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Unformatted text preview: 1-25-08(Chapter 3 cont)•A Note on Farm InputsoLand, labor, capital, materialsoCapital refers to durable equipment & structuresoLabor – hired & self employedoMaterials – Energy, chemicals & purchased servicesoTotal farm input, in the aggregate, has remained relatively stable since WWIIoLabor on the decline, materials on the riseoCapital substituted for labor; use of capital inputs peaked around 1980 & then declined from 1981 to 1995; since 1996 capital has leveled off•A Note on ProductivityoProductivity defined as output per unit of inputoProductivity has increased dramatically since WWIIoOutput has been on the rise due primarily to development & use of technology & biotechnology (BST)oGrowth rates in livestock & crop output have been about the same; average growth rate is 2% per yearoUS farmers have adopted widely genetically – engineered (GE) crops since their introduction in 1996oExamples : soybeans & cotton genetically engineered with herbicide tolerant traits; cotton & corn with insect-resistant traits...
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This note was uploaded on 04/15/2008 for the course AGEC 105 taught by Professor Capps during the Spring '08 term at Texas A&M.
- Spring '08