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 [...]
This article throws light upon the four main support services provided to farmers. The support services are: 1. Agricultural Research 2. Agricultural Extension 3. Agricultural Credit 4. Agricultural Marketing. Support Service # 1. Agricultural Research: Agricultural research is the cornerstone of agricultural development. The results have been spectacular in terms of increase in output per hectare but also reduced use [...]