21-AGO-2007 - 4. Agriculture involves a lot of philosophy....

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Microeconomics: studies the individual. Macroeconomics: studies groups and large masses. Important chapters: 3,4,7,8. Economics is the study of choice. It deals with values and how they affect our lives. Chapter 1: talks about agriculture. This is a broader term than just farming (production, environment). The 4 unique characteristics of agriculture: 1. The cyclical nature of agriculture – we do not grow food the entire year (Panama example). 2. Price instability – food as a whole is inelastic (look up definition of elastic and inelastic). Example: A farmer has a large amount of milk – this is very good for him. If every farmer has more milk it is not good for the consumer. A little bit of excess production can backfire. 3. Food safety is national security concerns. History shows that if the food supply is cut off, the country can collapse.
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Unformatted text preview: 4. Agriculture involves a lot of philosophy. Agrarianism: human values are tied to the land. Use the example of how good citizens farmers are compared to urban citizens. American dream? Not applied to Jefferson. Why subsidize U.S. farmers? Better to pay them not to grow so the price wont go up. The U.S. population has been shifted to urban areas. This means that the members of the House of Representatives are all urban citizens so they dont know what urban (farming) life is. The validity is decreasing because less and less people come from urban areas. Newbill ask him about farming. Comparison between rural and urban areas. Thoroughly read Thomas Jeffersons ideas on agrarianism. Is agrarianism sufficient to sustain the U.S. market?...
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This note was uploaded on 04/11/2008 for the course AAEC 1005 taught by Professor Mjellerbrock during the Fall '07 term at Virginia Tech.

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21-AGO-2007 - 4. Agriculture involves a lot of philosophy....

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