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.
Itâs OK for each of us to be where we are on our individual barrel racing journey. Half of this yearâs NFR field are in their 40âs (they range in age from 21 to 54), itâs never too early OR too late â believing in yourself and taking action means you donât have to stay where you are now.