Introduction to Agricultural Economics - JSS2 Agricultural science Past Questions and Answers - page 2
What aspect of agro-processing focuses on developing appealing brands and packaging to attract consumers?
Product diversification
Branding
Market research
Business planning
Which economic principle guides farmers in balancing costs and revenues to maximise profits?
Law of demand and supply
Elasticity
Profit maximisation
Opportunity cost
What term refers to the responsiveness of quantity demanded or supplied to changes in price, income, or other factors?
Elasticity
Opportunity cost
Marginal analysis
Market equilibrium
What is the primary objective of quality control and standards in agro-processing?
To increase production costs
To reduce consumer satisfaction
To minimise environmental impact
To produce quality agricultural goods
Which economic concept in agriculture involves the relationship between the quantity of a good demanded by consumers and the quantity supplied by producers?
Elasticity
Law of demand and supply
Opportunity cost
Marginal analysis
Discuss the definition and scope of agricultural economics.
Agricultural economics focuses on the economic aspects of agriculture, encompassing the production, distribution, and consumption of agricultural goods and services. Its interdisciplinary nature combines principles from economics, agronomy, and other fields to analyse agricultural systems comprehensively.
Examine the relevance of basic economic concepts in agriculture.
Basic economic concepts such as supply and demand, market equilibrium, and cost-benefit analysis are fundamental to decision-making in agriculture. Understanding supply and demand helps farmers anticipate market conditions and adjust production accordingly. Market equilibrium guides pricing decisions, ensuring fair returns for producers and affordable prices for consumers.
Discuss the application of economic principles in agriculture.
Economic principles such as efficiency, productivity, and sustainability are central to decision-making in agriculture. Efficiency entails maximising output with minimal input, optimising resource use and minimising waste. Productivity focuses on increasing output per unit of input, enhancing farm profitability and competitiveness.
Examine the role of agricultural economics in addressing global challenges.
Agricultural economics plays a crucial role in addressing global challenges such as food security, resource scarcity, and environmental sustainability. By applying economic principles, policymakers and stakeholders can devise strategies to increase agricultural productivity, improve market access for smallholder farmers, and promote sustainable land and water management practices.
Discuss the potential benefits of integrating agricultural economics into agricultural education.
Integrating agricultural economics into agricultural education offers numerous benefits by enhancing the decision-making abilities of future farmers and professionals. A solid understanding of economic principles equips individuals with the analytical tools to assess market opportunities, manage production risks, and navigate policy challenges effectively.