Agricultural economics is the study of allocation, distribution, and utilization of the resources used in producing yields. Where else agriculture means the practice of farming which includes soil cultivation for plant growth and animal rearing. For a continuous level of the farm, the surplus is one of the wellsprings of commercial and technological growth.
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In general, when you have a large fraction of the land, there are higher chances that there will be more yield which will lead to more income.
In the early 19th century, most economists were surprised. They feared that there was a limited supply of land in the populated areas of Europe. Also, they would determine the continental ability to feed their growing population. The fear was due to the law of diminishing returns. Some of the changes occurred in agriculture, others occurred in other sectors of the economy but they had a major effect on the food supply.
Looking back to the history of the most developed countries, agriculture has played an important role in the process of their enrichment. Agriculture must be able to produce a surplus of food in maintaining the growth of the non-agricultural labor force. Since food is more essential in human life, economists shift to activities available for sale or barter in sufficient quantities that support those engaged in them.
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Economic development also requires a labor force. Thus agriculture must not only supply a surplus of foods for the town, but it must be able to produce an increased amount of food with a relative amount of labor.
It may be a source of capital for industrial development. For economists, advises countries that need to develop to give a significant priority to agriculture.
Experience can also lead to the economic development of the country. It shows that agriculture can be more productive with proper investment in irrigation systems, research fertilizers, and farming chemicals.
This is farming that describes small-scale farming for subsistence farming as well as a cash sale in the market. Laziness is the key factor that contributes to peasant farming. Peasant farmer is likely to be illiterate, suspicious of outsiders and reluctant to try new methods. Food patterns remain unchanged. Simply these suggest that peasant farming comes as a result of a lack of alternatives. They have become more reluctant in trying and adopting new methods. Therefore they are exposed to a risk of failure. This leads to low yields.