term1 Definition1term2 Definition2term3 Definition3
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-Unstable commodity markets
-Public goods
-Imperfect market information
-Labour immobility
-Externalities
+Foreign aid for to LEDC (from surpluses)
+Farm incomes are stabilised (higher incomes)
+EU self sufficient in food from stockpiles
-Higher food prices
-Storage and security costs for surpluses
-Opportunity cost of gov' spending on surpluses
Good harvest supply goes too high, agency buys
Bad harvest supply too low, agency sells.
+farm incomes stabilised
+Surpluses foreign aid to LEDCs
+Easier for consumers to budget
-Series of good harvests agency has to keep buying (very expensive)
-Stocks are perishable
-Foreign may disrupt foreign recovery
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