Peasant Welfare in England

Size: px
Start display at page:

Download "Peasant Welfare in England 1290-1348"

Transcription

1 Peasant Welfare in England

2 Determine Welfare Means different things in different historical periods Basic to all time periods Access to Land Income Shelter/Rents Clothing Food Taxes

3 Why Care About Peasants in 12 th and 13 th Century Because factors of peasant welfare is the same today for contemporary peasants Contemporary peasants faced with same problems of increased expenditures and limited income Strategies for increasing income are the same Contemporary peasants involved in consumer economy

4

5

6 50 years before Black Death Very high increase in population High levels of commercial activity Wealthy peasants selling on national and international markets Rest of Peasants selling on local markets Landholding size decreases Real wages decrease

7 Peasant households Peasant household expenses increased Size and composition of household varied Cost of feeding and clothing the average person more than doubled between first decade and last decade of 13 th century Rents rose at least as much as the cost of living in the course of 13 th century

8

9

10

11 Income Mean household income had to increase by the same extent if standards of living were to remain constant If mean household income appears to have remained constant or fallen, then levels of peasant welfare must have declined

12 How to assess income levels? Broad changes in household income are much more difficult to asses than in broad changes to expenditure because sources of income are both obscure and eclectic Income derived from multiple sources Cultivation, rights to common, farm animals and fishing, firewood, employment

13 Two Assumptions First, household income normally included both monetary and non-monetary contributions and that the majority of peasants derived household income from three sources: a landholding, common rights, and employment. Second, if household income is derived from a combination of landholding, employment, and common rights, then any changes in their availability ought to have impact on household income.

14 Landholding Size Many landholdings already small at beginning of 13 th century Decrease in landholding size Two-thirds of English households depended for their livelihood upon small or even miniscule holdings

15 Another Way to Think About It Failure of mean holding size to increase in the context of a general rise in household expenditure Increased population=increase size of family Increase size of family=increase expenditures

16

17 Strategies Used to protect or even raise household income Increase the amount of family or hired labor a peasant might expect to raise land productivity Development anthropologist affirm the efficiency of small farms run by family labor in India where yields compare favorably with those on larger farms

18

19 Reduce land in Fallow thus putting more in cultivation Strategy 2

20 Did peasants have a better chance at increasing production than manor? Three reason for supposing that peasant productivity levels could be higher Manor employed servile labor, and the work intensity of hired labor on manor could well be lower than peasant family Labor to land ratio probably higher on peasant farms Peasants enjoyed a higher ratio of draught animals to land on their farms

21

22 Second Strategy Peasants can compensate for declining holding size by sowing on their land higher yield crops Barley More marketable and valuable crops such as wheat or industrial crops By growing and selling high value crops and buying cheaper grains for their own consumption peasants might increase income from landholding

23

24 Third Strategy Landholding carried rights to graze animals on common fields and pastures, to glean corn and to extract timber from woodland or peat and fish from marshland Livestock contributed greatly to peasant income Acquisition of a few sheep could provide welcome income from wool a high value commodity with an international market

25 Where common rights were varied and extensive, they could have contributed a relatively large share of household income by the early 14 th century Common Rights

26

27 Fourth Strategy Increase sources of household income through employment off the farm Range of occupational opportunities and the availability of waged employment increased during 13 th century Towns and Urban Centers Countryside ranged from brewing and milling to craft and industrial work

28 Importance of Markets Peasants needed to sell products to get cash Cash needed for rents, fines and taxes It is certain that the number of households which depended on waged employment, and by extension depended on the market for basic foodstuffs grew during 13 th century

29 Fifth Strategy Reduce the size of the Household to tailor expenditures to income Reduce size of household through celibacy, later marriage, sexual restraint within marriage or migration of older children to towns

30 Fate of Small Landholders Overall need to increase land productivity particularly difficult for small landholder Small holding already insufficient for income Had to use a combination of strategies Particular high reliance on use of common land to grow crops

31 Potential Liabilities Because small landholders were unable to produce sufficient food to meet their own subsistence requirements, they were adversely affected by rising cost of living Unable to grow enough grain to generate much income from sales Forced to enter the market to purchase food for their own consumption

32 Additional Liabilities Small landholders overhead costs were higher because they were charged higher rents per acre Nature of their operations restricted the benefits of increasing gross output or applying more labor

33 Alternative Labor an Answer? The ability to increase labor is greatest on family farm with surplus labor force Availability of alternative employment presented peasants with a dilemma Decide whether the potential benefits of employing their spare labor on the farm were greater than those of obtaining work elsewhere and whether the search costs of employment were sustainable

34

35 Before Black Death 1348 Population Growth outstripped production High Demand For Food=High Prices Landlords Advantage Over Peasants Made it easy to apply oppressive social relations that tied the peasants to the land Famines of 1316/7 and 1321/2 due to scarcity of available food and high prices No relief for the poor

36 Black Plague So destructive that the population of Europe in 1370 was between half and two thirds of its former size For most of the next century the population of England stayed at only 2 or 3 million Dramatic impact on the balance of medieval classes with peasantry and gentry gaining much more of an upper hand

37

38 Black Death Death was painful but quick Some did recover Highly contagious No medical knowledge Treated with herbs and herbal brews

39 After the Plague Low population Sudden surplus of all items and food drove prices down Rents fell giving more opportunity for peasant accumulation Take over of land very common

40 Shortages of Labor Increased peasant wealth and shortages of labor in rural areas Wealthy rural landholders found it increasingly expensive to hire rural labor Increasingly difficult to impose oppressive social tenure institutions of rural bondage Serfs and Serfdom fizzles out.

