The document discusses farm business profitability. It defines profitability as the primary goal of businesses in order to survive long-term. Profitability is measured using an income statement, which lists income generated from activities like crop and livestock sales, and expenses from resources used up like seed costs. Reasons for computing profitability include assessing the success and financial health of a business, identifying ways to improve profitability, and comparing to industry benchmarks. The document also discusses accounting methods like cash-based and accrual accounting, and defines profitability in terms of accounting profits from a tax return and economic profits which also deduct opportunity costs.