Agriculture Law and Management


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Review & Summary

These materials have addressed making decisions in an agricultural business by reviewing and integrating selected economic, financial, and managerial concepts while considering how production, information and transportation technologies are influencing how we biologically capture current sunshine to meet our needs.

Some of the specific topics were ?????

  • Management is decision making
  • Goals are the criteria for selecting among alternatives
  • Managers have business and non-business goals beyond earning a profit
  • There is a close relationship between the three major financial statements (income statement, cash flow statement, and balance sheet) and common business goals of earning a profit, paying bills on time, increasing equity  and assuming a reasonable risk exposure.
  • Agriculture is being influenced by production, communication and transportation technologies
  • Managers can rely on accountants to determine a firm's accounting profits, but it is the manager's responsibility to assess whether the accounting profits are providing an adequate return to the resources (land, labor, capital, information and assumption of risk) the owners have invested in the business.
  • Managers need skills such as communication, leadership, and ethical business practices.
  • Managers need a decision making process for short-term or immediate decisions and a strategic planning process for a long-term vision.
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