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.
Regardless of age, Woods said farming and ranching require determination. Ryan Best is determined. His mission is much like Merriganâs. As president of Future Farmers of America, the 21-year-old Best has been living out of a suitcase, traveling the country and visiting with high school students about careers in agriculture.