Unit Code: AEC411
Unit Name: Introductory to Farm Business Management
Description: This course includes: basic economics terminologies: macroeconomics, micro economics, normative, positive economics, scarcity and choice; Importance of agriculture to Fiji's economy; principles of demand and supply; Management decision making; Micro economic and macro-economic theories; Demand and supply elasticites; Factors of production; theory of firms, explicit, implicit costs; Marginal costs, marginal revenue, profit maximization; Market equilibrium, producer consumer surplus, government revenue, effect of tax; Macro economy and agriculture, GDP, poverty and sustainable development; Balance sheet and its analysis; concept of depreciation, method of calculating depreciation; Theory of consumer behaviour, total utility, law of diminishing marginal utility, theory of indifference curve; Whole farm planning, planning procedure with examples; Cash flow budgeting, features and uses of cash flow, how to construct cash flow; Economics input and product substitution, least cost use of input for given outputs; Market structures, classification, advantages and disadvantages; Production relationships, average, total and marginal costs, law of diminishing returns; Land tenure system in Fiji, types and its effect on agricultural production, Agricultures role in economic development, challengers faced by agriculturist in developing countries; Machinery development, estimating machinery cost, machinery selection process; Human resource development, characteristics of agricultural labor, measuring labor efficiency; Land control and use, factors affecting farm land values, land use management, conservation practices; reserve bank of Fiji, its role with respect to monetary policy; Natural resources, environment and agriculture, agriculture's interaction with natural resources and environment; General agreement on trade and tariff, GATT, WTO and their application in trade.
Learning Target Outcomes:
Prerequisite: N/A
Prerequisite Sentence: Student must be enrolled in the programme.
Credit Point: 12
Offered In: Semester 1