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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 ...
Agricultural diversification is measured in a number of ways throughout the world. For example, one such measure is the index of maximum proportion, which is "defined as the ratio (proportion) of the farm's primary activity to its total activities". [8]
Balassa believed that supranational common markets, with their free movement of economic factors across national borders, naturally generate demand for further integration, not only economically (via monetary unions) but also politically—and, thus, that economic communities naturally evolve into political unions over time.
The United Nations estimated that more than 175 million people, roughly 3 percent of the world’s population, live in a country other than where they were born. [ 4 ] International labor mobility is a politically contentious subject, particularly when considering the illegal movements of people across international borders to seek work.
Economic globalization refers to the widespread international movement of goods, capital, services, technology and information. It is the increasing economic integration and interdependence of national, regional, and local economies across the world through an intensification of cross-border movement of goods, services, technologies and capital ...
Developments in shipping networks and technology have made long-distance distribution of agricultural produce feasible. Agricultural production across the world doubled four times between 1820 and 1975 (1820 to 1920; 1920 to 1950; 1950 to 1965; and 1965 to 1975) to feed a global population of one billion human beings in 1800 and 6.5 billion in ...
Agricultural growth and industrial growth are both equally important; Agricultural growth and industrial growth are balanced; Only if the rate at which labor is shifted from the agricultural to the industrial sector is greater than the rate of growth of population will the economy be able to lift itself up from the Malthusian population trap. [4]
Global economic interdependence has grown in the post-World War II period as a result of technological progress (e.g. computerization, containerization, low-cost travel, low-cost communications) and associated policies that were aimed at opening national economies internally and externally to global competition. [4] [5] [6]