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- the economic study of the aquistion and use of capital in agriculture
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- to evaluate performance, need to have identified goals/objectives associated with that performane.
- Goal ID leads to development of measuse of goal attainment, targets for these measures and analytical procedures for the relating plans and expectations to the measures and targets. |
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- goal to maximize profits
-generally short term
- in macro: this is where MVP = MIC for all inputs and all enterprises |
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- generally long term
- short term profits may need to be traded for long term growth
- to account for trade off, use the concept of present value where future profits are discounted for time |
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- can change the level of resouce allocation depending on the level of risk aversion
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| - individuals must be compensated for risk taking |
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| - as the level of risk increases, the expected return will increase |
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| - the required compensatio over the risk free rate of return |
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| - a risk averse individual will choose investments that give the same expected return with a lower level of risk |
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