Institutions & Infrastructure:

1. NABARD was established in 1982 and promotes credit, development, and institutional support in rural areas.
2. Rural Infrastructure Development Fund (RIDF) was set up in 1995–96 under NABARD.
3. KVIC (Khadi and Village Industries Commission) was established in 1957.
4. DIC (District Industries Centre) was established in 1978 for small industries.
5. RSETIs (Rural Self Employment Training Institutes) provide training for entrepreneurship.

Panchayati Raj & Administration:

1. Panchayati Raj was introduced through the 73rd Constitutional Amendment (1992).
2. The three-tier system is Gram Panchayat, Panchayat Samiti, Zila Parishad.
3. Gram Sabha is the foundation of the Panchayati Raj system.
4. The Balwant Rai Mehta Committee (1957) recommended the Panchayati Raj System.
5. The Ashok Mehta Committee (1977) recommended a 2-tier system.
6. The first Panchayati Raj system was introduced in Nagaur, Rajasthan (1959).
7. Block Development Officer (BDO) leads the block-level administration.
8. Village Development Officer (VDO) coordinates rural programmes at the block level.

Other Concepts:

1. PURA (Provision of Urban Amenities in Rural Areas) is a concept given by Dr. A.P.J. Abdul Kalam.
2. Self Help Groups (SHGs) play a major role in women empowerment.
3. The SHG–Bank Linkage Programme started by NABARD in 1992.
4. Microfinance provides small loans to the rural poor without collateral.
5. Watershed Development Programme (WDP) focuses on soil and water conservation.
6. DPAP (Drought Prone Area Programme) started in 1972–73.
7. IWDP (Integrated Wasteland Development Programme) was launched in 1989–90.
8. Rural electrification is implemented under Deen Dayal Upadhyaya Gram Jyoti Yojana (DDUGJY).
9. Cluster-based rural development helps promote local enterprises.
10. Rural youth programmes encourage skill development and entrepreneurship.
11. Grain banks are established to ensure local food security.

Farm Management & Production Economics

Concepts & Principles:

1. The Father of Farm Management is Andrew Boss (1903).
2. Farm management is both a science and an art of decision-making.
3. The farm is the basic production unit of agriculture.
4. Farm planning means deciding in advance what, how, and when to produce.
5. The Law of Diminishing Returns was first explained by Turgot (1767) and later by David Ricardo (1815). It states that as more of a variable input is added to a fixed input, the marginal product eventually decreases.
6. The stage of rational production in the production function is Stage II.
7. Opportunity cost is the value of the next best alternative foregone.
8. The Equimarginal principle states that resources should be allocated where the marginal returns are equal.

Costs & Budgeting:

1. Farm budgeting is the estimation of costs and returns of a farm plan.
2. Partial budgeting deals with small changes in farm operations.
3. Complete budgeting involves a total change in farm organization.
4. Cash flow budgeting shows the inflow and outflow of money during a period.
5. Fixed costs are those that remain constant regardless of output (e.g., rent, interest).
6. Variable costs vary with output (e.g., seed, fertilizer, labour).
7. Total cost (TC) = Fixed cost (FC) + Variable cost (VC).
8. Average cost (AC) = Total cost / Output.
9. Marginal cost (MC) = Change in total cost / Change in output.

Production & Efficiency:

1. Production function shows the relationship between input and output.
2. The Cobb-Douglas production function is widely used in agricultural economics.
3. Average Product (AP) = Total Product / Number of variable inputs used.
4. Marginal Product (MP) = Change in Total Product / Change in variable input.
5. Isoquant represents combinations of inputs that yield the same level of output.
6. Isocost line shows combinations of inputs that cost the same total amount.
7. The least-cost combination occurs where the Isoquant is tangent to the Isocost line.
8. Marginal Rate of Technical Substitution (MRTS) is the rate at which one input can be substituted for another.
9. Elasticity of production = (Percentage change in output) / (Percentage change in input).
10. Return to scale refers to how output responds to proportional increases in all inputs (Constant, Increasing, or Decreasing).
11. Optimum production level occurs where Marginal Value Product (MVP) = Marginal Factor Cost (MFC).
12. Farm efficiency is the ratio of actual output to potential output.
13. Resource use efficiency is achieved when resources are used in optimal proportions.
14. Land productivity = Output per hectare of land.
15. Labour productivity = Output per labour hour or per worker.
16. Input–output ratio = Output value / Input cost.
17. Profitability index = Net profit / Total cost × 100.