State five principles used in farm management?

1. Planning: Farm management involves creating a detailed plan for the operation of the farm, including setting goals, determining production methods, and allocating resources effectively.

2. Decision-making: Farm managers must make informed decisions about various aspects of the farm, such as crop selection, input usage, and marketing strategies, to ensure the success and profitability of the operation.

3. Risk management: Farm managers must assess and manage risks associated with farming, such as weather events, market fluctuations, and pest outbreaks, to minimize potential losses and protect the farm's financial stability.

4. Financial management: Farm managers must effectively manage the farm's finances, including budgeting, cash flow management, and financial analysis, to ensure the farm remains profitable and sustainable in the long term.

5. Human resource management: Farm managers must effectively manage the farm's workforce, including hiring, training, and supervising employees, to ensure that the farm operates efficiently and effectively.

1. Principle of Diminishing Returns
2. Principle of Equi-Marginal Returns
3. Principle of Substitution
4. Principle of Comparative Advantage
5. Principle of Opportunity Cost