This lesson will focus on building skills and economic rationales for decision making under given farming scenarios that may have multiple options. We will spend some time looking specifically at Economic versus Accounting Costs & Relevant Cost Analysis

Economic vs. Accounting Costs

While in many cases, economists talk the same vernacular of numbers that lend to measurement of profit, in a few cases, the two appear to speak about the same numbers in foreign languages. Some of these incidences are covered here.

Class Discussion (5 minutes)

Work in groups of four and discuss: “What, do you think, are the objectives of a farmer?”