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Introduction to Agricultural Management

Introduce Agricultural Management

Overview of Economic Resources

Management is Decision Making

Role of Goals

Decision Making Process

Agriculture and Selected Economic Concepts

Trends in Agriculture -- Causes and Implications

Demand and Supply

Characteristics of Competition

Financial Goals in Decision Making

Financial Goals and Financial Statements

Accounting Profit, Depreciation, Financial Analysis and Opportunity Cost

Production Theory and Diminishing Marginal Productivity

Enterprise Analysis

Partial Budget Analysis

Related topics of Present Value, Cash Flow, and Risk

Management Skills

Strategic Planning

Business Planning Process

Strategic Alliances: Contracts, Business Co-ownership, and Supply Chain Management

Additional Thoughts about Economic Resources

Land

Labor

Capital

Information

Risk

Review and Summary

The title of this course indicates that the focus is on managing or decision making in agriculture.  The goal is to understand how economic, financial and managerial concepts can be applied when making decisions.  With this goal for the course, there also needs to be a focus on understanding agriculture; not the detailed natural and physical sciences of plants, animals, food, energy and other items, but a broader understanding of role and direction of agriculture.

The discussion throughout the course integrates a variety of topics, thus a discussion of an economic concept may be followed by a managerial topic, which is then followed with a discussion of an agricultural subject.  Be ready not only to change focus, but to integrate a variety of topics.

An assumption underpinning the course is that students have been introduced to most of these topics in previous courses, such as demand and supply in an economics course, and revenue and costs in an accounting course.  The challenge in this course is to recognize how decision makers combine these concepts in their analysis to accomplish their task, that is, to make a decision.  The course outline along the right edge of this page demonstrates the range of topics that students need to understand, integrate, synthesize and apply.

A review of economic resources is the first step in this course of study.

Last Updated August 23, 2010

   

Email: David.Saxowsky@ndsu.edu

This material is intended for educational purposes only. It is not a substitute for competent professional advice. Seek appropriate advice for answers to your specific questions.

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Published by Agricusiness and Applied Economics
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North Dakota State University, Fargo, ND 58105-5636
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