AGEC 1003 Lecture Notes - Lecture 1: Gross National Product
Document Summary
Vertical coordination- the linking of successive stages in the marketing and production of a commodity in one decision entity: having a contract with someone who feeds your cows in another state. Cooperatives-a business that is organized, capitalized, and managed for its member patrons furnishing or marketing goods and services to the patrons at cost: allow small producers to get their market out. Agriculture is not as much of employee labor as there was. The us agriculture trade surplus in 2014 was 38. 74 . Gross national product- what is produced by companies of a country whether produced in that country or elsewhere. Gross domestic product- total productivity in the country whether by foreign or domestic company. Canes would be both because only produced in the us. Any computer company hq in us- hq in us but some manufacturing outside us therefore this is an example of gnp. In the rest of the world, it is a part of the gnp.