1-18,23-08 - 1-18,23-08Chapter 2 Food & Fiber...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

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...
View Full Document

Page1 / 2

1-18,23-08 - 1-18,23-08Chapter 2 Food & Fiber...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online