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Production expenses

Measures the aggregate business cost of farming. The two main components are current farm operating expenses and overhead costs. Farm production expenses are accounted for differently in calculating farm income measures. Only production expenses paid in cash are deducted from gross farm income to derive net cash farm income. Gross farm income and net farm income include both cash and noncash production expenses. Non-cash expenses include such overhead costs as charges for depreciation and other capital consumption associated with farm buildings and other structures, motor vehicles, farm machinery and equipment, and expenses associated with farm operator dwellings.

Production Possibilities Curve

All combinations of the maximum amounts of goods that a society can produce with the available resources and technology.

Productive Resources

The inputs of labor, natural resources and capital used to generate new goods and services.

Profits

The excess of income over all costs, including the interest cost of the wealth invested. The net income of a business is not an accurate measure of its profit.

Projected yield

The number of bushels (or pounds or hundredweight) per acre that, based on current weather estimates and other factors, USDA analysts estimate farmers will harvest.

Property Rights

The conditions of ownership of an asset, the rights to own, use and sell. The right to use or consume something, or trade the right away in return for something else.

Prospect Theory

States that individual values with respect to gains and losses are in comparison to a reference point. Derived from psychology helps explain some anomalies including differences with respect to willingness to pay and willingness to accept. This contrasts with the economic assumption that individuals maximize utility. What matters is the point from which gains and losses are measured. It also suggests that values for negative deviations from the reference point will be greater than values place on positive deviations. Gains are valued less than losses. Third, the manner in which the gains and losses are to be secured matters a great deal.

Pseudorabies

A disease of swine that can cause severe economic losses due to reproductive problems and fatal infection of other domestic livestock. The Animal and Plant Health Inspection Service began a voluntary, cooperative federal-state-industry pseudorabies eradication program in 1989 with a target completion date at the end of 2000. APHIS accelerated the program in January 1999 as part of a USDA-wide effort to combat historically low market prices for hogs by reducing the size of the U.S. herd. The program includes herd testing and surveillance, and it pays producers a fair market value for their hogs if they decide to euthanize an infected herd.

Public Goods

Goods that cannot be withheld from people even if they don't pay for them. A good which, if made available to one person, automatically becomes available to all others in the same amount.

Public water system

“A system for the provision to the public of water for human consumption through pipes or other constructed conveyances, if the system has at least 15 service connections or regularly serves an average of at least 25 individuals daily at least 60 days per year. A public water system is either a community water system (CWS) or a non-community water system (non-CWS). The term "public water system" includes any collection, treatment, storage or distribution facilities under control of the operator of such system and used primarily in connection with such system and any collection or pretreatment storage facilities not under such control which are used primarily in connection with such system.” (415 ILCS 55/9a6) The term public water system applies to both surface water and groundwater supplies. Public water systems often supply water for nondrinking purposes, for example for manufacturing purposes; however, the water supplied will meet quality standards for human consumption.

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