Lesson Note On The Factors of Agricultural Production: Entrepreneur or Management

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Characteristics of management:

• It is neither variable nor fixed
• The cost of management is determined by its quality
• It involves the use of mental energy in production.
• Its quality influences output
• Its reward is profit.

Importance of Entrepreneur or Management in Agricultural Production

1. It coordinates and controls other factors of production
2. It takes decisions about the farm business.
3. It manages the farm business in order to make a profit.
4. It determines the level of pay or wages.
5. Management influences the organization.

EVALUATION:

State four importance of each of the following in agricultural production

(a) Water (b) Entrepreneur

WEEKEND ASSIGNMENT

1. Explain each of the following:
2. Land (b) labour      (c) capital
3. Mention four importance of land in agricultural production.