farm product study

• farms generate regional, state and nations revenue ( GDP )
• raw agriculture productions contributes about $50 billion to our economy
• agriculture brings in around $40 billion in export income
• 140,000 farm businesses directly employ 340,000 people
• farms support other businesses such as machinery dealerships, fuel suppliers, chemical suppliers, research, tourism and veterinary services
• effect of farms on schools


  provides educational opportunities, promoting environmental stewardship, fosters connections between urban and rural communities
• effects of farms on fuel


  provides key materials for biofuels, provides farmers with additional income
• effects of farms on machinery sales


  creates employment in manufacturing and sales
• effects of farms on agronomist


  drives demand for agricultural expertise to optimise soil productivity and sustainability
• effects of farms on local community


  serves as an economic and social pillar, providing employment opportunities, sustain the viability and resilience of rural communities across Australia
• effects of farms on transporters


  employment opportunities, creates demand for movement across vast distances across Australia
• effects of farms on farm pasture seed


  generates demand for high-quality pasture seed to support livestock production and sustainable and management
• effects of farms on fertiliser companies


  demand for fertiliser companies makes up a large portion of the company, driving agricultural efficiency due to the symbiotic relationship
• sole trader


  single-owner business
• partnership


  owned by two or more people, official letter is made that sets out the agreement between partners
• company


  legally separate from its owners/owner, which means you are less exposed to legal or financial issues
• sole trader


  easy admin, simpler taxes, exposed to liability
• partnership


  easy admin, simpler taxes, exposed to liability
• company


  not necessarily easy admin, not necessarily simpler taxes, not exposed to liability
• easy admin

  how easy to keep / organised records
• simpler taxes

  refer to the tax table
• legal protection

  exposed to liability or not
• market instability


  excessive interest rate and exchange rate volatility but also the fragility of the financial institutions
• production lag


  the product a firm makes is a big influence on the elasticity of supply
• seasonability production


  demand, sales or production levels that occur periodically or cyclically throughout the year due to season, weathers, holidays
• rural-urban wage differential


  people in urban areas make more money than people in rural areas, 7.5% more
• interest rates


  describe the costs of borrowing money or return to the owner of the funds which are invested or lent out
• pearl quality factors


  size, shape, nacre quality, lustre, surface quality, origin, colour/overtone strength
• lustre


  measures how bright and shiny a pearl appears
• size


  bigger the pearl, the more rarer and valuable it is
• shape


  round is preferred, however baroque, well-formed pear and oval are also highly prized. evenly symmetrical shape
• surface quality


  measures how clean, smooth and free from blemished a pearl appears
• blemishes are abrasions, spots, bumps and wrinkles
• spat


  tiny oyster
• AAA grade


  95% clean or better surface quality

  reflections on pearl surface should be easily recognisable

  no difference between each pearl in jewellery
• AA+ grade


  90 - 95% clean or better surface quality

  reflections on pearl surface is mostly distinguishable with some slight blurring

  little to no difference between each pearl
• AA quality


  75 - 80% clean or better surface quality

  reflection on pearl surface will be blurry

  little to minimal difference between pearls
• A quality


  60% clean or better surface quality

  reflection on pearl surface will be blurred with fuzzy edges

  not used for jewellery
• the law of supply and demand determines the value of certain pearl colours at any given time
• pearls are regarded as a " luxury item " when the economy is strong, positive and healthy and when consumers are in a position to spend money on luxury items