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Agricultural economics is an applied field of economics concerned with the application of economic theory in optimizing the production and distribution of food and fiber products. Agricultural economics began as a branch of economics that specifically dealt with land usage. It focused on maximizing the crop yield while maintaining a good soil ...
Theory. The "Dual Sector Model" is a theory of development in which surplus labor from traditional agricultural sector is transferred to the modern industrial sector whose growth over time absorbs the surplus labor, promotes industrialization and stimulates sustained development. In the model, the traditional agricultural sector is typically ...
Rural area. In general, a rural area or a countryside is a geographic area that is located outside towns and cities. [1] Typical rural areas have a low population density and small settlements. Agricultural areas and areas with forestry are typically described as rural, as well as other areas lacking substantial development.
Agribusiness. Agribusiness is the industry, enterprises, and the field of study [1] of value chains in agriculture [2] and in the bio-economy, [3] in which case it is also called bio-business [4] [5] or bio-enterprise. The primary goal of agribusiness is to maximize profit while satisfying the needs of consumers for products related to natural ...
Development economics is a branch of economics that deals with economic aspects of the development process in low- and middle- income countries. Its focus is not only on methods of promoting economic development, economic growth and structural change but also on improving the potential for the mass of the population, for example, through health ...
Agriculture. An agrarian society, or agricultural society, is any community whose economy is based on producing and maintaining crops and farmland. Another way to define an agrarian society is by seeing how much of a nation's total production is in agriculture. In agrarian society, cultivating the land is the primary source of wealth.
Rural development is the process of improving the quality of life and economic well-being of people living in rural areas, often relatively isolated and sparsely populated areas. [1] Often, rural regions have experienced rural poverty, poverty greater than urban or suburban economic regions due to lack of access to economic activities, and lack ...
t. e. The Fei–Ranis model of economic growth is a dualism model in developmental economics or welfare economics that has been developed by John C. H. Fei and Gustav Ranis and can be understood as an extension of the Lewis model. It is also known as the Surplus Labor model. [1] It recognizes the presence of a dual economy comprising both the ...
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