41 Rise of Servants Both rural and Urban landlords increasingly come to employ resident servants. It is cheaper to house and feed servants than to pay labor s wage in time of shortage Both men and women worked as servants for a period of 10 years before they saved enough to set-up their own holding

42 Changes in Marriage Patterns Poor married later and had fewer children per family This also contributes to the fall in population first brought out by famines and Black death Poor worked as household servants

43 Change For Landlord Landlords came to see that their best chance of continuing to profit from the land would be to lease it. This created a social place for the landless knight and gave rise to the gentry. Also closed off the commons known as enclosure and the land was leased or use by lord as pasture because wool was an important commodity

44 Political Changes Embolden now powerful poorer classes Peasant Revolts flex their political muscle disrupting the traditional stability of feudal relations Ruling class (Lords and Religious) gave way to increasing demands for popular participation Long period of political stability until early modern times

45

46

47 Wat Tyler and His Revolting Peasants! In 1381, 35 years after the Black Death, dramatically reduced number of peasants re-evaluated their worth Demanded higher wages and better working conditions the end of serfdom Political Leaders (Bishops and Lords) passed a law to limit any such wage increase

48 New Taxes Poll tax introduces to support War in France 3 rd time in 4years that such a tax was applied Everyone over the age 15 had to pay one shilling a significant amount to a the average farm laborer Could not pay in cash, they could pay in kind such as seeds, tools etc. all of which were vital to survival of farmer and his family

49

50 Incident at Fobbing May 1381, a tax collector arrives in Essex village of Fobbing to find out why the people there had not paid their poll tax Villagers throw tax collector out of village June 1381, 15 year old King Richard II sent his soldiers to Essex and Fobbing to re-establish law and order Villagers throw out the King s soldiers

51 March to London To See The King 60,000 Peasants from all over England march to London to see their king Well organized and coordinated popular uprising Destroyed tax records and registers and removed heads from several tax officials Wat Tyler to meet the King on 14 June in order to prevent further trouble in City of London

52 Wat Tyler and The King Richard II gave into all the peasant demands and asked that they go home Promised end to serfdom and feudalism may did start to leave for home While meeting taking place, a few of Tyler s rebels murder the Archbishop of Canterbury and the Treasurer of England Richard and Wat Tyler to meet the next Day

53

54 Wat Tyler Murdered Richard II and Wat Tyler meet at Smithfield just outside the city walls of London Mayor of London wants Tyler and her rebels out of his city. Also angered at Tyler for arrogant behavior toward the king and Tyler s demands Lord Mayor of London Sir William Walworth wounds Tyler Tyler s head is removed

55 King s Promises Did not keep promises Promises made under threat therefore not valid under law Landlord and Bishops still controlled peasants somewhat Black Death had caused such a shortage of labor that over the next 100 years many peasants found that when they asked for more money the lords had to give in

A version of this essay was published as "Reduziert die Globalisierung die Kinderarbeit?" in Neue Zürcher Zeitung, February 23/24, 2002 p29.

A version of this essay was published as Reduziert die Globalisierung die Kinderarbeit? in Neue Zürcher Zeitung, February 23/24, 2002 p29. Globalization and the Economics of Child Labor A version of this essay was published as "Reduziert die Globalisierung die Kinderarbeit?" in Neue Zürcher Zeitung, February 23/24, 2002 p29. Eric V. Edmonds

More information

Chapter 12 The South Section Notes Video Maps History Close-up Images Quick Facts

Chapter 12 The South Section Notes Video Maps History Close-up Images Quick Facts Chapter 12 The South Section Notes Growth of the Cotton Industry Free Southern Society The Slave System History Close-up Southern Plantation Quick Facts Chapter 12 Visual Summary Video Regional Economies

More information

Supplement Unit 1. Demand, Supply, and Adjustments to Dynamic Change

Supplement Unit 1. Demand, Supply, and Adjustments to Dynamic Change 1 Supplement Unit 1. Demand, Supply, and Adjustments to Dynamic Change Introduction This supplemental highlights how markets work and their impact on the allocation of resources. This feature will investigate

More information

Sectors of the Indian Economy

Sectors of the Indian Economy CLASS : X SUBJECT : ECONOMICS TOPIC :SECTOR OF INDIAN ECONOMY MONTH : JULY, 2012 TEACHER S NAME: MRS. ASHIMA SHARMA Sectors of the Indian Economy Economic activities are activities that result in the production

More information

For instance between 1960 and 2000 the average hourly output produced by US workers rose by 140 percent.

