Agricultural Economics
"Future Agriculturist! Farming is a business. Profitability is the goal."
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1. Basic Economic Principles 💰
- Law of Supply & Demand: Price interaction.
- Law of Diminishing Returns: Adding inputs eventually yields less output.
- Opportunity Cost: Value of the next best alternative forgone.
2. Farm Management 📊
Tools for decision making.
- Enterprise Budget: Costs/returns for one crop.
- Cash Flow: Inflow and outflow of cash.
- Partial Budget: Assessing a small change.
3. Marketing 🛒
The 4 Ps of Marketing:
- Product (What you sell)
- Price (How much)
- Place (Where you sell/Distribution)
- Promotion (Advertising)
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