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University contact person: Annie Kinwa-Muzinga
Information from related Farm Business Management Events:
Contest Purpose: This event is designed to test the participant's understanding of basic economic principles essential in the successful management of a farm business.
Emphasis will be placed on analytical procedures rather than recall of specific facts. Among other things, contestants will be expected to know how to keep and analyze net worth, farm earnings, and cash flow statement of a case farm; use of partial budgeting to evaluate purchase versus lease and other options, and determine the proper use of credit. Contestants should be familiar with the use of economic principles, logic to determine the proper combination of resources (capital, labor, land and management) for enterprises (dairy, swine, corn, etc.), and the economic relationships between resources and enterprises. Some understanding of agricultural programs and their effects upon individual farmers will also be expected. Basic commodity trading terms will be used.
The contest will consist of an individual written exam plus a group team activity. Students are reminded that calculators may be used. The rules for the contest are explained below.