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 [...]
After reading this article you will learn about:- 1. Origin of Farming System Development (FSD) 2. Principles of Farming System Development (FSD) 3. Role 4. Steps 5. Activities for the Successful Functioning. The Origin of FSD: The thinking can be traced back to at least two millennium. Since mid-1950's the system though strongly influenced by integrated farming system FAO considers [...]