Agricultural economics is an area of economics that studies the application of statistical analysis in evaluating the efficiency and effectiveness of the agricultural production, processing, marketing, distribution and consumption of a nation's resources. The theory of agricultural economics draws on a number of approaches and theories including concepts of market economies, technological progress, human relationships, and the role of markets. These theories and concepts are analyzed using the natural resources as a source of data. Agricultural economics helps managers determine the allocation of resources in terms of productivity, land use, capital equipment, technology, location and transport. This branch of study also deals with the price systems and the allocation of payments within a market.
Agriculture has contributed to the food supply and to the economic well being of the nation. Many farmers have lost their jobs as a result of global warming and other environmental factors. This has resulted in less income from farm sales and agricultural production. As a result of less production, prices have fallen and direct expenses, such as for food processing and distribution have increased, creating problems in financing the programs.
A major portion of agricultural production takes place in the Midwest region of the United States. The analysis of agricultural economics in the Midwest region focuses on how changes in soil, climate, subsidies and tariffs affect the ability of farmers to provide goods and services to consumers. The analysis also takes into consideration how changes in governmental policies, technological developments and price levels may affect the competitiveness of agricultural producers. The analysis of agricultural economics in the Midwest region requires consideration of issues such as water availability, soil quality, natural disease management, fertilizer use efficiency, water availability and soil quality.
There are numerous publications that provide analysis of agricultural problems in the United States. One publication is the Survey of Industrial Statistics. Another publication is the Survey of Agriculture. There are numerous farm magazines on the market that provide analysis of agricultural problems in the United States as well as in various parts of the world.
A variety of meetings and workshops are offered on agricultural economics. These include meetings of agricultural associations such as the Northwest Commission on Agricultural Economics, the National Farmers Union and the National Association of Home Builders and Contractors. Many agricultural organizations provide information and publications on the analysis of agricultural issues. The United States Department of Agriculture's website offers many different links to locate reports, statistics and other information on economic trends affecting the farm industry. The USDA publishes a weekly report on agricultural manufacturing sales and prices.
Analysis of agricultural issues is a very important aspect of business for the reason that agricultural produce contributes about 15 percent of the Gross Domestic Product in the U.S. It is also a major player in global markets. For this reason, problems affecting the farm economy should be addressed promptly to prevent negative effects on the agricultural production. Economic analysts must be consulted and paid close attention to address the issues affecting the farm economy.
Principles of Agricultural Economics – agricultural economics | agricultural economics
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