Title: Explain opportunity cost in production agriculture.
Course: Operating the Farm Business (18301-III) > Section: Applying Economic Principles Specific to Agricultural Production

Explanation should include

- a definition of opportunity cost
- benefits of partial budgeting
- resources that have alternative uses and their values.

Process/Skill Questions:

- What are the opportunity costs associated with growing crops for food, feed, fiber, oil, ornamental use, and industrial use?
- Why should an agricultural manager analyze opportunity cost?
- What is the opportunity cost for attending college?
- What are examples of partial budgeting?