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In microeconomics, economies of scale are the cost advantages that enterprises obtain due to their scale of operation, and are typically measured by the amount of output produced per unit of time. A decrease in cost per unit of output enables an increase in scale that is, increased production with lowered cost. At the basis of economies of scale, there may be technical, statistical, organizational or related factors to the degree of market control.
An oligopoly is a market in which control over an industry lies in the hands of a few large sellers who own a dominant share of the market. Oligopolistic markets have homogenous products, few market participants, and inelastic demand for the products in those industries. As a result of their significant market power, firms in oligopolistic markets can influence prices through manipulating the supply function. Firms in an oligopoly are also mutually interdependent, as any action by one firm is expected to affect other firms in the market and evoke a reaction or consequential action. As a result, firms in oligopolistic markets often resort to collusion as means of maximising profits.
The economy of Eswatini is fairly diversified. Agriculture, forestry and mining account for about 13 percent of Eswatini's GDP whereas manufacturing represent 37 percent of GDP. Services – with government services in the lead – constitute the other 50 percent of GDP.
A feedlot or feed yard is a type of animal feeding operation (AFO) which is used in intensive animal farming, notably beef cattle, but also swine, horses, sheep, turkeys, chickens or ducks, prior to slaughter. Large beef feedlots are called concentrated animal feeding operations (CAFO) in the United States and intensive livestock operations (ILOs) or confined feeding operations (CFO) in Canada. They may contain thousands of animals in an array of pens.
In economics, market power refers to the ability of a firm to influence the price at which it sells a product or service by manipulating either the supply or demand of the product or service to increase economic profit. In other words, market power occurs if a firm does not face a perfectly elastic demand curve and can set its price (P) above marginal cost (MC) without losing revenue. This indicates that the magnitude of market power is associated with the gap between P and MC at a firm's profit maximising level of output. The size of the gap, which encapsulates the firm's level of market dominance, is determined by the residual demand curve's form. A steeper reverse demand indicates higher earnings and more dominance in the market. Such propensities contradict perfectly competitive markets, where market participants have no market power, P = MC and firms earn zero economic profit. Market participants in perfectly competitive markets are consequently referred to as 'price takers', whereas market participants that exhibit market power are referred to as 'price makers' or 'price setters'.
The meat-packing industry handles the slaughtering, processing, packaging, and distribution of meat from animals such as cattle, pigs, sheep and other livestock. Poultry is generally not included. This greater part of the entire meat industry is primarily focused on producing meat for human consumption, but it also yields a variety of by-products including hides, dried blood, protein meals such as meat & bone meal, and, through the process of rendering, fats.
The National Football Conference – Northern Division or NFC North is one of the four divisions of the National Football Conference (NFC) in the National Football League (NFL). Nicknamed the "Black and Blue Division" for the rough and tough rivalry games between the teams, it currently has four members: the Chicago Bears, Detroit Lions, Green Bay Packers, and Minnesota Vikings, with the latter three based within most definitions of the Upper Midwest. The NFC North was previously known as the NFC Central from 1970 to 2001. The Tampa Bay Buccaneers were previously members, from 1977, one year after they joined the league as an expansion team, until 2002 when they moved to the NFC South. The division was created in 1967 as the Central Division of the NFL's Western Conference and existed for three seasons before the AFL–NFL merger. After the merger, it was renamed the NFC Central and retained that name until the NFL split into eight divisions in 2002. The four current division teams have been together in the same division or conference since the Vikings joined the league in 1961. The Bears, Lions and Packers have been in the same division or conference since the NFL began a conference format in 1933. Largely because the four teams have played each other at least twice a year, with the exception of the strike-shortened 1982 season, for more than 60 years, the entire division is considered one very large rivalry.
Arbogast & Bastian, also known as A&B Meats, was the name of a slaughterhouse and meat packing plant located in Allentown, Pennsylvania. Once a national leader in hog slaughtering, the company had the capacity to process most of the 850,000 hogs raised annually in Pennsylvania for slaughtering. In its heyday, Arbogast & Bastian slaughtered an average of 4,000 hogs daily.
In economics, market concentration is a function of the number of firms and their respective shares of the total production in a market. Market concentration is the portion of a given market's market share that is held by a small number of businesses. To ascertain whether an industry is competitive or not, it is employed in antitrust law and economic regulation. When market concentration is high, it indicates that a few firms dominate the market and oligopoly or monopolistic competition is likely to exist. In most cases, high market concentration produces undesirable consequences such as reduced competition and higher prices.
In animal husbandry, feed conversion ratio (FCR) or feed conversion rate is a ratio or rate measuring of the efficiency with which the bodies of livestock convert animal feed into the desired output. For dairy cows, for example, the output is milk, whereas in animals raised for meat the output is the flesh, that is, the body mass gained by the animal, represented either in the final mass of the animal or the mass of the dressed output. FCR is the mass of the input divided by the output. In some sectors, feed efficiency, which is the output divided by the input, is used. These concepts are also closely related to efficiency of conversion of ingested foods (ECI).
