This article throws light upon the top four economic principles applied to farm management. The economic principles are: 1. The Law of Diminishing Marginal Returns 2. The Law of Equi-Marginal Returns 3. Law of Opportunity Cost 4. Law of Comparative Advantage. Economic Principle # 1. The Law of Diminishing Marginal Returns: Since agriculture is a productive activity we should be [...]
This article throws light upon the three key aspects of a farm. The aspects are: 1. Human Aspects 2. Physical Aspects 3. Financial Aspects. 1. Human Aspects: (i) Goals of Farm Family: Scope for a change, i.e., family satisfaction and an additional business approach to achieve both family satisfaction and profit maximization. The farmer's family may not be able to [...]
After reading this article you will learn about:- 1. Sources of Farm Management 2. Sampling Procedure of Farm Management 3. Methods 4. Suggestions 5. Alternative Means 6. Areas. Sources of Farm Management: The management data is obtained from four major sources: (a) Farm accounts, (b) Farm surveys, (c) Individual farmers, (d) Theoretical farm models. Sampling Procedure of Farm Management: The [...]