Answer to Question 1
Farmers are always trying to increase their yields per acre or decrease their costs per acre in order to increase their profits. They do this through technological innovation. However, increasing yields result in larger and larger supplies of crops, which depresses prices. As prices drop, farmers are forced by falling profits to invest in new innovations. The technological treadmill has resulted in higher and higher yields per acre and larger farm sizes, while forcing less successful farmers into bankruptcy.
Answer to Question 2
The primary sector includes industries involved in extractive resources from the natural environment. Examples of primary sector industries include farming, ranching, mining, logging, and fishing.
Man undergoing a stress test on a treadmill while physician monitors his condition
Japanese farmers create pentagon-shaped oranges
Approximately 40 percent of farmers in the United States are 55 years old or older
Farmers use pesticides on food crops to diminish the damage from pests
Capital-Biased Technological Change
Scientifically proven!