Agriculture

Paper Summary:

This paper discusses the effect on agriculture on changes in fuel costs, the market economy, and technology. It notes how changes in the external environment have affected the way those in agriculture do business and so the prices charged at the market, adding to costs or reducing them, depending on the nature of the change and the way farmers are able to respond.

From the Paper:

"Agriculture is like any other sector of the economy and is affected by many of the same forces, including changes in fuel use and fuel prices, the market economy, and technology. The first of these forces is in the news now as agriculture has to raise its prices to cover higher fuel costs for farm machinery and for delivery costs. The nature of the economy affects agriculture by raising prices for other goods, which also can cause farmers to raise their prices to stay ahead of inflation. New technology can be both a capital expenditure to buy what is needed and a boon by increasing production and reducing costs over all. Such changes in the external environment have affected the way those in agriculture do business and so the prices charged at the market."

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