For instance between 1960 and 2000 the average hourly output produced by US workers rose by 140 percent. Causes of shifts in labor demand curve The labor demand curve shows the value of the marginal product of labor as a function of quantity of labor hired. Using this fact, it can be seen that the following

More information

AGRICULTURAL PROBLEMS OF JAPAN

AGRICULTURAL PROBLEMS OF JAPAN AGRICULTURAL PROBLEMS OF JAPAN Takeshi Kimura, Agricultural Counselor Embassy of Japan, Washington, D. C. I would like, first, to sketch the Japanese agricultural situation and, second, to review Japan's

More information

Preparing A Cash Flow Statement

Preparing A Cash Flow Statement Preparing A Cash Flow Statement By: Norm Dalsted and Rod Sharp Colorado State University It is highly unlikely you would attempt to drive to Detroit, Michigan, without first consulting a road map. You

More information

World History Middle Ages Test

World History Middle Ages Test World History Middle Ages Test 1. Europe became a feudal society because a. Europeans needed to defend themselves against constant raids and invasions. b. overpopulation required that a more efficient

More information

Statistical Profile of Lunenburg County

Statistical Profile of Lunenburg County Statistical Profile of Lunenburg County Prepared by the Nova Scotia Federation of Agriculture 1 Contents 1.0 Introduction... 2 Agriculture in the Local Economy... 2 2.0 Population and Population Change...

More information

Chapter 3: The English Colonies

Chapter 3: The English Colonies Chapter 3: The English Colonies Section 1: The Southern Colonies Settlement in Jamestown In 1605 a company of English merchants asked King James I for the right to found, or establish, a settlement. In

More information

Total Income from Farming in the United Kingdom. First estimate for 2015

Total Income from Farming in the United Kingdom. First estimate for 2015 28 April 2016 Total Income from Farming in the United Kingdom First estimate for 2015 This release presents the first estimate of Total Income from Farming for the United Kingdom for 2015. Total Income

More information

Agriculture & Business Management Notes...

Agriculture & Business Management Notes... Agriculture & Business Management Notes... Preparing an Income Statement Quick Notes... The income statement measures the profitability of a business over a specific period of time. Cash reporting of income

More information

STATISTICAL PROFILE OF CAPE BRETON. Prepared By: Nova Scotia Federation of Agriculture

STATISTICAL PROFILE OF CAPE BRETON. Prepared By: Nova Scotia Federation of Agriculture STATISTICAL PROFILE OF CAPE BRETON Prepared By: Nova Scotia Federation of Agriculture 1.0 Introduction Agriculture in the Local Economy Agriculture in Cape Breton is characterized by a diversity of farm

More information

THE FINANCIAL CRISIS: Is This a REPEAT OF THE 80 S FOR AGRICULTURE? Mike Boehlje and Chris Hurt, Department of Agricultural Economics

THE FINANCIAL CRISIS: Is This a REPEAT OF THE 80 S FOR AGRICULTURE? Mike Boehlje and Chris Hurt, Department of Agricultural Economics THE FINANCIAL CRISIS: Is This a REPEAT OF THE 80 S FOR AGRICULTURE? Mike Boehlje and Chris Hurt, Department of Agricultural Economics The current financial crisis in the capital markets combined with recession

More information

AGRICULTURAL LAW AND TAXATION BRIEFS DEPARTMENT OF AGRICULTURAL AND CONSUMER ECONOMICS, UNIVERSITY OF ILLINOIS AT URBANA-CHAMPAIGN

AGRICULTURAL LAW AND TAXATION BRIEFS DEPARTMENT OF AGRICULTURAL AND CONSUMER ECONOMICS, UNIVERSITY OF ILLINOIS AT URBANA-CHAMPAIGN Yearend Farm Tax Planning Considerations Gary J. Hoff, E.A.* Issue 07-07, November 15, Synopsis: As the end of 2007 nears, farmers may be able to save thousands of dollars of federal income tax or self

More information

I. Business Transfer Strategies

I. Business Transfer Strategies In many two-generation farming arrangements, the younger party begins by working for a fixed wage. Eventually, however, he or she will want to become an owner/operator not just an employee. Achieving this

More information

LOAN ANALYSIS. 1 This is drawn from the FAO-GTZ Aglend Toolkits 1 5 for the training purpose.

LOAN ANALYSIS. 1 This is drawn from the FAO-GTZ Aglend Toolkits 1 5 for the training purpose. LOAN ANALYSIS AGLEND1 is a financial institution that was founded in the early nineties as a microcredit NGO. In the beginning, its target clientele were micro- and small entrepreneurs in the urban area.

More information

Economics 212 Principles of Macroeconomics Study Guide. David L. Kelly

Economics 212 Principles of Macroeconomics Study Guide. David L. Kelly Economics 212 Principles of Macroeconomics Study Guide David L. Kelly Department of Economics University of Miami Box 248126 Coral Gables, FL 33134 dkelly@miami.edu First Version: Spring, 2006 Current

More information

Chapter 6 Supply, Demand, and Government Policies

Chapter 6 Supply, Demand, and Government Policies Chapter 6 Supply, Demand, and Government Policies Review Questions Using supply-demand diagrams, show the difference between a non-binding price ceiling and a binding price ceiling in the wheat market.

More information

TSCRA Ranching 101 Laws Leasing, and Liability

TSCRA Ranching 101 Laws Leasing, and Liability TSCRA Ranching 101 Laws, Leasing and Liability Disclaimer Any information provided in this presentation is not intended to be legal advice, nor is it intended to be a substitute for legal services from

More information

Farming. In the Standard Grade Geography exam there are three types of farming you need to know about arable, livestock and mixed.

