economic definition of agribusiness
Agribusiness is the business of agricultural production. The term was coined in 1957 by Goldberg and Davis. It includes agrichemicals, breeding, crop production (farming and contract farming), distribution, farm machinery, processing, and seed supply, as well as marketing and retail sales.ay A. Goldberg coined the term agribusiness together with coauthor John H. Davis. They provided a rigorous economic framework for the field in their book A Concept of Agribusiness (Boston: Division of Research, Graduate School of Business Administration, Harvard University, 1957).