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AgEcon 250 midterm#2

QuestionAnswer
Index compares values to a base year
Acre USA measure of area. One acre is about the size of a football field
Hectare metric measure of area 2.47 acre
Arable land Land that is tilled/ cultrated for ag. production-grow ag. crops
Agricultural land land used in ag. production include both arable land and land used for grazing
Extensification to increase production, the number of acres have to increase
intensification output per acre has to increase
Land the number of acres or hecters used. but land is not a uniform input. there are substantial differences in the productivity of soils and irrigation and drainage which critically affects the characterisitics of the land
labor is often divided into "labor" and "management" where labor measures physical input of muscle power applied to food production. "managment is the measurment of "brain power" applied to production choices
Capital is more varied of the groups of inputs and includes everything from ferilizer and seeds to oxen/tractors to crop measurments sometimes divided into physical and financial capital
green revolution improved non hybrid seeds(disease resistent, fertilizer responsive, dwarf varietyirrigation(water control is critical)chemical(especially fertilizer)
inelastic consumers are not responsive to price change ex: milk, gas, meds,
elastic consumers are responsive to price change ex: airline costs, cable t.v. leisure activities
Popular Agriculture sets

 

 



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