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Unformatted text preview: 1-18,23-08Chapter 2 Food & Fiber IndustryFood & Fiber Industry consists of those business entities that are involved in one fashion or another with the supply of food & fiber to consumers5 sectorsFarm input supply sector (John Deere)Farm sectorProcessing & manufacturing sector (Green Giant)Wholesale & retail sector (Kroger, Sysco)Consumer (us)Food & fiber industry employs 16.7%, over 20 million people1 out of every 6 jobs, nations largest employerOutput & price indicesIndex a percentage comparison from a fixed pointWith an index, economists can more easily describe how much output has increased or decreased relative to the benchmark or base periodCPI consumer price indexWPI whole sale price indexIndex of prices received or paid by producersReal vs. Nominal ValuesConsider economic measures such as prices, interest rates, expenditures, disposable incomeNominal values refer to values for which no adjustments to...
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- Spring '08