3.1 For production of any product to take place, the following factors should be in place - NSC Agricultural Sciences - Question 3 - 2017 - Paper 2
Question 3
3.1 For production of any product to take place, the following factors should be in place. Land is a permanent economic factor in agricultural science; however, the ... show full transcript
Worked Solution & Example Answer:3.1 For production of any product to take place, the following factors should be in place - NSC Agricultural Sciences - Question 3 - 2017 - Paper 2
Step 1
3.1.1 Indicate the production factor that could be used as collateral from 3.1 above.
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Answer
The production factor that could be used as collateral is Land.
Step 2
3.1.2 Justify your answer to QUESTION 3.1.1 with TWO reasons.
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Answer
Value Appreciation: The value of land appreciates over time, making it a reliable asset for securing loans.
Transferability: Land ownership is easily transferable, which allows it to be used as collateral in financial transactions.
Step 3
3.1.3 Explain the underlined economic characteristic of land in the scenario in 3.1.
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The availability of land for agricultural purposes is limited due to several factors:
Restricted Areas: Land for cultivation is confined to specific areas, restricting agricultural production.
Fixed Nature: Once designated for agriculture, the amount of land available does not change, limiting expansion.
Step 4
3.1.4 Name TWO other economic characteristics of land apart from the underlined one in 3.1 to the entrepreneur.
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Indestructibility: Land cannot be destroyed or manufactured, preserving its intrinsic value.
Passive Factor of Production: Unlike labor, land does not require management; it can produce agricultural goods as long as it is adequately utilized.
Step 5
3.2.1 Tabulate the following labourers into skilled, semi-skilled and unskilled labourers:
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Skilled Labourer
Semi-skilled Labourer
Unskilled Labourer
Veterinarian
Unqualified mechanic
Apple picker
Step 6
3.2.2 Identify the labourer in QUESTION 3.2.1 who could be the highest in demand by a livestock farmer.
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The labourer who could be in highest demand by a livestock farmer is the Veterinarian.
Step 7
3.2.3 Give ONE reason to justify your answer in QUESTION 3.2.2.
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Skilled workers, such as veterinarians, are scarce and their demand is high due to the crucial role they play in animal health and management.
Step 8
3.2.4 Recommend TWO methods that could improve the economic conditions of the apple picker.
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Incentives: Provide the apple picker with incentives, such as bonuses for high productivity.
Higher Wages: Pay a higher salary to ensure a living wage and attract more skilled workers.
Step 9
3.2.5 State the labour legislation that could assist an unqualified mechanic to become qualified on a commercial farm.
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The Basic Conditions of Employment Act or the Skills Development Act could assist in this process.
Step 10
3.3.1 Mention the type of document in QUESTION 3.3.
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The type of document in QUESTION 3.3 is an Enterprise budget.
Step 11
3.3.2 Give two reasons for your answer in QUESTION 3.3.1.
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Financial Planning: The document records income and expenses, which is crucial for financial planning.
Management Strategy: It helps to manage resources effectively by outlining expected financial outcomes.
Step 12
3.3.3 Identify TWO types of capital mentioned in the document in QUESTION 3.3, with examples of each.
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Movable Capital: Examples include a tractor used for farm operations.
Working Capital: Examples include fertiliser, tomato seedlings, and insecticides used in crop production.
Step 13
3.3.4 Calculate the profit or loss of the farmer according to the document in QUESTION 3.3.
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Total Income = 15,250 R
Total Expenditure = 4,521.25 R
Profit = Income - Expenditure = 15,250 R - 4,521.25 R = 10,728.75 R.
Step 14
3.3.5 Mention TWO sources of capital to the farm worker.
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A commercial bank that provides loans to the public.
Development Finance Corporations that specifically fund agricultural ventures.
Step 15
3.4.1 Define the concept "farm management".
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Farm management is the application of basic business principles and scientific principles of agriculture to the farm business to improve productivity and profitability.
Step 16
3.4.2 Indicate THREE components of strategic management.
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Developing a vision: Establishing a long-term direction and purpose for the farm.
Developing a mission: Defining the farm's objectives and how they intend to achieve them.
Setting goals and objectives: Creating specific, measurable steps to reach the vision.
Step 17
3.4.3 Explain conceptual skills as used in business management.
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Conceptual skills are the ability to understand and analyze complex situations in the industry or farm circumstances and to develop strategies to address these issues for effective management.
Step 18
3.4.4 State THREE socio-cultural forces that affect agricultural enterprises.
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Population Demographics: The age, gender, and race composition of the workforce can impact labor availability.
Education Levels: Higher education levels can affect labor availability and agricultural practices.
Cultural Preferences: Cultural values can influence consumer demand for products and farming practices.
