ARE 2210 Lecture Notes - Lecture 2: Disposable And Discretionary Income, Gross Domestic Product
29 Jan 2020
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Document Summary
Americans consume on average nearly 1 ton of food each year - about 5. 5 pounds per person per day. Consumers have been the primary beneficiaries of the agriculture sector productivity in the form of lower retail food prices. More and more people are going out to restaurants as opposed to staying at home, overtime. In 2018, americans spent an average of 9. 7% of their disposable personal income on food - divided between food at home (5%) and food away from home (4. 7%). 1960 and 1998, the average share of disposable personal income spent on total food by. Americans, on average, fell from 16. 8% to 10. 1%, driven by a declining share of income spent on food at home. Number of farms in the us decreased from 5. 6 million to 2. 2 million. Average farm size from 213 acres to 418 acres. Net farm income as a percent of sales has declined. 2% of us farms produce approximately 50% of total us output.
