The expected answers include:

10(a) Definition of terms as used in agricultural economics

• Assets

      An asset is any item of value owned by a farm business which is expected to be       used in generating future economic benefits for the farm.

     OR

Assets are resources possessed by the farm enterprise which will enable the farm to undertake production

• Liabilities

A liability is a debt owed by a farm business to outside parties called creditors

        (d)     Roles of farmer cooperative societies in agriculture

• They act as potential sources of improving income through the provision of

services at  low cost

• Help farmers to buy expensive machines with small contributions
• Help to improve farming practices through their educational

programmes

• Provide storage facilities for members
• Assist members to transport their produce at a reduced costs

• Help to prevent unhealthy competition among the farmers
• Improve the bargaining power of members
• Inculcate democratic principles in farmers
• Provide credit facilities to farmers
• They make bulk purchase of agricultural input and sell at reduced rate to their members

• Help in dissemination of information among farmers