Answer to Question #254690 in Microeconomics for Akash

Question

assume that you are from a farming family.how can you utilize the limited resources to fulfill your needs.assignment Should be in a particular format containing-introduction, explanation of main topic with sub heding and conclusion

Answer 1

Introduction

A family farm is a farm that is entirely under the control of family members only. It is not a big entity that requires a wide set of management.

Resources in the family farm

• Land - The farm/land by itself is a resource. Family farm is a private entity and it may not be as large as public land. Therefore, in order to utilize it effectively, the productivity of the farm must be upheld through improvement and maintenance of soil fertility.
• Labor force - the labor force in a family farm are family members who help cut down the cost that could be incurred in hiring laborers to work in the farm. Specialization and division of labor among family members could help boost productivity.
• Water- water is also an important resource in the farm. Though supply could be limited, the little amount available can be used to yield more output through irrigation.

Conclusion

The limited resources in a family farm including less laborers, limited size of land, and limited water supply , when effectively and efficiently used , can result in significantly high levels of production and output.