Farming. In the Standard Grade Geography exam there are three types of farming you need to know about arable, livestock and mixed. Types of Farming In the Standard Grade Geography exam there are three types of farming you need to know about arable, livestock and mixed. Arable farms are ones where the main way of making money is by

More information

Central problem in economics: how to chose among competing alternatives given the limited resources of decision-makers

Central problem in economics: how to chose among competing alternatives given the limited resources of decision-makers Scarcity and Choice Central problem in economics: how to chose among competing alternatives given the limited resources of decision-makers Examples: Decision-Maker CA state government Federal government

More information

Financing Capital Requirements

Financing Capital Requirements Of the independent growers, a typical one produces about four batches of I o thousand birds a year. His capital assets are about as follows: Land, buildings, and equipment, 30 thousand dollars; feed, 4,500

More information

Potential GDP and Economic Growth

Potential GDP and Economic Growth Potential GDP and Economic Growth CHAPTER17 C H A P T E R C H E C K L I S T When you have completed your study of this chapter, you will be able to 1 Explain the forces that determine potential GDP and

More information

2 0 0 0 E D I T I O N CLEP O F F I C I A L S T U D Y G U I D E. The College Board. College Level Examination Program

2 0 0 0 E D I T I O N CLEP O F F I C I A L S T U D Y G U I D E. The College Board. College Level Examination Program 2 0 0 0 E D I T I O N CLEP O F F I C I A L S T U D Y G U I D E College Level Examination Program The College Board Principles of Macroeconomics Description of the Examination The Subject Examination in

More information

4. Answer c. The index of nominal wages for 1996 is the nominal wage in 1996 expressed as a percentage of the nominal wage in the base year.

4. Answer c. The index of nominal wages for 1996 is the nominal wage in 1996 expressed as a percentage of the nominal wage in the base year. Answers To Chapter 2 Review Questions 1. Answer a. To be classified as in the labor force, an individual must be employed, actively seeking work, or waiting to be recalled from a layoff. However, those

More information

Notes - Gruber, Public Finance Chapter 20.3 A calculation that finds the optimal income tax in a simple model: Gruber and Saez (2002).

Notes - Gruber, Public Finance Chapter 20.3 A calculation that finds the optimal income tax in a simple model: Gruber and Saez (2002). Notes - Gruber, Public Finance Chapter 20.3 A calculation that finds the optimal income tax in a simple model: Gruber and Saez (2002). Description of the model. This is a special case of a Mirrlees model.

More information

WHY STUDY PUBLIC FINANCE?

WHY STUDY PUBLIC FINANCE? Solutions and Activities to CHAPTER 1 WHY STUDY PUBLIC FINANCE? Questions and Problems 1. Many states have language in their constitutions that requires the state to provide for an adequate level of education

More information

Estimating Cash Rental Rates for Farmland

Estimating Cash Rental Rates for Farmland Estimating Cash Rental Rates for Farmland Tenant operators farm more than half of the crop land in Iowa. Moreover, nearly 70 percent of the rented crop land is operated under a cash lease. Cash leases

More information

Politics, Surpluses, Deficits, and Debt

Politics, Surpluses, Deficits, and Debt Defining Surpluses and Debt Politics, Surpluses,, and Debt Chapter 11 A surplus is an excess of revenues over payments. A deficit is a shortfall of revenues relative to payments. 2 Introduction After having

More information

Unit 4: Measuring GDP and Prices

Unit 4: Measuring GDP and Prices Unit 4: Measuring GDP and Prices ECO 120 Global Macroeconomics 1 1.1 Reading Reading Module 10 - pages 106-110 Module 11 1.2 Goals Goals Specific Goals: Understand how to measure a country s output. Learn

More information

Reference: Gregory Mankiw s Principles of Macroeconomics, 2 nd edition, Chapters 10 and 11. Gross Domestic Product

Reference: Gregory Mankiw s Principles of Macroeconomics, 2 nd edition, Chapters 10 and 11. Gross Domestic Product Macroeconomics Topic 1: Define and calculate GDP. Understand the difference between real and nominal variables (e.g., GDP, wages, interest rates) and know how to construct a price index. Reference: Gregory

More information

Income and wealth inequality

Income and wealth inequality Income and wealth inequality Income and wealth inequality The end of industrialization and Reaganomics Income inequality Wealth inequality Poverty Income and wealth inequality The end of industrialization

More information

Crop-Share and Cash Rent Lease Comparisons Version 1.6. Introduction

Crop-Share and Cash Rent Lease Comparisons Version 1.6. Introduction Crop-Share and Cash Rent Lease Comparisons Version 1.6 Alan Miller and Craig L. Dobbins Spreadsheet can be found at http://www.agecon.purdue.edu/extension/pubs/farmland_values.asp Introduction This spreadsheet

More information

THE INDUSTRIAL REVOLUTION IN AMERICA

THE INDUSTRIAL REVOLUTION IN AMERICA THE INDUSTRIAL REVOLUTION IN AMERICA BUILDING BACKGROUND In the early 1700s making goods depended on the hard work of humans and animals. It had been that way for hundreds of years. Then new technology

More information

Chapter 24. What will you learn in this chapter? Valuing an economy. Measuring the Wealth of Nations

Chapter 24. What will you learn in this chapter? Valuing an economy. Measuring the Wealth of Nations Chapter 24 Measuring the Wealth of Nations 2014 by McGraw-Hill Education 1 What will you learn in this chapter? How to calculate gross domestic product (GDP). Why each component of GDP is important. What

More information

Composition of Farm Household Income and Wealth

Composition of Farm Household Income and Wealth Composition of Farm Household Income and Wealth Today it is rare for any household to receive all of its from a single source. Even when only one household member is employed, it is possible to earn from

More information

chapter: Solution Money, Banking, and the Federal Reserve System

chapter: Solution Money, Banking, and the Federal Reserve System Money, Banking, and the Federal Reserve System 1. For each of the following transactions, what is the initial effect (increase or decrease) on M1? or M2? a. You sell a few shares of stock and put the proceeds

More information

MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.

MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. Chapter 6 - Markets in Action - Sample Questions MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) The short-run impact of the San Francisco earthquake

More information

SECTION 4: WHAT WAS LIFE LIKE FOR THE POOR IN TUDOR TIMES?

SECTION 4: WHAT WAS LIFE LIKE FOR THE POOR IN TUDOR TIMES? PUPIL WORKSHEET SECTION 4: WHAT WAS LIFE LIKE FOR THE POOR IN TUDOR TIMES? Poor people wore rough hardworking clothes, which were dictated by the sumptuary laws. Poor people had little money and bad housing.

More information

Enterprise Budgeting. By: Rod Sharp and Dennis Kaan Colorado State University

Enterprise Budgeting. By: Rod Sharp and Dennis Kaan Colorado State University Enterprise Budgeting By: Rod Sharp and Dennis Kaan Colorado State University One of the most basic and important production decisions is choosing the combination of products or enterprises to produce.

More information

Solution. Solution. Money, Banking, and the Federal Reserve System. macroeconomics. economics

Solution. Solution. Money, Banking, and the Federal Reserve System. macroeconomics. economics KrugmanMacro_SM_Ch13.qxp 10/27/05 3:20 PM Page 155 Money, Banking, and the Federal Reserve System 1. For each of the following transactions, what is the effect (increase or decrease) on M1? on M2? a. You

More information

Would you like to know more about the

Would you like to know more about the Your Net Worth Ag Decision Maker Statement File C3-20 Would you like to know more about the current financial situation of your farming operation? A simple listing of the property you own and the debts

More information

Common Sense Economics Part 4: Twelve Key Elements of Practical Personal Finance Practice Test

Common Sense Economics Part 4: Twelve Key Elements of Practical Personal Finance Practice Test Common Sense Economics Part 4: Twelve Key Elements of Practical Personal Finance Practice Test 1. Your comparative advantage in a specific area is determined by a. the market value of the skill relative

More information

Benchmark C Describe the characteristics of feudal societies and the transition to the Renaissance and Reformation in Europe.

Benchmark C Describe the characteristics of feudal societies and the transition to the Renaissance and Reformation in Europe. Feudalism in Japan and Europe Connection: History Benchmark C Describe the characteristics of feudal societies and the transition to the Renaissance and Reformation in Europe. Indicator 3 Describe the

More information

The Economics of Ranching

The Economics of Ranching Montana Cowboy College Kent Hanawalt Fiddle Creek Road Livingston, MT 59047 Home:406-686-4426 Work 406-683-9111 NeckRein@MontanaCowboyCollege.com The Economics of Ranching Ranching is easy right? All you

More information

MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.

MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) It is efficient to produce an additional shirt if A) the marginal benefit of producing the shirt

More information

GCSE Business Studies. Ratios. For first teaching from September 2009 For first award in Summer 2011

GCSE Business Studies. Ratios. For first teaching from September 2009 For first award in Summer 2011 GCSE Business Studies Ratios For first teaching from September 2009 For first award in Summer 2011 Ratios At the end of this unit students should be able to: Interpret and analyse final accounts and balance

More information

Chapter 15: Spending, Income and GDP

Chapter 15: Spending, Income and GDP Chapter 15: Spending, Income and GDP By the end of this chapter, you will be able to: Define GDP Calculate GDP by: adding up value added of production. adding up expenditure. adding up income. Distinguish

More information

Module 3: Measuring (step 2) Poverty Lines

Module 3: Measuring (step 2) Poverty Lines Module 3: Measuring (step 2) Poverty Lines Topics 1. Alternative poverty lines 2. Setting an absolute poverty line 2.1. Cost of basic needs method 2.2. Food energy method 2.3. Subjective method 3. Issues

More information

How much financing will your farm business

How much financing will your farm business Twelve Steps to Ag Decision Maker Cash Flow Budgeting File C3-15 How much financing will your farm business require this year? When will money be needed and from where will it come? A little advance planning

More information

Farm Financial Management

Farm Financial Management Farm Financial Management Your Farm Income Statement How much did your farm business earn last year? There are many ways to answer this question. A farm income statement (sometimes called a profit and

More information

Econ 202 Section 4 Final Exam

Econ 202 Section 4 Final Exam Douglas, Fall 2009 December 15, 2009 A: Special Code 00004 PLEDGE: I have neither given nor received unauthorized help on this exam. SIGNED: PRINT NAME: Econ 202 Section 4 Final Exam 1. Oceania buys $40

More information

Fifty years of Australia s trade

Fifty years of Australia s trade Fifty years of Australia s trade Introduction This edition of Australia s Composition of Trade marks the publication s 50th anniversary. In recognition of this milestone, this article analyses changes

More information

Topic 4: Different approaches to GDP

Topic 4: Different approaches to GDP Topic 4: Different approaches to GDP PRINCIPLES OF MACROECONOMICS Dr. Fidel Gonzalez Department of Economics and Intl. Business Sam Houston State University Three different approaches to measure the GDP

More information

Note: This feature provides supplementary analysis for the material in Part 3 of Common Sense Economics.

