Unlike many other countries, where advanced study of farm management is undertaken in preparation for a career off farm, either in downstream agribusiness or research, many students in New Zealand undertake advanced study in farm management to prepare them for the challenging task of managing a modern farm business. This textbook reflects this difference and is aimed at senior students of farm management who intend to become farm owners or managers or to join the profession that services the vibrant farming sector. This book applies general management principles and practices to the business of farming in New Zealand. The emphasis is on low cost, deregulated farming systems that are geographically distant from their market. The book focuses on the skills, knowledge, business structures and practices that farmers need to be successful in a deregulated economy.