Introduction to agricultural economics 210

Module code LEK 210
Qualification Undergraduate
Faculty Faculty of Natural and Agricultural Sciences
Module content

Introduction to financial management in agriculture: Farm management and agricultural finance, farm management information; analysis and interpretation of farm financial statements; risk and farm planning. Budgets: partial, break-even, enterprise, total, cash flow and capital budgets. Time value of money. Introduction to production and resource use: the agricultural production function, total physical product curve, marginal physical product curve, average physical product curve, stages of production. Assessing short-term business costs; Economics of short-term decisions. Economics of input substitution: Least-cost use of inputs for a given output, short-term least-cost input use, effects of input price changes. Least-cost input use for a given budget. Economics of product substitution. Product combinations for maximum profit. Economics of crop and animal production.

Module credits 12.00
Service modules Faculty of Economic and Management Sciences
Prerequisites No prerequisites.
Contact time 3 lectures per week
Language of tuition Module is presented in English
Department Agricultural Economics Extension and Rural Develo
Period of presentation Semester 1

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