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The point where total revenue equals total costs, implying no profit or loss. For farming, this is crucial for survival and long-term planning.

The level of pest infestation at which the cost of control equals the revenue from prevented crop damage. It is key for cost-effective pest management in agriculture.

The additional output resulting from using one more unit of a particular input, keeping all other inputs constant. Critical for understanding input-output relationships in farming.

The cost advantage achieved by increasing the scale of production, leading to a lower cost per unit. For farming, it would mean lower average costs as farm size increases.

A measure of overall efficiency in turning inputs into outputs, often used to measure technological progress in farming.

The ability of a farm to produce a good at a lower opportunity cost than another producer. This determines what crops or livestock to specialize in.

Costs that change in proportion to the level of production, such as seeds, fertilizers, and labor in farming.

The additional revenue a farmer earns from selling the output produced by an additional unit of an input. It aids in resource allocation decisions.

A financial assistance granted by the government to farmers to lower their costs of production and encourage more output.

The process of determining the best output and input levels to achieve the highest profit. In farming, it includes choosing the right mix of crops or livestock and input use.

The sum of all expenses incurred in the production of agricultural goods, including both fixed and variable costs.

A side effect or consequence of an industrial or commercial activity that affects other parties without this being reflected in market prices, such as pollution from farming affecting nearby communities.

As more and more units of a variable input are added to fixed inputs, the additional output from each new unit will eventually decrease. This concept is crucial in managing farm inputs and maximizing yield.

The cost of the next best alternative use of resources. For farming, it’s the income that could have been earned by deploying resources in the next best alternative.

The cost of producing one additional unit of output. In farming, this helps in determining the optimal level of production to maximize profit.

The practice of identifying, assessing, and prioritizing risks followed by coordinated efforts to minimize the impact of such risks on farming.

The overall amount of money earned from selling agricultural products; calculated by multiplying the price per unit by the number of units sold.

Costs that do not vary with the level of production. In farming, this includes costs like land payments and equipment depreciation.

A mathematical representation of the relationship between input levels and the resulting output levels in farming operations.