AgEcon 250 midterm#2
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| Index | compares values to a base year
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| Acre | USA measure of area. One acre is about the size of a football field
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| Hectare | metric measure of area 2.47 acre
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| Arable land | Land that is tilled/ cultrated for ag. production-grow ag. crops
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| Agricultural land | land used in ag. production include both arable land and land used for grazing
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| Extensification | to increase production, the number of acres have to increase
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| intensification | output per acre has to increase
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| 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
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| 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
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| 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
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| green revolution | improved non hybrid seeds(disease resistent, fertilizer responsive, dwarf varietyirrigation(water control is critical)chemical(especially fertilizer)
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| inelastic | consumers are not responsive to price change ex: milk, gas, meds,
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| elastic | consumers are responsive to price change ex: airline costs, cable t.v. leisure activities
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