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Importance of Agricultural Economics

Importance of Agricultural Economics

Importance of Agricultural Economics

The agriculture sector is considered to be the most important in every country. The scope of agriculture production economics includes production, distribution, and government activities into agriculture and farm enterprises.

Importance of Agricultural Economics

There is a broader scope of agriculture. Economics in various factors of production also viz. Agriculture economics deal with the rule which underlines the formers.

It is only of man kindling of economics, like labor economics, transport economics, public economics, international economics, industrial economics, etc. The field of agricultural economics is delineated by the economics science tool’s application to the agricultural sector.

Importance of Agricultural Economics

Economics activities are connected with the control of living organisms, like plants and animals. Agriculture is an economic activity in the most basic and popular of all. The agriculture sector has contributed to national income and export earnings.

Agriculture is considered vital to the economy of the country. It plays a role in shielding the economy from external shock.

There is also essential, especially in diversification, to improve economic activity in the countryside.

mportance-of-Agricultural-Economics

Economic growth is vital to reduce poverty and enable every person to have access to food. A deficient gross domestic product and widespread chronic undernutrition are generally with a dependence on agriculture as a significant economic sector. 

Agriculture economy is a discipline with broadly based applications to development theory. Agriculture economist contributes the major part of planning and implementation input.

The surplus financial agriculture has been central to theories of the role of economic development of agriculture. 

It is true that the systematic study of agricultural economics is comparatively recent in the country and that workers in the have been few. But the importance of the subject is being recognized more widely every day, and the number of those interested in it increases steadily. 

While at once, the fields of agriculture economics were focused primarily on the issue of farm level. Agriculture economists have contributed to understanding how households choose by purchasing food or preparing it at home, how consumers respond to price and income changes in a constituent way, surveys, and experimental tools to understand consumer preference.

Economics is the administration of scarce resources “land, labor, management, and capital.” These are needed to produce goods and services that satisfy people’s wants.

Some example that can help in increasing the economy, such as

  • Integration of cattle in palm all plantations 
  • Mixed farming
  • Processing activities 
  • Intercropping

People depend on a wide range of agriculture products in almost all aspects of life; Example

  • Agriculture is key to a healthy biosphere
  • Agriculture is a critical economic driver; it is central too:
  • Individuals livelihood 
  • Poverty alleviation 
  • Agriculture contributes between 40 and 60% of the GDP of many African countries. 
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