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Despite early recovery in Cuba, critics noted that the nature of the quota, which was reset each year and subject to considerable change, disrupted the whole of the Cuban economy, dominated as it was by the single crop. Due to the high fixed cost of planting sugar cane, a planter would need several years to recover outlays and earn a profit.
A plantation economy is an economy based on agricultural mass production, usually of a few commodity crops, grown on large farms worked by laborers or slaves. The properties are called plantations . Plantation economies rely on the export of cash crops as a source of income.
Sugar Prices 1962-2022 USD per pound. The sugar industry subsumes the production, processing and marketing of sugars (mostly sucrose and fructose).Globally, about 80% of sugar is extracted from sugar cane, grown predominantly in the tropics, and 20% from sugar beet, grown mostly in temperate climate in North America or Europe.
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 ...
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 economics, the cost-of-production theory of value is the theory that the price of an object or condition is determined by the sum of the cost of the resources that went into making it. The cost can comprise any of the factors of production (including labor, capital, or land) and taxation .
In economics, a cost curve is a graph of the costs of production as a function of total quantity produced. In a free market economy , productively efficient firms optimize their production process by minimizing cost consistent with each possible level of production, and the result is a cost curve.
Sugarcane or sugar cane is a species of tall, perennial grass (in the genus Saccharum, tribe Andropogoneae) that is used for sugar production. The plants are 2–6 m (6–20 ft) tall with stout, jointed, fibrous stalks that are rich in sucrose , [ 1 ] which accumulates in the stalk internodes .