What Is Agricultural Economics
  • Subject: Agriculture
  • Size: 1.43 mebibytes
  • Author: SEMPALA HUSSEIN
  • File Type: PDF
  • Added By:  Wits College Namulanda

What is agricultural economics? Agricultural economies is the study of how best to produce crops and farm animals with scarce resources to get maximum returns (profits). It helps the farmer to use the cheapest means of production sell at the best price in order to get high profits. It helps the farmer to decide correctly on the following: 1. What to produce. 2. How much to produce. 3. How to produce 4. When to produce / sell. 5. Where to sell i.e. for whom to produce. The role of agriculture in development. 1. Food security: the consistent sustainable supply of food is necessary for economic development to take place hence agriculture is a source of food for the population. Governments spend a lot of money and experience budget failures when droughts/ food short