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AgEcon 250 midterm#2
| Question | Answer |
|---|---|
| Index | compares values to a base year |
| Acre | USA measure of area. One acre is about the size of a football field |
| Hectare | metric measure of area 2.47 acre |
| Arable land | Land that is tilled/ cultrated for ag. production-grow ag. crops |
| Agricultural land | land used in ag. production include both arable land and land used for grazing |
| Extensification | to increase production, the number of acres have to increase |
| intensification | output per acre has to increase |
| Land | the number of acres or hecters used. but land is not a uniform input. there are substantial differences in the productivity of soils and irrigation and drainage which critically affects the characterisitics of the land |
| labor | is often divided into "labor" and "management" where labor measures physical input of muscle power applied to food production. "managment is the measurment of "brain power" applied to production choices |
| Capital | is more varied of the groups of inputs and includes everything from ferilizer and seeds to oxen/tractors to crop measurments sometimes divided into physical and financial capital |
| green revolution | improved non hybrid seeds(disease resistent, fertilizer responsive, dwarf varietyirrigation(water control is critical)chemical(especially fertilizer) |
| inelastic | consumers are not responsive to price change ex: milk, gas, meds, |
| elastic | consumers are responsive to price change ex: airline costs, cable t.v. leisure activities |
Created by:
jessica.zielinski
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