The basic economics
will cover: principles of economics, market forces of demand and supply,
factors affecting demand and supply, elasticity of demand and supply, consumer
behavior, equilibrium, price theory, fluctuation of prices of agricultural
products, agricultural marketing, international trade, economic growth and
development, population growth and its effect on agriculture, land tenure,
reform and modernization of agriculture.
The production economics will cover: basic principles of production,
inputs for production, labor supply in
production, production function, costs of production, production frontiers,
economic return(constant, increasing, decreasing), returns to scale, economic
efficiency, economic optimum, comparative and absolute advantage, optimum
resource combination, factor-factor and product-product combination, risks and
uncertainties, diversification and specialization. The farm accounting will cover: nature and
scope of management, principles of management and objectives of management,
farm planning, farm records, farm inventory, books of account (balance sheet,
profit and loss account, and cash flow statements), budgeting, asset
evaluation, analysis and interpretation of financial statement.
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