From a resource standpoint, the important point of this comparison is that including the marginal external costs of production and allocating resources based on the full social cost results in a higher price for the good (Ps > Pp) and less output (Os < Op) than only including the private costs.
Today, the nation's farmers are 17 years older than the average American worker, with the ranks of farmers who are 75 years and up outnumbering those in their prime working years of 35 to 44. One big reason U.S. farmers are going gray: spiraling costs.
In non-farm work, the permissible jobs and hours of work, by age, are as follows: 1  Youths 18 years or older may perform any job, whether hazardous or not, for unlimited hours; 2  Minors 16 and 17 years old may perform any nonhazardous job, for unlimited hours; and.