COURSE BREAKDOWN
A. Theory Lectures
Unit 1
Concept, Nature, Subject Matter, and Scope of Livestock Economics and Production Economics
1.1 Definition of Economics and its major branches (Microeconomics and Macroeconomics); subject matter, theories of economics
1.2 Economic terminologies: goods, service, utility, value, wealth, price, capital, income, welfare
1.3 Important features of land, labor, capital and interest
1.4 Theories of demand, supply and cost
1.5 Importance and scope of understanding economic principle in farm decision making in Nepal and scope of farm management in relation to Economics
Unit 2
Management of Farm Resources
2.1 Emphasis on efficient utilization of Land, Labour, Machinery and equipment in livestock production
Unit 3
Factor-Product relationship
3.1 Optimal input use (feed, labor) for livestock product output (milk, meat, eggs)
3.2 Application of the law of diminishing returns to livestock production
Unit 4
Factor-Factor Relationship and Least-Cost Combination in Livestock
4.1 Optimal combination of feed ingredients for minimizing feed costs
4.2 Substitution between different inputs
Unit 5
Product-Product Relationship and Comparative Advantage in Livestock
5.1 Enterprise combination, comparative advantage of one product vs. another: Choosing which livestock to raise with limited farm management resources
5.2 Product selection with livestock and other ag enterprises like cash crops. Emphasizing selection of livestock vs other types of ag production
Unit 6
Principles of Livestock Management Decisions
6.1 Application of these principals to livestock production. Variable proportion in livestock feeding
6.2 Factor substitution in livestock enterprises
6.3 Cost principle in livestock production, Opportunity cost in livestock enterprise selection
6.4 Time comparison in livestock investment – Comparative advantage in selecting livestock products
Unit 7
Farm Planning and Budgeting in Livestock
7.1 Introduction of Farm Planning, Objectives of Farm Planning, Principal Characteristics of a good farm plan
7.2 Techniques of Farm Planning. Information needed for farm planning and budgeting, production function analysis, components of Livestock Farm Budget
Unit 8
Farm Budgeting
8.1 Introduction to Farm Budgeting and its application, Partial Budgeting
8.2 Introduction to Enterprise budgeting, Complete Budgeting and steps in farm budgeting
Unit 9
Farm Records Keeping in Livestock
9.1 Farm records, advantages of farm records and accounts. Problems and difficulties in farm accounting and Systems of Book Keeping
9.2 Types of Farm records and Accounts, Financial Records, Inventory: Process of taking farm inventory and Methods of Valuation
9.3 Introduction to Depreciation and methods of its computation
9.4 Introduction to Financial Statements: Income Statement, Balance Sheet and Cashflow statement, Interpretation and analysis of financial ratios
Unit 10
Farm Efficiency Measures in Livestock
10.1 Measures of technical efficiency, allocative efficiency, and economic efficiency in livestock farms
10.2 Calculating the efficiency measures in the case of livestock farms and livestock enterprises in Nepal, Improving farm efficiency in Nepal
Unit 11
Risk and Uncertainty in Livestock Production
11.1 Introduction to Risk and Uncertainty, Major Sources of Risk, Framework for Risk Management and Strategies for Specific Risks
Unit 12
Linear Programming for Livestock Enterprises
12.1 Introduction to Linear Programming in Livestock Systems, its assumptions and its key components
12.2 Application of Linear Programming to optimize feed formulation or resource allocation in livestock farms
B.V.Sc and AH 3rd Semester
Time: 30 min
Attempt any Four
Explain Adam Smith's definition of economics and describe his concept of economics.
Discuss the arguments supporting the idea that economics is a science.
Define goods and provide an explanation.
Differentiate Between Needs and Wants?
Define any two of the following:
a. Income
b. Ordinal Utility
c. Wealth
