Principles Of Agricultural Economics
Overview
A farmer is a scientist in the field and a businessperson at the gate. Growing a good crop is only half the job; selling it for more than it cost to grow is the other half. Every bag of fertiliser, every hour of labour and every choice of crop is really a question about money: will this extra effort pay for itself?
In this lesson you will meet the economic ideas that guide those choices. You will compare organic production, hydroponics and genetically modified crops and weigh the arguments for and against them. Then you will learn how supply and demand set prices, why piling on more and more fertiliser eventually stops paying (the law of diminishing returns), and how a farmer decides what to grow when land, money and time are all limited.
Objectives
- (a) describe organic production, hydroponics and genetically modified (GM) crops and be able to discuss arguments for and against the use of GM crops and organic production.
- (b) explain the principles of supply and demand, diminishing returns, opportunities and choices facing the farmer, decision-making based on understanding of economic factors.
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Lesson Evaluation
Congratulations on completing the lesson on Principles Of Agricultural Economics. Now that youve explored the key concepts and ideas, its time to put your knowledge to the test. This section offers a variety of practice questions designed to reinforce your understanding and help you gauge your grasp of the material.
You will encounter a mix of question types, including multiple-choice questions, short answer questions, and essay questions. Each question is thoughtfully crafted to assess different aspects of your knowledge and critical thinking skills.
Use this evaluation section as an opportunity to reinforce your understanding of the topic and to identify any areas where you may need additional study. Don't be discouraged by any challenges you encounter; instead, view them as opportunities for growth and improvement.
- Hydroponics is the growing of plants: A. Only in greenhouses heated by the sun B. Without soil, with roots in a nutrient solution C. Using only organic manure D. From genetically modified seed Answer: B
- Which is an argument in favour of growing GM crops? A. The seed is always free B. They can resist pests so less pesticide is needed C. They never affect wild plants D. They remove the need to sell produce Answer: B
- After a drought sharply reduces the maize harvest, the price of maize is most likely to: A. Rise, because supply falls while demand stays high B. Fall, because supply rises C. Stay exactly the same D. Fall, because demand disappears Answer: A
- The law of diminishing returns means that, as more fertiliser is added to a fixed field: A. Yield rises by the same amount each time B. Yield falls from the very first addition C. Each extra amount eventually adds less extra yield D. Yield is unaffected by fertiliser Answer: C
- A crop costs $600 per hectare to grow and yields 5 tonnes per hectare. The growing cost per tonne is: A. $60 B. $100 C. $120 D. $300 Answer: C
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