Question

Who defined agricultural finance "as a branch of agricultural economics, which deals with the provision and management of bank services and financial resources related to individual farm units.

• A. Murray
• B. Tandon and Dhongyal
• C. Adam Smith
• D. J. B. Robbins

Hint:

Agricultural finance is often studied at two levels: Macro-finance (dealing with the total credit needs of the agriculture sector) and Micro-finance (financial management of an individual farm business).

Answer 1

The Correct Option is B

Concept: Agricultural finance is a sub-discipline of agricultural economics. Various economists have provided definitions that emphasize different aspects, such as the macro-economic flow of credit versus the micro-economic management of funds at the farm level.

Step 1: Analyze the specific definition.
The definition provided focuses on the micro-level (individual farm units) and the operational side (bank services and management). This specific perspective—viewing agri-finance as the management of bank services and resources for individual farms—was articulated by Tandon and Dhongyal.

Step 2: Contrast with other scholars.
* Murray defined it more broadly as an economic study of borrowing of funds and organization of credit. * Adam Smith is the "Father of Economics" but did not provide this specific modern definition of farm-unit finance.

Step 3: Conclusion.
Tandon and Dhongyal’s definition is the most comprehensive regarding the practical management of financial resources in a farm business context.