Write short notes on the following in agricultural production. (a) land: (b) capital, (c) labour...
Write short notes on the following in agricultural production. (a) land: (b) capital, (c) labour (d) farm manager.
Explanation
(1) Land: (i) Land refers to where production can take place. (ii) It s the gift of nature (iii) It Is immobile and deteriorates when it ts not properly used. (v) It also refers to soil,water.minerals (v) The reward for land is rent,
(2) Labour: (I) It refers to human effort put into production (ii) it includes personal, family, communal and hired or paid labour. (iii) Labour can be skilled, unkilled or semi-skilled. (iv) The reward for labour is wages or Salary.
(3) Capital; (i) This includes all man-made productive assets which are used in production. (i) It could be fixed, e.g. buildings, vehicles, tools and implements. (iii) It could be working capital e.g. water, feed, drug et.c (iv) The reward for capital is interest.
(4) Entrepreneur or Management: (i) This refers to the person who coordinates, organises and controls the use of other factors of production, (iii) In agriculture, he is referred to as the Farm Manager.