farming and Ranching Systems of farming -co-operative farming, Capitalistic farming, collective farming, State farming and Peasant farming 6 Farm planning Meaning Need for farm planning Types of Farm plans simple farm plan and whole farm plan characteristics of a good farm plan basic steps in farm planning 7 Farm budgeting meaning types of farm budgets Enterprise budgeting Partial budgeting and whole farm budgeting.

production and technical risks – Price or marketing risk – Financial risk – methods of reducing risk 9 Agricultural Production Economics – Definitions – Nature – Scope and subject matter ... I.J. Singh,1976, Elements of Farm Management Economics: Affiliated East-West press, Private Limited, New Delhi

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