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Farm Subsidies
Government payments or other support extended to farmers to supplement their income, manage the supply of agricultural commodities, and influence the cost and supply of such commodities.
Parity Concept
The idea that year after year the sale of a specific output of a farm product should enable a farmer to purchase a constant amount of nonagricultural goods and services.
Parity Concept
A principle in economics that suggests prices, incomes, or interest rates should equalize across different markets or countries, adjusted for exchange rates.
Farm Commodities
Agricultural products such as grains, milk, cattle, fruits, and vegetables that are usually sold to processors, who use the products as inputs in creating food products.
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