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Milk used for fluid (Class I) consumption generally receives the highest price and lower minimum prices are paid for the three classes of milk used for manufactured dairy products: Class II (yogurt, cottage cheese, ice cream, and other soft manufactured products), Class III (cheese), and Class IV (butter and nonfat dry milk).
In United States agricultural policy, utilization rates refer to the percentage of milk in federal milk marketing orders that is used in each of the classes: Class IV (butter and nonfat dry milk), Class III (), Class II (all other manufactured products), Class I (milk used for fluid consumption).
Class I – Rations – Subsistence (food and drinking water), gratuitous (free) health and comfort items. Class II – Clothing And Equipment – individual equipment, tentage, some aerial delivery equipment, organizational tool sets and kits, hand tools, unclassified maps, administrative and housekeeping supplies and equipment.
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
In United States agricultural policy, the make allowance (or milk manufacturing marketing adjustment) is the margin between the government support price for milk and the Commodity Credit Corporation (CCC) purchase price for butter, nonfat dry milk, and cheese.
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Public economics examines the design of government tax and expenditure policies and economic effects of these policies (e.g., social insurance programs). Urban economics, which examines the challenges faced by cities, such as sprawl, air and water pollution, traffic congestion, and poverty, draws on the fields of urban geography and sociology.
Principles of Economics [1] is a leading political economy or economics textbook of Alfred Marshall (1842–1924), first published in 1890. [2] [3] It was the standard text for generations of economics students. Called his magnum opus, [4] it ran to eight editions by 1920. [5]