AI6506 - AGRICULTURAL ECONOMICS AND FARM MANAGEMENT (Syllabus) 2013-regulation Anna University

AI6506 - AGRICULTURAL ECONOMICS AND FARM MANAGEMENT (Syllabus) 2013-regulation Anna University

AI6506	AGRICULTURAL ECONOMICS AND FARM MANAGEMENT	LPTC

3003

OBJECTIVES:

• To impart the fundamental knowledge and basic concepts of Economics and Farm Management
• To understand the types of resources and Investment analysis in agriculture sector
• Farm financial analysis, Investment and Budgeting for farms

UNIT I	FARM MANAGEMENT	9

Agricultural Economics – definition and scope – Farm Management – definition – scope- Classification of farms – Basic concepts in farm management - Relationship between farm management and other basic sciences - Farm layout – Farm records and accounts – Farm appraisal techniques – Valuation .

UNIT II	LAWS OF ECONOMICS	9

Basic laws of economics – demand and supply concepts – law of increasing, diminishing and constant returns – Equi-marginal returns - Product relationship – Production function – definition and types – Production function curves – Optimum level of input use – Economies of scale external and internal economies and diseconomies - Cost concepts – types - Opportunity cost – comparison of costs – Factor relationship – concepts.

UNIT III	COST CURVES	9

Principle of substitution – isoquant, isocline, expansion path, ridge line and least cost combination of inputs-Product-product relationship – Production possibility curve, isorevenue line and optimum combination of outputs – Cost curves –Optimum input and output levels – Factor –factor relationship – Least cost combination of inputs – Estimation of cost of cultivation and cost of production of crops - annual and perennial crops – Preparation of interview schedule and farm visit for data collection.

UNIT IV	MANAGEMENT OF RESOURCES	9

Concept of risk and uncertainty – causes for uncertainty – Managerial decisions to reduce risks in production process – Management of resources – types of resources- land, labour, capital and measurement of their efficiencies – Mobilization of farm resources- Cost of machinery and maintenance – Break even analysis – Investment analysis – Discounting techniques.

UNIT V	FARM MANAGEMENT AND FINANCIAL ANALYSIS	9

Farm management- need and analysis – Farm financial analysis – Balance sheet – Income statement – Cash flow analysis – Farm investment analysis – Time comparison principles – Farm planning – Elements of farm planning – Whole farm planning and partial planning – Farm level management system – Farm budgeting – whole farm budgeting and partial budgeting – Estimation of credit - examples of farm planning and budgeting.

TOTAL : 45 PERIODS

OUTCOME:

• Students are able to plan the financial aspects related to farm management in a cost effective manner.

TEXT BOOKS:

1. Johl, S.S., and Kapur, T.R., „Fundamentals of Farm Business Management‟, Kalyani publishers, Ludhiana, 2007.
2. Subba Reddy, S., Raghu Ram, P., Neelakanta Sastry T.V and Bhavani
3. Devi, I., „Agricultural Economics‟ Oxford and IBH Publishing Co. Pvt. Ltd., New Delhi, 2006.

REFERENCES

1. Raju, V.T., “Essentials of Farm Management”, Oxford and IBH Publishing Co. Pvt. Ltd., New Delhi, 2002.
2. Subba Reddy, S., and Raghu Ram, P. „ Agricultural Finance and Management‟, Oxford and IBH Publishing Co. Pvt. Ltd., New Delhi, 2002.
3. Sankhayan, P.L. „Introduction to Farm Management‟, Tata McGraw Hill Publishing Co. Ltd., New Delhi, 2001
4. Muniraj, R., “Farm Finance for Development”, Oxford and IBH Publishing Co. Pvt. Ltd., New Delhi, 2000.