UPMSP Int Agricultural Economics flashcards
UPMSP Int Agricultural Economics · Build recall with a focused review session.
32 cards. Read the term and the definition here. The deck at the top of this page is optional.
- Agricultural Economics
- A branch of applied economics that studies the allocation of scarce resources in agriculture, including production, distribution, and consumption of food and fibre, and the policies affecting them.
- Law of Diminishing Returns
- States that as one variable input is increased with all other inputs fixed, the marginal product of that input eventually declines, holding technology constant.
- Elasticity of Production
- The percentage change in output resulting from a one percent change in a single input, equal to marginal product divided by average product.
- Farm Management
- The science and art of organizing and operating a farm to achieve maximum continuous profit and family satisfaction, involving planning, decision-making, and control.
- Balance Sheet
- A financial statement that lists assets, liabilities, and net worth at a specific point in time, used to assess the financial position of a farm business.
- Marginal Cost
- The addition to total cost resulting from producing one more unit of output; it intersects average total cost and average variable cost at their minimum points.
- Opportunity Cost
- The value of the next best alternative forgone when a resource is used in a particular activity; it is an implicit cost included in economic cost.
- Price Elasticity of Demand
- The responsiveness of quantity demanded to a change in price, calculated as percentage change in quantity demanded divided by percentage change in price.
- Market Equilibrium
- A situation where the quantity demanded of a good equals the quantity supplied at a given price, so there is no tendency for price to change.
- Marketing Channel
- The sequence of intermediaries and functions through which a farm product passes from the producer to the final consumer.
- Marketable Surplus
- The portion of agricultural production that is available for sale after deducting family consumption, seed, feed, and wages paid in kind.
- Minimum Support Price
- A price announced by the government for certain crops to protect farmers from a fall in market prices, based on recommendations of the CACP.
- Terms of Trade
- The ratio of the index of prices received by farmers for their products to the index of prices paid for inputs and consumer goods.
- NABARD
- The National Bank for Agriculture and Rural Development, an apex development bank that refinances and regulates rural credit institutions in India.
- Kisan Credit Card
- A scheme providing farmers with short-term credit for crop production and allied activities through a card-based revolving credit facility.
- Land Ceiling
- A legal limit on the maximum area of land a family or individual may own, aimed at reducing concentration of landholdings and redistributing surplus land.
- Consolidation of Holdings
- The process of rearranging fragmented land parcels into compact blocks to improve farm efficiency and reduce boundary disputes.
- MGNREGA
- The Mahatma Gandhi National Rural Employment Guarantee Act, which guarantees at least 100 days of unskilled manual work per rural household per year.
- Real Wage
- The purchasing power of a money wage, calculated as the money wage divided by a price index; it reflects the actual standard of living of workers.
- PACS
- Primary Agricultural Credit Society, a village-level cooperative institution that provides short-term credit and input supply to member farmers.
- Farmers' Producer Organization
- A collective of farmers formed to improve production, marketing, and bargaining power, often registered as a company or cooperative.
- Green Revolution
- A period of increased agricultural production in India during the 1960s and 1970s due to high-yielding varieties, fertilizers, and irrigation expansion.
- PM-KISAN
- A central scheme providing direct income support to small and marginal farmer families in India through direct benefit transfer.
- Production Function
- A mathematical relationship showing the maximum output that can be produced from a given set of inputs with existing technology.
- Isoquant
- A curve showing all combinations of two inputs that produce the same level of output, used to determine least-cost input combinations.
- Break-Even Point
- The level of output at which total revenue equals total cost, resulting in zero economic profit; below this point the farm incurs losses.
- Income Elasticity of Demand
- The responsiveness of quantity demanded to a change in consumer income, calculated as percentage change in quantity divided by percentage change in income.
- AGMARK
- A certification mark in India for agricultural products that meet specified quality standards, facilitating grading and consumer confidence.
- CACP
- The Commission for Agricultural Costs and Prices, which recommends minimum support prices and procurement prices for major agricultural commodities.
- Priority Sector Lending
- A mandate requiring banks to allocate a specified proportion of their lending to sectors such as agriculture, small enterprises, and weaker sections.
- Operational Holding
- The area of land actually used for agricultural production by a household, regardless of ownership, including leased-in and excluding leased-out land.
- Self-Help Group
- A voluntary group of rural poor, often women, who pool savings and provide small loans to members, frequently linked to banks for microcredit.