ag economics

ag economics - Ag Economics 11-3-10 Objectives Describe how...

Info iconThis preview shows pages 1–11. Sign up to view the full content.

View Full Document Right Arrow Icon
Ag Economics 11-3-10
Background image of page 1

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

View Full DocumentRight Arrow Icon
Objectives Describe how economics can impact management decisions
Background image of page 2
Resources Land - owned vs rented Labor Hired Family Capital resources Management Biological – animals and plants
Background image of page 3

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

View Full DocumentRight Arrow Icon
Family Farms 98% of all farms are family owned and they provide… 84% of all agricultural production Owner/operator and his or her family provide significant labor Minimum amount of sales of ag products
Background image of page 4
Profit or Loss (Production x price) – costs Production Output Pounds or numbers sold Services provided
Background image of page 5

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

View Full DocumentRight Arrow Icon
Profits of Kansas Cow Calf Farms
Background image of page 6
Price Text: supply and demand That is too simple Marketing use population centers Commodity product Branded product Farmer’s market Organic
Background image of page 7

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

View Full DocumentRight Arrow Icon
Marketing Mid Atlantic High land prices Smaller farm sizes Consumers with more disposable income Pet owners with more disposable income Rural areas have expensive land so in the midatlantic, there are smaller farms
Background image of page 8
Costs Feed – biggest single cost for livestock Grazing=cheaper than feeding animals hay Labor Minimal from a nominal sense in family farms In general, the family members are not paid Interest Veterinary Fuel Capital improvements Environmental improvements
Background image of page 9

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

View Full DocumentRight Arrow Icon
Killer Toys Shiny new items (usually vehicles) which provide less value to the business than they cost.
Background image of page 10
Image of page 11
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 22

ag economics - Ag Economics 11-3-10 Objectives Describe how...

This preview shows document pages 1 - 11. Sign up to view the full document.

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