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Refers to the variability in farm income due to unpredictable factors like weather or market conditions. Effective risk management strategies are crucial for farm sustainability.

Measures how much the quantity demanded of an agricultural product changes in response to a price change. Critical for pricing strategies and anticipating market reactions.

Financial assistance given by the government to farmers to help make agricultural products competitive. Subsidies can affect farm profitability and production decisions.

Cost of producing one additional unit of output. It's important for making decisions about how much to produce and setting prices to ensure coverage of variable costs.

The ability of a farm to produce goods at a lower opportunity cost than others. It's important for trade and specialization decisions in agricultural businesses.

The strategic use of farm land to maximize crop production efficiency. Proper land utilization considers crop rotations, soil types, and environmental sustainability.

The study of the relationships between inputs (e.g., labor, materials) and outputs (e.g., crops, livestock) of the farm. This analysis is used to enhance productivity and efficiency.

Refers to the point at which the cost of producing an additional unit is the lowest. Understanding economies of scale can help optimize farm size for maximum profitability.

The oversight of materials, information, and finances as they move from supplier to consumer. Efficient supply chain management is key to reducing costs and increasing farm product competitiveness.