Note: This feature provides supplementary analysis for the material in Part 3 of Common Sense Economics. 1 Module C: Fiscal Policy and Budget Deficits Note: This feature provides supplementary analysis for the material in Part 3 of Common Sense Economics. Fiscal and monetary policies are the two major tools

More information

Negotiating New Lease Arrangements with the Transition to Direct Seed Intensive Cropping Systems

Negotiating New Lease Arrangements with the Transition to Direct Seed Intensive Cropping Systems Negotiating New Lease Arrangements with the Transition to Direct Seed Intensive Cropping Systems Clark F. Seavert Extension Economist Oregon State University Changes in agricultural production, technology

More information

LONDON BOROUGH OF BROMLEY TEMPORARY ACCOMMODATION PROCUREMENT STRATEGY 2015

LONDON BOROUGH OF BROMLEY TEMPORARY ACCOMMODATION PROCUREMENT STRATEGY 2015 LONDON BOROUGH OF BROMLEY TEMPORARY ACCOMMODATION PROCUREMENT STRATEGY 2015 1. Overview 1.1 This strategy provides a framework for the procurement of suitable temporary accommodation within and outside

More information

Agribusiness Management, its meaning, nature and scope, types Of management tasks and responsibilities

Agribusiness Management, its meaning, nature and scope, types Of management tasks and responsibilities Agribusiness Management, its meaning, nature and scope, types Of management tasks and responsibilities Dr. B. K. Baruah Professor Department of Agril. Economics Farm Management Assam Agricultural University

More information

ECON 443 Labor Market Analysis Final Exam (07/20/2005)

ECON 443 Labor Market Analysis Final Exam (07/20/2005) ECON 443 Labor Market Analysis Final Exam (07/20/2005) I. Multiple-Choice Questions (80%) 1. A compensating wage differential is A) an extra wage that will make all workers willing to accept undesirable

More information

Mineral rights ownership what is it and why is it so unique in the USA?

Mineral rights ownership what is it and why is it so unique in the USA? Mineral rights ownership what is it and why is it so unique in the USA? Introduction This document is designed to explain the concept of mineral rights ownership, and how such ownership differs between

More information

Methods of Supporting Farm Prices and Income

Methods of Supporting Farm Prices and Income Methods of Supporting Farm Prices and Income By Arthur Mauch When the level of support has been decided, the cost of the program has pretty well been determined. The second major decision involves how

More information

THIRD EDITION. ECONOMICS and. MICROECONOMICS Paul Krugman Robin Wells. Chapter 19. Factor Markets and Distribution of Income

THIRD EDITION. ECONOMICS and. MICROECONOMICS Paul Krugman Robin Wells. Chapter 19. Factor Markets and Distribution of Income THIRD EDITION ECONOMICS and MICROECONOMICS Paul Krugman Robin Wells Chapter 19 Factor Markets and Distribution of Income WHAT YOU WILL LEARN IN THIS CHAPTER How factors of production resources like land,

More information

PRODUCTION. 1The Surplus

PRODUCTION. 1The Surplus 1The Surplus 2 The US economy produces an amazing number of different products: thousands of different foods, countless movies, dozens of different type cars, hundreds of entertainment products, dozens

More information

OBTAINING OPERATING CAPITAL FOR 2016 GRAIN OPERATIONS: NEEDS, RISKS, REWARDS & THE BOTTOM LINE

OBTAINING OPERATING CAPITAL FOR 2016 GRAIN OPERATIONS: NEEDS, RISKS, REWARDS & THE BOTTOM LINE OBTAINING OPERATING CAPITAL FOR 2016 GRAIN OPERATIONS: NEEDS, RISKS, REWARDS & THE BOTTOM LINE 02.03.16 JEFF RODIBAUGH FIRST FARMERS BANK & TRUST POLL: 2016 CORN BELT SEED CONFERENCE 1. You believe there

More information

WHAT IS ECONOMICS. MODULE - 1 Understanding Economics OBJECTIVES 1.1 MEANING OF ECONOMICS. Notes

WHAT IS ECONOMICS. MODULE - 1 Understanding Economics OBJECTIVES 1.1 MEANING OF ECONOMICS. Notes 1 WHAT IS Economics as a subject has assumed great importance in the field of social science. In our day to day life we use a lot of economic concepts such as goods, market, demand, supply, price, inflation,

More information

AN OVERVIEW OF INDIAN ECONOMY

AN OVERVIEW OF INDIAN ECONOMY An Overview of MODULE - 7 19 AN OVERVIEW OF INDIAN ECONOMY As citizens of India, it is very important for all of you to know about the economy of India. As you also know from history that India became

More information

Ranger Report About Deforestation of the Rainforest

Ranger Report About Deforestation of the Rainforest Ranger Report About Deforestation of the Rainforest About deforestation Forests are cut down for many reasons, but most of them are related to money or to people s need to provide for their families. The

