Principles of farm management. Farm business analysis. Importance of farm records and accounts in managing a farm, various types of farm records needed to maintain on farm, farm inventory, balance sheet, profit and loss accounts. Meaning and importance of farm planning and budgeting, partial and complete budgeting, steps in farm planning and budgeting-linear programming, appraisal of farm resources, selection of crops and livestock’s enterprises. Positive and negative externalities in agriculture, inefficiency and welfare loss, solutions, Important issues in economics and management of common property resources of land, water, pasture and forest resources.