The statement that most accurately compares the two agricultural practices is:
"Feedlots can minimize costs associated with livestock production because feedlots do not use as much space as cattle ranching."
This statement accurately reflects the economic efficiency often attributed to feedlots. Feedlots allow for a high density of animals in a smaller area, which can reduce land costs and facilitate a controlled feeding environment, potentially lowering production costs. In contrast, free-range or grass-fed systems require more land for grazing, which can increase operational costs.