|Module code||LEK 210|
|Faculty||Faculty of Natural and Agricultural Sciences|
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.
|Service modules||Faculty of Economic and Management Sciences|
|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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