Difference between agriculture and industry
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Agriculture
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Industry
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1. Agricultural production is affected by the climate factors.
Y= f (x1, x2 , ………….….. xn) + ui
ui= Exogenous variables, like: over flood, over rainfall, drought. cyclone, sidre etc.
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1. The climate factors do not affect the industrial production.
Y= f (x1, x2 , ………….….. xn)
There is no effect of exogenous variables in the industrial production.
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2. The risk and uncertainty is existed in agriculture. Such as: Resources uncertainty, Production uncertainty, technological uncertainty, price uncertainty etc.
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2. The risk and uncertainty are existed in industry.
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3. Large area of land is needed for agricultural production.
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3. Large area of land is not needed for industrial production.
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4. Agricultural products arc perishable.
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4. Industrial products are not perishable.
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5. Illiterate and inefficient labour can be employed in agriculture.
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5. Illiterate and inefficient labour cannot be employed in industry.
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6. Agricultural commodities are produced maintaining the long time duration.
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6. Industrial commodities are produced maintaining the short time duration.
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7. Demand and supply of agricultural products are inconsistent.
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7. Demand and supply of industrial products arc consistent.
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8. Shadow unemployment is existed in aquiculture.
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8. Shadow unemployment is not existed in industry.
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9. Industrial products are used as raw materials in agriculture.
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9. Agricultural products are used as raw materials in industry.
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10. Price fluctuation is very high in agriculture.
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10. Price fluctuation is very low in industry.
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11. Agricultural farms are called subsistence farms. Farm is led for livelihood.
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11. Industrial farms are called commercial farms. Farm is led for profit.
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You can see more article about Agricultural Economics
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