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.
The National Agricultural Workers Survey. 1  Farm workers were young: their average age was 33, and half were younger than 31. 2  Seventy-nine percent were men. 3  Fifty-seven percent were living apart from all nuclear family members when they were interviewed.