More information

CROP BUDGETS, ILLINOIS, 2015

CROP BUDGETS, ILLINOIS, 2015 CROP BUDGETS Department of Agricultural and Consumer Economics University of Illinois CROP BUDGETS, ILLINOIS, 2015 Department of Agricultural and Consumer Economics University of Illinois September 2015

More information

Chapter 1 Key Themes in Environmental Science

Chapter 1 Key Themes in Environmental Science Key Themes in Environmental Science Case Study: Shrimp, Mangroves, and Pickup Trucks This case study highlights the plight of a small farmer in Thailand in the shrimp farming business. He makes his living

More information

Econ 202 Final Exam. Table 3-1 Labor Hours Needed to Make 1 Pound of: Meat Potatoes Farmer 8 2 Rancher 4 5

Econ 202 Final Exam. Table 3-1 Labor Hours Needed to Make 1 Pound of: Meat Potatoes Farmer 8 2 Rancher 4 5 Econ 202 Final Exam 1. If inflation expectations rise, the short-run Phillips curve shifts a. right, so that at any inflation rate unemployment is higher. b. left, so that at any inflation rate unemployment

More information

Chapter 2 The Measurement and Structure of the National Economy

Chapter 2 The Measurement and Structure of the National Economy Chapter 2 The Measurement and Structure of the National Economy Multiple Choice Questions 1. The three approaches to measuring economic activity are the (a) cost, income, and expenditure approaches. (b)

More information

Q.630.7. IP6C no. 1063. cop. 5

Q.630.7. IP6C no. 1063. cop. 5 Q.630.7 IP6C no. 1063 cop. 5 m NOTICE: Return or renew all Library Materials! The Minimum Fee for each Lost Book is $50.00. The person charging this material is responsible for its return to the library

More information

ECONOMIC FACTORS AFFECTING COMPENSATION

ECONOMIC FACTORS AFFECTING COMPENSATION Unit 4: Total Rewards 41 ECONOMIC FACTORS AFFECTING COMPENSATION Inflation Inflation has a substantial impact on compensation practices. Managing a compensation program is especially difficult during periods

More information

How much did your farm business earn last year?

How much did your farm business earn last year? Your Farm Ag Decision Maker Income Statement File C3-25 How much did your farm business earn last year? Was it profitabile? There are many ways to answer these questions. A farm income statement (sometimes

More information

3.3 Real Returns Above Variable Costs

3.3 Real Returns Above Variable Costs 3.3 Real Returns Above Variable Costs Several factors can impact the returns above variable costs for crop producers. Over a long period of time, sustained increases in the growth rate for purchased inputs

More information

A LIFE-CYCLE AND GENERATIONAL PERSPECTIVE ON THE WEALTH AND INCOME OF MILLENNIALS

A LIFE-CYCLE AND GENERATIONAL PERSPECTIVE ON THE WEALTH AND INCOME OF MILLENNIALS A LIFE-CYCLE AND GENERATIONAL PERSPECTIVE ON THE WEALTH AND INCOME OF MILLENNIALS William R. Emmons and Ray Boshara Young adulthood is the life stage when the greatest increases in income and wealth typically

More information

Economics. Worksheet 11.1. Circular Flow Simulation

Economics. Worksheet 11.1. Circular Flow Simulation Worksheet 11.1 Circular Flow Simulation Please note this is a class activity. Why not suggest it to your teacher? Objective: To understand how productive resources, goods and services and money flow from

More information

Midterm Exam - Answers. November 3, 2005

Midterm Exam - Answers. November 3, 2005 Page 1 of 10 November 3, 2005 Answer in blue book. Use the point values as a guide to how extensively you should answer each question, and budget your time accordingly. 1. (8 points) A friend, upon learning

More information

Farm Tax Record Book SAMPLE

Farm Tax Record Book SAMPLE Farm Tax Record Book TABLE OF CONTENTS Farm Receipts... Milk Sales and Deductions Worksheet... Government Payments Worksheet... Commodity Certificates... Sale of Livestock Worksheet... Farm Expenses...0

More information

Balance Sheet. Financial Management Series #1 9/2009

Balance Sheet. Financial Management Series #1 9/2009 Balance Sheet Prepared By: James N. Kurtz, Extension Educator Financial Management Series #1 9/2009 A complete set of financial statements for agriculture include: a Balance Sheet; an Income Statement;

More information

primecentrum Why UK Buy-To-Let 2016

primecentrum Why UK Buy-To-Let 2016 primecentrum Why UK Buy-To-Let 2016 Would you like to know more about investing in UK buy-to-let market? 1. What? 3. Where? 5. Who? 2. Why? 4. How?...Do it with our guide in 5 simple steps! 2016 marks

More information

Eastern Kentucky Meat Goat Budget Analysis

Eastern Kentucky Meat Goat Budget Analysis Eastern Kentucky Meat Goat Budget Analysis Agricultural Economics Extension No. 2000-11 May 2000 By: ALIOUNE DIAW AND A. LEE MEYER University of Kentucky Department of Agricultural Economics 400 Charles

More information

WASSCE / WAEC ECONOMICS SYLLABUS

WASSCE / WAEC ECONOMICS SYLLABUS WASSCE / WAEC ECONOMICS SYLLABUS WWW.LARNEDU.COM Visit www.larnedu.com for WASSCE / WAEC syllabus on different subjects and more great stuff to help you ace the WASSCE in flying colours. PREAMBLE This

More information

Unit 4 Lesson 8 The Qin and Han Dynasties

Unit 4 Lesson 8 The Qin and Han Dynasties Unit 4 Lesson 8 The Qin and Han Dynasties Directions Read the False statements below. Replace each underlined word with one from the word bank that makes each sentence True. Word Bank Ying Zheng army copper

More information

What are the key current issues shaping equity release by older home owners?

