Agricultural Economics

noun a highly contagious viral disease affecting cloven-hoofed animals such as cattle, sheep, and pigs

• Hoof-and-mouth disease is a highly contagious viral infection that affects cloven-hoofed animals.
• Farmers need to be vigilant in preventing hoof-and-mouth disease in their livestock.
• I heard there's an outbreak of hoof-and-mouth disease at the neighboring farm.
• The spread of rumors in the office was like a case of hoof-and-mouth disease, infecting everyone with gossip.

noun a piece of land planted with fruit trees

adjective relating to or characteristic of an orchard

• The orchard was filled with rows of apple trees bearing ripe fruit.
• Let's go pick some apples from the orchard down the road.
• I heard there's a cool orchard where you can go apple-picking.
• Her mind was like an orchard, filled with ideas waiting to be harvested.

noun a portmanteau of 'agriculture' and 'inflation', referring to the increase in the prices of agricultural products

• The rise in food prices due to increased demand and supply chain disruptions led to agflation in the agricultural sector.
• Hey, have you noticed how expensive groceries have become? It's all because of agflation in the farming industry.
• Man, these farmers are really feeling the pinch with all this agflation going on.
• Just like a balloon slowly inflating, agflation is causing prices to rise steadily in the agricultural market.

noun a market situation in which there is only one buyer

• The presence of a monopsony in the labor market allows the employer to have significant influence over wages.
• When there's only one big company hiring in town, it's like a monopsony for job seekers.
• Having just one buyer for a specific product creates a monopsony situation where they can dictate prices.
• In a small village with only one grocery store, the owner essentially has a monopsony over the local food market.