Title: Economics of Agriculture Specialization - Economicsconcepts.com
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Economics of Agriculture Specialization:
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Economics of Agriculture Specialization: In agriculture specialization, farmers produce one crop instead of so many crops. In other words, the farmers, adopt specialized farming. By doing so they avail all those benefits which are accrued to the big businesses. Hence the goods are produced on a large scale. As in case of US, Australia, New Zealand and other big countries, the landlords employ heavy machinery, fertilizers and high-yielding variety seeds along with their big farms. As a result, the goods are produced on a large scale. This leads to reduce their costs. The welfare of domestic and foreign consumers increases as goods become available to them at lower prices. Here, agriculture becomes a business as well as industry where we calculate the costs, revenues and production function.