Production economics
Introduction, Objectives, Scope, Subject Matter, Basic terms & Concepts
1-5
2.
Law of returns
Law of variable proportions, Types
... [Show More] of returns and estimation
6-9
3.
Seven cost concepts
Meaning and Concept of Cost, types of costs and their relationships
10-22
4.
Factor-Product relationship
Optimal input and output levels
23-27
5.
Factor-Factor relationship
Isoquant, iso-cost line, least cost combination
28-33
6.
Product-Product relationship
Production possibility curve, isorevenue line, Optimal product combination, ridge line and expansion path
34-39
7.
Returns to scale
Concept and Types
40-41
8.
Farm cost concepts and Income measures
Importance of cost in managing farm business, Estimation of gross farm income, net farm income, family labor income and farm business income
42-43
9.
Farm management
Introduction, Meaning & Concept, Objectives, Scope, Relationship with other sciences
44-45
10.
Farm resource management
Meaning and Definition of Farm, its types and characteristics, factors determining types and size of farms
46-49
11.
Farm management decisions
Strategic, administrative and marketing decisions
50-52
12.
Economic principles applicable in farm management
Equi-marginal, opportunity cost, time comparison principles, comparative advantage
53-56
13.
Farm records and accounts
Advantages, characteristics, difficulties, systems & types
57-65
14.
Farm inventory
Methods of valuation
66-69
15.
Farm financial statements
Balance sheet, Cash flow statement and Profit & loss Statement
70-78
16.
Farm planning
Types, characteristics, steps
79-81
17.
Farm budgeting
Complete budget,
Enterprise budget,
Partial budget
82-84
18.
Appraisal of farm resources
Measures of efficiency of land, labour, capital and management
85-88
19.
Risk & Uncertainty in agriculture
Types and management strategies
89-92
20.
Insurance in agriculture
Crop, livestock, machinery and weather-based crop insurances, Features and Determinants of compensation
93-99
21.
Resource Economics: Concept & Properties
Natural resource classification & characteristics; Management of renewable and non-renewable resources
100-105
22.
Positive & Negative Externalities in agriculture
Externalities & types; Market failure, Market imperfections; Policies for externalities
106-108
23.
Inefficiencies and welfare loss
Efficiency and types; Market efficiency levels; Reasons for inefficiency in resource utilization; Solutions
109
24.
Issues in economics and management of Common property resources
Major issues in use of natural resources, Productivity equity, sustainability
110-115
REFERENCE BOOKS
No.
Name of Book
Author(s)
1
Agricultural Economics
S. Subba Reddy
P. Raghu Ram
T. V. Neelkanta Sastry
I. Bhavani Devi
2
Agricultural Finance and Management
S. Subba Reddy
P. Raghu Ram
3
Fundamentals of farm Business Management
S. S. Johl
T. R. Kapur
4
Production Economics & Farm Management
S. P. Dhondyal
G. N. Singh
5
Economics of Farm Production and Management
V.T. Raju,
D.V.S. Rao
1
Dr. K. P. Thakar Dinesh D. Chaudhari
Chapter 1 PRODUCTION ECONOMICS: MEANING • Agricultural Production Economics is a division of Agricultural Economics. • It is concerned with the selection of production patterns and resource use efficiency in order to maximize the objective function of a farmer or farming community or the nation within a framework of limited resources. DEFINITION Agricultural Production Economics is an applied field of science wherein the principles of choice are applied to the use of land, labour, capital and management resources in the farming industry. SUBJECT MATTER Agricultural Production Economics involves: • Analysis of production relationships • Principles of rational decisions. • Productivity of resources • Resource use efficiency • Resource combination • Resource allocation • Resource management The subject matter of production economics involves topics like factor-product relationship, factor-factor relationship, product-product relationship, size of the farm, returns to scale, credit, risk and uncertainty, etc. The agricultural production economics is therefore concerned with any phenomena, which have a bearing on economic efficiency in the use of resources. Any Agricultural problem that falls under the scope of resource allocation and marginal productivity analysis is the subject matter of Agricultural Production Economics. GOAL • At an individual farm level: To provide guidance to individual farmers in using their resources most efficiently. • At national level: To rationalize the use of resources from the standpoint of economy. OBJECTIVES OR IMPORTANCE The main objectives of Agricultural Production Economics are: • To determine the conditions which provide for optimum use of resources. • To determine the extent to which the existing use of resources deviates from the [Show Less]