About Lesson
Farm manager and farm entrepreneur
- Farm entrepreneur is the person (can be a group of persons also), who thinks of, organizes and operates the business and is responsible for the results that is losses and gains from the business. He is a pioneer in organizing and developing the farm.
- Farm manager is a person (can be more than one) who manages or supervises the business according to the instructions of the entrepreneur. He is hired to manage the business. He is not generally responsible for any gain or loss to the business.
Difference between farm management and production economics
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Farm management |
Production economics |
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It is the study of farm or production activities at micro level. |
It is the study of farm or production activities at macro level. |
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Principles and theories developed from microeconomics are used. |
Principles and theories developed from macroeconomics are used. |