FACTORS OF PRODUCTION (MANAGEMENT)

Management refers to the organization, coordination and control of all factors of production to ensure that the goals of the farm enterprise are met. The goals of any farm enterprise includes

1. Making profit
2. Reducing production cost
3. Providing quality produce (finished or raw)
4. Increase consumer base

FEATURES OF MANAGEMENT

The following are the features or characteristics of management in an agricultural enterprise:

1. Its quality influences output.
2. Its cost is determined by its quality and experience.
3. It is provided by man.
4. Its reward is profit.

IMPORTANCE OF MANAGEMENT

1. ensures smooth running of the enterprise.
2. ensures the enterprise is making profit.
3. ensure the effective utilization of other factors of production.
4. ensures that the goal of the farm enterprise are achieved.
5. ensure that all records and accounts are adequately kept.

EVALUATION

1. Who is a farm manager?
2. List three characteristics of a farm manager.

WEEKEND ASSIGNMENT

1. ____ refers to the to the organization, coordination and control of all factors of production to ensure that the goals of the farm enterprise are met A. Management
2. Manager C. Enterprise D. Capital
3. The reward of management is ____ A. labour B. profit C. loss D. interest

The cost of management is determined by ____ A. qualification B. quality and inexperience C. quality and experience D. quantity

3. The goal of farm enterprise includes all but A. to make money B. to waste money C. to produce at the right time D. to increase consumer base

Management as a job does not involves A. keeping records B. making uninformed

decisions C. determining what to produce D. purchasing farm inputs

THEORY

1. What are the goals of a farm enterprise?
2. Define management.

See also

CAPITAL

LABOUR

FACTORS OF PRODUCTION (LAND)

WEEDS AND PEST CONTROL

PEST