 | Economics 14/e McConnell | |||||
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| Economics 14/e McConnell | |||||
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short-run farm problem
The sharp year-to-year changes in the prices of agricultural products and in the incomes of farmers.
long-run farm problem
The tendency for agriculture to be a declining industry as technological progress increases supply relative to an inelastic and slowly increasing demand.
parity concept
The idea that year after year a specific output of a farm product should enable a farmer to acquire a constant amount of nonagricultural goods and services.
parity ratio
The ratio of the price received by farmers from the sale of an agricultural commodity to the prices of other goods paid by them; usually expressed as a percentage; used as a rationale for price supports.
price supports
Government price floors on farm products in order to retain parity.
acreage allotment programs
A pre 1996 government program which determined the total number of acres to be used in producing (reduced amounts of) various agricultural products and allocated the acres among individual farmers; these farmers had to limit their plantings to the allotted number of acres to obtain price supports for their crops.
freedom to farm act
A law passed in 1996 which revamped 60 years of U.S. farm policy by ending price supports and acreage allotments for wheat corn barley oats sorghum rye cotton and rice.
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