The content is just an excerpt from the complete note for SS 2 Third Term Agricultural Science Lesson Note – Basic Economic Principles and Factors of Production. Check below to download the complete PDF
CLASS: SS 2
TOPIC: BASIC ECONOMIC PRINCIPLES AND FACTORS OF PRODUCTION
CONTENT:
SUB TOPIC 1: BASIC ECONOMIC PRINCIPLES
Economics is a social science which studies human behavior as a relationship between ends and scarce means which have alternative uses. It deals with production, distribution, exchange (marketing) and consumption of agricultural goods. Basic Economics principles include:
LAW OF DIMINISHING RETURN: It states that increase in the supply of variable factor (fertilizer) of production to a fixed factor (land) is to have marginal product (output) increase to a point where increase in the amount of variable factor will bring about decrease in marginal product. For example, if fertilizer application to a crop growing on a fixed area of land is increasing, the yield will increase at first. But it will reach a point when further addition of fertilizer will be increasing the yield at a diminishing rate.
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