The Farm

Abstract

Farm management is concerned with the application and coordination of resources in order consistently to achieve the established objectives. This is made difficult by the uncertainty of nature, which is both variable in its effects and unpredictable in its presentation. The farm manager must be able to minimize losses in a bad year as well as maximize profits in a good year in order to obtain the optimum level of profit over a number of years. He operates within a framework of constraints which set the boundaries of his activities. The basic factors of production are land, labour and capital; each may be partly or totally limiting, and one factor may severely limit the use of another.