Agri Economics
MANAGEMENT, ECONOMICS AND DECISION-MAKING
MANAGEMENT
* Making decisions * Choosing between alternatives * Making choices based on economic analysis and evaluation
MANAGER
* Anyone who participates in and affects the decision-making process, regardless of how informal and unstructured that process might be * Someone who is engaged in a decision involving choice and utilizes some form of economic evaluation
REASON FOR STUDYING MANAGEMENT AND ECONOMIC ANALYSIS * Because we are continually making decisions as managers, it becomes useful and necessary to study management and economic analysis.
ROLE OF MANAGEMENT IN AGRICULTURAL ECONOMIC ANALYSIS * To direct resources at both the firm and societal levels * To allow the objectives of the firm to be met given the financial constraints and managerial capabilities * To help the individual decision maker improve his or her performance
ECONOMICS
* Allocation of scarce resources between competing ends for the maximization of those ends over time * Allocation of scarce resources for the satisfaction of human wants
UNDERPINNINGS OF ECONOMICS 1. Allocation – making decisions about how to use our resources and capabilities 2. Scarcity – resources are scarce; so we need to allocate them 3. Unlimited wants – humans are insatiable; gives rise to scarcity problem 4. Goals or objectives – profit maximization and/or cost minimization and maximization of well-being 5. Time – allows differing courses of action to occur and goals to vary during the decision process
RESOURCE
* Input provided by nature * Modified by humans using technology * Used to produce goods and services that satisfy human wants
THREE IMPORTANT CHARACTERISTICS OF RESOURCES 1. Economic value – producers must pay to use resources 2. Limited supply – resources are limited and so are the goods and services produced from them 3. Alternative uses – because resources
MANAGEMENT
* Making decisions * Choosing between alternatives * Making choices based on economic analysis and evaluation
MANAGER
* Anyone who participates in and affects the decision-making process, regardless of how informal and unstructured that process might be * Someone who is engaged in a decision involving choice and utilizes some form of economic evaluation
REASON FOR STUDYING MANAGEMENT AND ECONOMIC ANALYSIS * Because we are continually making decisions as managers, it becomes useful and necessary to study management and economic analysis.
ROLE OF MANAGEMENT IN AGRICULTURAL ECONOMIC ANALYSIS * To direct resources at both the firm and societal levels * To allow the objectives of the firm to be met given the financial constraints and managerial capabilities * To help the individual decision maker improve his or her performance
ECONOMICS
* Allocation of scarce resources between competing ends for the maximization of those ends over time * Allocation of scarce resources for the satisfaction of human wants
UNDERPINNINGS OF ECONOMICS 1. Allocation – making decisions about how to use our resources and capabilities 2. Scarcity – resources are scarce; so we need to allocate them 3. Unlimited wants – humans are insatiable; gives rise to scarcity problem 4. Goals or objectives – profit maximization and/or cost minimization and maximization of well-being 5. Time – allows differing courses of action to occur and goals to vary during the decision process
RESOURCE
* Input provided by nature * Modified by humans using technology * Used to produce goods and services that satisfy human wants
THREE IMPORTANT CHARACTERISTICS OF RESOURCES 1. Economic value – producers must pay to use resources 2. Limited supply – resources are limited and so are the goods and services produced from them 3. Alternative uses – because resources
References: * Casavant, Kenneth L., Craig L. Infanger, and Deborah E. Bridges. Agricultural Economics and Management. New Jersey: Prentice Hall, Inc., (1999). * Balisacan, Arsenio M. and Hal Hill (Editors). The Philippine Economy: Development, Policies, and Challenges. New York: Oxford University Press, (2003). LIMITATIONS * Administrative History according to Caldwell (1955: 455) as cited in Raadschelders (1998: 6), is the study of the origins or evolution of administrative ideas, institutions, and practices. * [Raadschelders, Jos C.N. in B. Guy Peters and Jon Pierre (eds.), 2003: 161-168] * This paper shall deal with the second type of Administrative History (administrative history proper) with Agricultural Education as its focus. * This paper shall utilize at least three methods of Administrative History according to Raadschelders (1998 and 2003): 1 * Samuel T. Mancebo (1984) divided the historical development of agricultural education in the Philippines into these five periods: 1 2. American Period (1901-35) 3 4. Philippine Republic (1946-71) 5 SPANISH PERIOD * Manila Agricultural School, 1889 * Ateneo Municipal, 1885 * University of Santo Tomas, 1889 * Unfortunately, most if not all of these agricultural programs and schools had been closed due to the 1896-1898 Philippine revolt against Spain. * (Mancebo, 1984) * Lasap (1975) as cited by Mancebo (2004) reported that there had been a transfer of authority to establish agricultural colleges from the Bureau of Public Instruction to the Bureau of Agriculture by virtue of Act No. 512 of 1902. * Mancebo (1984) attributed the initiation of collegiate education in agriculture to the establishment of the U.P. College of Agriculture in 1909.