Size and Importance of Agribusiness Chapter 2

Land US has 2.3 billion acres –21% crops –25% livestock –30% forest –24% non ag use

Farms 2.2 million farms averaging 418 acres Ohio has 75,000 farms averaging 187 acres

Farm size 173,000 farms are bigger than 1,000 acres 150,000 farms are 500-1,000 acres 368,000 farms are acres 661,000 farms are acres 620,000 farms are acres 233,000 farms are less than 10 acres

Gross National Product Value of all goods produced in a year Ag accounts for 17% of GNP and 20% of all jobs

Farmers earn about 30 cents for every dollar spent on food

Inputs Seed, feed, livestock, fertilizer, line, hired labor

Outputs Meat and dairy processing industry Baking Canned, cured and frozen foods Cotton/textile industry

Ag Services Public agriservices –Research, education, communication and regulation Private agriservice Financial services, trade associations, cooperatives