For agriculturalists, understanding the heartbeat of the economy – its people, businesses, markets, and governments – is the key to weathering any challenge. In this episode, agricultural economist Chiko Chiobvu provides a brief understanding of the economics behind the agricultural sector.
She explains supply and demand and how these play a key role in market dynamics. She also delves into price makers and price takers.
According to Chiobvu, it is important for consumers to also understand the dynamics of the market. “You become better prepared as an individual. I remember when we heard of the Russian-Ukraine war, I immediately [looked at] what Russia and Ukraine produce. This meant that there would be a bit of disruption in the supply of grains. Knowing that informs you that bread prices might go up etc.”
Chiobvu says it is important for consumers to understand these dynamics and how international events can have an impact back home.
Somo shines as Corteva Agriscience #SoilSista
This episode also features #SoilSista Lindiwe Somo. At the age of two, Somo lost both her parents and her maternal grandmother became her legal guardian. Having to uproot her life in Mpumalanga at such a young age, she moved to Limpopo, and a whole new adventure began.
As a farmer herself now, she values the lessons her maternal grandmother imparted.
In this episode, Chiobvu also discusses:
- What affects consumers’ prices;
- Why taking the time to better understand the economy is important and more.
Want to know more? Listen to the full episode of Farmer’s Inside Track.
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Option 3: Click here to listen on Google Podcast.
READ NEXT: From loss to harvest: #SoilSista Somo cultivates success
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