Agriculture dominates Philippine economy. It furnishes employment to about 3 million persons or about 60 per cent of the gainfully employed workers. Agricultural operations provide 40 to 45 per cent of the total national income and about 75 to 80 per cent of the country’s exports.
What is the importance of agriculture economy?
Agricultural economics plays a role in the economics of development, for a continuous level of farm surplus is one of the wellsprings of technological and commercial growth. In general, one can say that when a large fraction of a country’s population depends on agriculture for its livelihood, average incomes are low.
What is the importance of economy?
Economics is important for many areas of society. It can help improve living standards and make society a better place. Economics is like science in that it can be used to improve living standards and also to make things worse. It partly depends on the priorities of society and what we consider most important.
What is agricultural science and its importance?
Well Agriculture is also called “Agricultural Science” because it involves use of Technics. In agriculture you not only need to grow crops but one should know the entire life cycle of a crop, its whole biology of growth and maturing, the effect of climate and environment on it.
What are the main problems of agricultural in the Philippines?
The results revealed that common problems encountered by rice farmers were: high cost of inputs, low price of palay, lack of capital, labor problem, lack of postharvest facilities, pest and diseases and irrigation system.
Is agriculture the backbone of the Philippine economy?
Agriculture is the backbone of the Philippine economy. The agriculture sector accounts for 11.3% of the country’s gross domestic product in 2014 and 32% of total employment in 2012. About 67% of the population is directly or indirectly involved in the sector.
What is the role of economy in society?
Economics provides a framework for understanding the actions and decisions of individuals, businesses and governments. It provides a means to understand interactions in a market-driven society and for analyzing government policies that affect the families, jobs and lives of citizens.
What is the importance of knowing economic issues?
Economic literacy also gives people the tools for understanding their economic world and how to interpret events that will either directly or indirectly affect them. Nations benefit from having an economically literate population because it improves the public’s ability to comprehend and evaluate critical issues.