(a) What is depreciation in agricultural production?
(b) Distinguish between the following pairs of terms as used in agricultural production:
(i) farm records and farm accounts;
(ii) credit and subsidy;
(iii) assets and liabilities.
(c) State five problems of agricultural extension in West Africa.
(d) Enumerate five factors that affect the supply of cassava in West Africa
Explanation
(a) Meaning of Depreciation in Agricultural Production
Depreciation refers to the loss or reduction in the value or worth of an asset as the asset is being used over time.
OR
a loss in value of asset as a result of wear and tear or obsolescence over a period of time.
(b)Differences between the following Pairs of Terms as used in Agricultural Production
(i) Farm Records and Farm Accounts
Farm records are information or facts about the activities that take place on the farm while/but/ whereas/ on the other hand;
Farm accounts are statements of financial transactions on the farm.
(ii) Credit and Subsidy
Agricultural credit is a repayable loan given to a farmer to carry out farm operations while Agricultural subsidy refers to a non-refundable aid to farmers to reduce cost of production.
(iii) Assets and Liabilities
Farm assets refer to anything of value in the possession of a farm business while/but/ whereas/ on the other hand; Liabilities represents an amount that is owed to others, whether it is payable in cash, goods or services.
(c) Problems of Agricultural Extension in West Africa
- Inadequate transport facilities
- Poor remuneration leading to inadequate motivation
- Corruption among extension personnel
- Inadequate Subject Matter Specialist (SMS)
- Ignorance of the tradition and customs of local communities
- Inadequate extension workers
- Poor communication facilities
- Inadequate farm inputs
- Illiteracy of the farmers
- Language barrier
- Conservatism of farmers
- Poor monitoring of extension service agents
- Inadequate credit facilities to the farmers
(d) Factors that affect the Supply of Cassava in West Africa
- Price of cassava
- The price of related goods
- Changes in the cost of production
- Technological advancement
- Changes in the number of producers
- Changes in climate and weather
- Government policy/import restriction
- Wars/Conflicts
- Natural disaster e.g. wild fire, flood etc.
- Subsidies
- Aims/Objectives of the farmer