AGRB-2050 Study Guide - Final Guide: Organic Certification, Crop Rotation, Organic Food
22 Sep 2016
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Document Summary
Pp 1 : overview of demands for agricultural products. A market is a group of buyers and sellers of a particular good/service. Quantity demanded is the amount of a good that buyers are willing and able to purchase. Law of demand : quantity demanded of a good falls when price of good rises. Increase in demand shift up and right. Decrease in demand shift down and left. Market demand : sum of all individual demands for particular good. As income increases, demand for normal good increases. As income increases, demand for inferior good will decrease. Organic food: foods labeled organic are foods produced without hormones, antibiotics, herbicides, insecticides, chemical fertilizers, genetic modifications or germ-killing radiation. Hormones - added to speed growth of animals ultimately speed production of meat and milk. Antibiotics - used in commercial animal feed and drinking water to increase animal growth and treat and deter disease. Chemical fertilizers - provide nutrients for growing.
