Question

(a) explain briefly the concept of agribusiness (b) highlight the major ways of expressing agriculture in development. (c) describe the role of agribusiness in solving the adjustment problems of rural as well as urbanized economics

Answer 1

Agribusiness is the business of agriculture production with the use of chemicals, crop production, production and seed supply as well as marketing and sales. This helps increase production level.

Agriculture helps in economic development in the following ways. It provides food and raw material to non agricultural sectors. It helps aid the per capita income of a country. Demand gets created on the strength of purchasing power and savings get generated. Valuable foreign exchange is earned by way of exports of agricultural products.

Agribusiness helps aid the rural economy which is why there is less rural to urban migration and reduced stress on the urban economy. This helps in solving the adjustment problems as rural economy advances and helps the urban economy not get stressed due to undue strain. Resources are effectively utilised and put to good use.

answered by: anonymous