Agricultural Science·Agricultural economics · NSSCO 8.1.1
Principles of agricultural economics
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How does a Namibian farmer with a little land, a little money and a few pairs of hands decide what to farm — and still make a profit? That careful thinking is agricultural economics. We'll meet the four factors of production, watch supply and demand set a price, learn when adding more fertiliser stops paying, and see how family size and our national population shape farming.
What you'll learn in this lesson
By the end you should be able to (NSSCO Agricultural Science 8.1.1):
- State the meaning of the term agricultural economics
- Discuss the factors of production such as land, capital, labour and entrepreneurship
- Explain the principles of supply and demand, diminishing returns, risks and uncertainty, opportunities and choices facing the farmer, and decision-making based on understanding economic factors
- Discuss the influence of family size and a balanced national population on agricultural economics
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