First Step Towards Economic Development Book Summary
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Published: March 27, 2008
Importance of Agriculture
Should the government prioritize Agriculture or it would be beneficial to concentrate on the development of manufacturing sector? Many countries are said to be rich because of their Industries. But it’s not the first step to achieve prosperity; it would be to the advantage of the country if both the agricultural and manufacturing sectors are given the proper attention. The Agricultural sector is important for the following reasons:
1. Main Source of Employment
Agriculture is the main source of livelihood especially for developing countries. A close examination of the economy of the developing countries will indicate that agriculture is the main preoccupation of the majority of the population. Tiling the land does not entail much capital, manpower, and technical knowledge.
2. Main Source of Food supply and Raw Materials
The Agricultural sector provides the basic needs of everyone such as food, shelter and clothing.
It is the main source of raw materials to be process as finished products which are needed in our everyday life.
3. Agriculture act as the market for the products of Industrial sector
In a growing economy, the income earned in agriculture serves as the source of demand for industries. Farmers’ income is spent on farm machineries, fertilizers, medicines, pesticides, fuel, tools or even certain food items not produce in the farm.
4. Agriculture Is The source Of Foreign Earnings
Products of agriculture are processed to make finished products known as dry goods, they are use in trade and exported to other countries and earned a lot. In the Philippines, the top dollar earnings are copra, shrimps, fruits, handicrafts, toys, processed goods, lumber and other raw materials.
5. Agriculture is the Source of the other Sector of the Economy
The agricultural Sector provides the needed resources of some sectors of the Economy. These resources may be in the form of additional capital such as raw materials and lumber for buildings. Incomes derived from agriculture may be channeled to other sectors in the form of savings or through purchase of manufacture goods. Export earnings from agriculture may be used in importation of raw materials needed by the industrial sector. Aside from this, products from agriculture which is needed by Industries will be easily provided. Write your abstract here.
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