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.
While your initial reaction may be that 13 year olds canât be hired, we would encourage you to think creatively about how people at this age can make additional money. According to the US Department of Labor, 14 is the minimum age that you are able to work in ânon-agriculturalâ jobs.