The Economics of Farm Management A Global Perspective

Future farm managers need a range of tools and knowledge to run successful businesses, and this accessible textbook provides the required foundations from economics and management, applied to the farm context. In today’s world where farms are subject to ever-changing industrial, labor, demographic, and technological factors, this textbook provides a clear focus and methodology for business stability and growth. It covers core microeconomic and macroeconomic principles, plus the full range of management topics, from accounting and marketing to operations management and human resource management. It also covers family succession planning and farming mega-trends. This second edition has been updated with the latest data and literature, and gives deeper attention to sustainability and conservation. It also offers a broader range of examples, showcasing the diversity of farm types and farm sizes across the US and globally. Instructor materials are available as digital supplements. This textbook will be a valuable resource for courses in farm management, ranch management, agribusiness, and agricultural economics.

1. Managing the Farm in an Integrated World Economy, 2. Management, 3. Business Plans, 4. Lessons from Microeconomics, 5. Lessons from Macroeconomics, 6. Government Policies Affecting Farming around the World, 7. Strategic Management: Planning, 8. Strategic Management: External and Internal Analysis, 9. Crafting Strategy, 10. Strategy Execution and Control, 11. Marketing Basics, 12. Financial Statements, 13. Financial Analysis, 14. Financial Management, 15. Enterprise Budgets: Uses and Development, 16. Partial Budgets, 17. Whole-Farm Planning, 18. Operations Management for the Farm, 19. Quality Management and Control, 20. Investment Analysis, 21. Land Ownership and Use, 22. Risk Management, 23. Production Contract Evaluation, 24. Human Resource Management, 25. Business Organization, 26. Farm Transfer and Succession Planning, 27. Farming in the Future

Kent Olson is Professor Emeritus in the Department of Applied Economics at the University of Minnesota, USA. John Westra is Program Leader and Professor in the Department of Agricultural Economics at the University of Nebraska, USA.