Business / Agriculture / Parity Ratio: The ratio of the prices received index, 1910-14=100, to the prices paid index on a 1910-14=100 base (called the parity index). The parity ratio is a measure of relative price relationships. It is not a measure of farm income, of farmers’ total purchasing power, or of farmers’ economic welfare. The well-being of the farm community depends upon a number of factors other than price relationships, such as changes in production efficiency and technology, quantities of farm products sold, and supplementary income (including income from off-farm jobs and federal farm programs). Over time the parity ratio has declined due to greater efficiency gains in agriculture. Compared to a parity ratio of 100 in the 1910-14 time period, the 1998 annual parity ratio was 42.
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Parity Noun Synonyms: equality, equivalence, consistency, uniformity, par, likeness, similarity, analogy, congruity, similitude, conformity, congruence
Ratio Adverb Synonyms: proportion, relationship, correlation, correspondence
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Business / Agriculture / Organization For Economic Development And Cooperation (OECD): An international organization established by the United States, Canada and certain Western European countries in 1960. The OECD studies and discusses trade and related matters. Its current 29 members MORE