The Packers and Stockyards Act of 1921 regulates meatpacking, livestock dealers, market agencies, live poultry dealers, and swine contractors to prohibit unfair or deceptive practices, giving undue preferences, apportioning supply, manipulating prices, or creating a monopoly. It was enacted following the release in 1919 of the Report of the Federal Trade Commission on the meatpacking industry.
The Select Committee on the Transportation and Sale of Meat Products, also known as the Vest Committee, after its first chairman Senator George G. Vest of Missouri, was a select committee of the United States Senate from 1887 – 1921. It was established to consider various aspects of the meat packing industry.
Industrial agriculture is a form of modern farming that refers to the industrialized production of crops and animals and animal products like eggs or milk. The methods of industrial agriculture include innovation in agricultural machinery and farming methods, genetic technology, techniques for achieving economies of scale in production, the creation of new markets for consumption, the application of patent protection to genetic information, and global trade. These methods are widespread in developed nations and increasingly prevalent worldwide. Most of the meat, dairy, eggs, fruits and vegetables available in supermarkets are produced in this way.
Intensive animal farming, industrial livestock production, and macro-farms, also known as factory farming, is a type of intensive agriculture, specifically an approach to animal husbandry designed to maximize production while minimizing costs. To achieve this, agribusinesses keep livestock such as cattle, poultry, and fish at high stocking densities, at large scale, and using modern machinery, biotechnology, and global trade. The main products of this industry are meat, milk and eggs for human consumption. There are issues regarding whether intensive animal farming is sustainable in the social long-run given its costs in resources. Analysts also raise issues about its ethics.
William Davies Company was a pork processing and packing company in Toronto, Ontario, Canada. At one time, it was the largest pork packer in the British Empire, and it operated Canada's first major chain of food stores. One of Toronto's longstanding nicknames, "Hogtown", is attributable to the millions of pigs processed annually by the William Davies Company.
Agriculture continued to be the mainstay of the economy of Haiti in the late 1980s; it employed approximately 66 percent of the labor force and accounted for about 35 percent of GDP and for 24 percent of exports in 1987. The role of agriculture in the economy has declined severely since the 1950s, when the sector employed 80 percent of the labor force, represented 50 percent of GDP, and contributed 90 percent of exports. Many factors have contributed to this decline. Some of the major ones included the continuing fragmentation of landholdings, low levels of agricultural technology, migration out of rural areas, insecure land tenure, a lack of capital investment, high commodity taxes, the low productivity of undernourished animals, plant diseases, and inadequate infrastructure. Neither the government nor the private sector invested much in rural ventures; in FY 1989 only 5 percent of the national budget went to the Ministry of Agriculture, Natural Resources, and Rural Development. As Haiti entered the 1990s, however, the main challenge to agriculture was not economic, but ecological. Extreme deforestation, soil erosion, droughts, flooding, and the ravages of other natural disasters had all led to a critical environmental situation.
The agricultural policy of the United States is composed primarily of the periodically renewed federal U.S. farm bills. The Farm Bills have a rich history which initially sought to provide income and price support to US farmers and prevent them from adverse global as well as local supply and demand shocks. This implied an elaborate subsidy program which supports domestic production by either direct payments or through price support measures. The former incentivizes farmers to grow certain crops which are eligible for such payments through environmentally conscientious practices of farming. The latter protects farmers from vagaries of price fluctuations by ensuring a minimum price and fulfilling their shortfalls in revenue upon a fall in price. Lately, there are other measures through which the government encourages crop insurance and pays part of the premium for such insurance against various unanticipated outcomes in agriculture.
Pig slaughter is the work of slaughtering domestic pigs to obtain pig meat (pork). It regularly happens as part of traditional and intensive pig farming, which is both a common economic activity as well as a traditional feast in some European and Asian countries.
Agriculture in Panama is an important sector of the Panamanian economy. Major agricultural products include bananas, cocoa beans, coffee, coconuts, timber, beef, chicken, shrimp, corn, potatoes, rice, soybeans, and sugar cane.
Feeder cattle, in some countries or regions called store cattle, are young cattle mature enough either to undergo backgrounding or to be fattened in preparation for slaughter. They may be steers or heifers. The term often implicitly reflects an intent to sell to other owners for fattening (finishing). Backgrounding occurs at backgrounding operations, and fattening occurs at a feedlot. Feeder calves are less than 1 year old; feeder yearlings are between 1 and 2 years old. Both types are often produced in a cow-calf operation. After attaining a desirable weight, feeder cattle become finished cattle that are sold to a packer. Packers slaughter the cattle and sell the meat in carcass boxed form.
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This article incorporates public domain material from Jasper Womach. Report for Congress: Agriculture: A Glossary of Terms, Programs, and Laws, 2005 Edition (PDF). Congressional Research Service.
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