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lectur12-page29 - In 1997, there were 961,560 farm...

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29 $Ag Goods Hybrid Corn Example $Non-Ag As hybrid corn varieties became widespread after World War II, corn yields increased dramatically resulting in more corn being produced with less resources than ever before. This technology shifted the PPC outward a great deal in favor of the dollar value of agricultural goods and services. But, you should notice a small shift in the PPC on the dollar value of non-agricultural goods and services as well. Why? Resources were freed up from agricultural production due to hybrid corn technology. These freed resources from agricultural were now available for non-agricultural production. Therefore, advances in agricultural technology has allowed our society to dedicate more and more resources to non-agricultural uses and expand the production possibilities of our economy. The primary resources freed up by agricultural technology have been human resources: labor and entrepreneurial talent.
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Unformatted text preview: In 1997, there were 961,560 farm operators whose principal occupation was farming. An additional 950,299 persons were farm operators, but it was not their principal occupation. This totals 1,911,859 farm operators in 1997. The population of the U.S. in 1997 was 268,008,000. That means that .713% of the U.S. population were farm operators. That .713% of the population feeds the rest of us. In 1940, the farm population was described as farm operators doing 1 or more hours of farm work and members of their families working 15 hours or more during a week without cash wages. This 1940 population totaled 30,546,573 or 23.33% of the total U.S. population (130,962,661). As you can conclude, agricultural technology freed human resources to produce goods and services other than agricultural commodities....
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This note was uploaded on 12/29/2011 for the course ECO 210 taught by Professor Malls during the Fall '10 term at SUNY Stony Brook.

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