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The broadest definition includes handheld power tools, but in general usage, the term implies huge motorized machines, particularly tractors and the many types of farm implements which they tow and/or supply power to. The mechanization of agricultural tasks is a defining element of industrial agriculture.
A farmer is a person engaged in agriculture, raising living organisms for food or raw materials. [1] The term usually applies to people who do some combination of raising field crops, orchards, vineyards, poultry, or other livestock. A farmer might own the farmland or might work as a laborer on land owned by others.
Agricultural economics is an applied field of economics concerned with the application of economic theory in optimizing the production and distribution of food and fiber products. Agricultural economics began as a branch of economics that specifically dealt with land usage. It focused on maximizing the crop yield while maintaining a good soil ...
The USDA's Economic Research Service (ERS) has developed a farm typology, or farm classification, that divides the 2.1 million U.S. farms into 8 mutually exclusive and relatively homogeneous groups: limited resource farms; retirement farms; residential/lifestyle farms; farming occupation/lower sales; farming occupation/high sales; large family ...
An economic theory that defines wealth by the amount of precious metals owned. [48] business cycle. Also called the economic cycle or trade cycle. The downward and upward movement of gross domestic product (GDP) around its long-term growth trend. [49] The length of a business cycle is the period of time containing a single boom and contraction ...
Net farm income is gross farm income less cash expenses and noncash expenses, such as capital consumption, perquisites to hired labor, and farm household expenses. It is a longer term measure of the ability of the farm to survive as a viable income-earning business. Net cash income is a shorter term measure of cash flow.
Detroit slang is an ever-evolving dictionary of words and phrases with roots in regional Michigan, the Motown music scene, African-American communities and drug culture, among others. The local ...
The term Limited Resource Farmer/Rancher was defined in October 2002 after a three-month analysis conducted by the Economic Research Service, the National Agricultural Statistics Service, the Farm Services Agency, Risk Management Agency and the Natural Resources Conservation Service. [3]