NSC Agricultural Management Practices Marketing functions: Discuss the economic importance

Question

Discuss the economic importance to the country of farmers as entrepreneurs.

Farmers play a crucial role as entrepreneurs in the economy. Firstly, they combine the factors of production to produce agricultural goods and services that are essential for sustenance in the country. This activity creates employment opportunities not only on the farm but also in related sectors such as transport and marketing.

Secondly, competition among farmers can lead to the production of better quality goods and services, which ultimately benefits consumers. Additionally, successful farmers invest in new agricultural technologies, enhancing productivity and efficiency.

Furthermore, farmers contribute significantly to the economic growth of the nation by supplying food, which is essential for food security. They also play a vital role in obtaining foreign currency through the export of agricultural products. Lastly, farmers adopt the latest information and technologies that improve food production, thereby ensuring a stable food supply for the population.

Discuss the economic importance to the country of farmers as entrepreneurs - NSC Agricultural Management Practices - Question 3 - 2016 - Paper 1

Worked Solution & Example Answer:Discuss the economic importance to the country of farmers as entrepreneurs - NSC Agricultural Management Practices - Question 3 - 2016 - Paper 1

Economic Importance of Farmers as Entrepreneurs

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