What are the key current issues shaping equity release by older home owners? What are the key current issues shaping equity release by older home owners? Round table discussion November 7th 2012 About this project Focus today on equity release but a bigger picture. Initial proposal

More information

Stocker Grazing or Grow Yard Feeder Cattle Profit Projection Calculator Users Manual and Definitions

Stocker Grazing or Grow Yard Feeder Cattle Profit Projection Calculator Users Manual and Definitions Stocker Grazing or Grow Yard Feeder Cattle Profit Projection Calculator Users Manual and Definitions The purpose of this decision aid is to help facilitate the organization of stocker or feeder cattle

More information

Business Plan !!!!!!!!!!!!"#$%&'%()*+,$**% % -&,."/.%!"#$%! 0112$**%! 3$4$56&,$%!)#7$2%! 8&7+4$%!)#7$2%! 9#"+4%! :$7*+.$%! !!!!!!!!! ! "!

Business Plan !!!!!!!!!!!!#$%&'%()*+,$**% % -&,./.%!#$%! 0112$**%! 3$4$56&,$%!)#7$2%! 8&7+4$%!)#7$2%! 9#+4%! :$7*+.$%! !!!!!!!!! ! ! Business Plan "#$%&'%()*+,$**% % -&,."/.%"#$% 0112$**% % 3$4$56&,$%)#7$2% 8&7+4$%)#7$2% 9#"+4% :$7*+.$% " MISSION STATEMENT Short term aims 1 to 2 years Long term objectives 2 to 5 years Customers Products

More information

[03.03] Guidelines for the User Cost Method to calculate rents for owner occupied housing. International Comparison Program

[03.03] Guidelines for the User Cost Method to calculate rents for owner occupied housing. International Comparison Program International Comparison Program [03.03] Guidelines for the User Cost Method to calculate rents for owner occupied housing Global Office 3 rd Technical Advisory Group Meeting June 10-11, 2010 Paris, France

More information

Farmland Lease Analysis: Program Overview. Navigating the Farmland Lease Analysis program

Farmland Lease Analysis: Program Overview. Navigating the Farmland Lease Analysis program Farmland Lease Analysis: Program Overview The farmland lease analysis program is used to aid tenants and landlords in determining the returns and risks from different farmland leases. The program offers

More information

Procedure: Adapted by the Maryland Council on Economic Education 1

Procedure: Adapted by the Maryland Council on Economic Education 1 Inflation Activity Lesson Description Students frequently ask the questions, If people don t have enough money, why doesn t the government just print more and give everyone enough to buy what they need?

More information

Biological assets Agricultural produce Products that are the result of processing after harvest

Biological assets Agricultural produce Products that are the result of processing after harvest International Accounting Standard 41 Agriculture Objective The objective of this Standard is to prescribe the accounting treatment and disclosures related to agricultural activity. Scope 1 This Standard

More information

Agriculture & Business Management Notes...

Agriculture & Business Management Notes... Agriculture & Business Management Notes... Crop Share Lease Agreements Quick Notes... 1. Crop share lease agreements reduce risks for both parties. 2. Input costs are shared by both parties. 3. Local share

More information

China s experiences in domestic agricultural support. Tian Weiming China Agricultural University

China s experiences in domestic agricultural support. Tian Weiming China Agricultural University China s experiences in domestic agricultural support Tian Weiming China Agricultural University Contents Background The policy system Major measures and their implementation Empirical assessment of the

More information

How America Changed in the Late 1800s

How America Changed in the Late 1800s Chapter 19: Workers and Farmers Attempt to Solve Their Problems How America Changed in the Late 1800s Three major changes that affected people's lives in the late 1800s: a. a population moved from rural

More information

Tennessee Agricultural Production and Rural Infrastructure

Tennessee Agricultural Production and Rural Infrastructure Tennessee Trends in Agricultural Production and Infrastructure Highlights - In many states the percentage of the state population designated by the U.S. Census Bureau as living in rural areas has declined,

More information

MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.

MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. Chapter 2 The Economic Problem Test Bank MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) The production possibilities frontier A) refers to the

More information

MANAGING YOUR FARM S FINANCIAL RISK

MANAGING YOUR FARM S FINANCIAL RISK chapter seven MANAGING YOUR FARM S FINANCIAL RISK Gayle Willett 2 3 4 4 10 11 13 15 18 20 21 Table of Contents Instructor Guidelines Introduction Financial Risk: Definition and Sources Managing Financial

More information

The social structure of the Medieval world

The social structure of the Medieval world Medieval Society & Medieval Architecture The social structure of the Medieval world First order: Oratores, those who pray Second order: Bellatores, those who fight Third order: Laboratores, those who work

More information