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Agricultural Economics Notes (Certificate in General Agriculture)

Institution: College

Course: Certificate in General Agriculture

Content Category: Lecture Notes

Posted By: 35824167

Document Type: DOCX

Number of Pages: 51

Price: KES 150

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Summary

Download Agricultural Economic Notes.
Brief Overview
BASIC CONCEPTS OF ECONOMICS
Economics is the study of how man and society chose to employ scarce productive resources, to produce various commodities over time and distribute them for consumption, now and in the future.
Agriculture economics is an applied science that aims at maximizing costs, by combining the limited suppliers of land, capital, labour and management, to produce goods and services for use by society over a period of time.
The basic economics concepts include:-
-Scarcity
-Preference and choice
- Opportunity cost
Scarcity
The factors of production, that is; land, capital, labour and management are scarce or limited. The farmer is faced with the problem of limited resources to satisfy unlimited needs. The farmer must, therefore, decide how to allocate available resources to different and competing enterprises.
Preference and choice
The available resources in agricultural production are limited in relation to production needs of many competing enterprises; therefore, choice has to be made on how to allocate the resources. The choice made is determined by such factors as the needs of the society, the farmer’s preference and ecological factors.
Opportunities cost
These are the returns from the best alternative foregone.
For example piece of land, for example, if a farmer chooses to grow maize instead of wheat the returns that would have been obtained from wheat are forgone.
Resource
Refers to a useful or valuable possession or quality that a person or the organization has, for example, money, time, or skills

Wealth
“stock of goods existing at a given time that have money value”
In ordinary speech, when we refer to wealth, we mean money. But in economics, it has a special meaning. It refers to those scarce goods which satisfy our wants and which have a monetary value. We may consider anything that has monetary value as wealth in economics.
All economic goods have value–in–exchange. So wealth includes all economic goods.
Roles played by Agriculture
According to World Bank report, 2/3 of the world population is mainly concentrated in rural areas which are mainly agricultural oriented. To eradicate poverty and raise the welfare standards of this population, more focus should be put on Agricultural activities. In Kenya, Agriculture contributes to 35% of the GDP and constituted about 40% of export earnings, Agriculture is a sector that establishes the industrialization through various ways.

i. Food production
E.g. maize, sorghum, sugarcane, potatoes, rice, milk, meat, honey etc. adequate food leads to a healthy and energetic nation hence growth in population. The increased population provides labour for more economic development.

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Agricultural Economics Notes (Certificate in General Agriculture)

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