(a) Define the following terms as used in agricultural economics: (i) assets; (ii) Liabilities (b) Mention three problems encountered by farmers in obtainin...
Question 1 Report
(a) Define the following terms as used in agricultural economics:
(i) assets;
(ii) Liabilities
(b) Mention three problems encountered by farmers in obtaining agricultural credits
(c) Enumerate four roles of an agricultural extension agent
(d) Outline five roles of farmer co-operative societies in agriculture
Answer Details
(a) Definition of terms
- (i) Assets: These are the items or properties of value owned by a business or farmer, such as land, buildings, machinery, livestock and cash.
- (ii) Liabilities: These are the debts or financial obligations owed by the business to others, such as loans, unpaid wages and taxes payable.
(b) Three problems encountered by farmers in obtaining agricultural credit
- Lack of collateral/security to guarantee the loan.
- High interest rates and complex, bureaucratic loan procedures.
- Inadequate credit institutions in rural areas and delay in loan approval/disbursement.
(c) Four roles of an agricultural extension agent
- Teaches farmers improved farming techniques and demonstrates new practices.
- Introduces improved seeds, breeds and inputs to farmers.
- Organizes farmers into cooperatives/groups.
- Conveys farmers' problems to researchers and disseminates research findings to farmers.
(d) Five roles of farmer cooperative societies
- Provide credit and loans to members.
- Supply farm inputs to members at reduced cost.
- Provide storage and marketing facilities for members' produce.
- Provide extension education and encourage savings among members.
- Process members' produce and provide social welfare services.
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