Agribusiness Farm Management Final Review

What does AFC stand for?

The Doctrine of Attractive Nuisance protects who?

When an individual fails to comply with the terms of a contract this is a:

The mission of the EPA is to only protect animals.

A disadvantage is time consuming and creates greater chance of making a mistake?

Production records are crop yields, calves born, and death loss?

Income taxes plus some business analysis = records necessary

A big business is usually ______ or ______.

You do not have the duty to inspect your land in order to warn invitees of hidden dangers.

A market place is where you can get fruit.

If you do something on your land, and it affects your neighbor negatively, you are responsible.

OSHA stands for:

On a global basis the food industry is the largest in terms of people employed

Agriculture law is most often classified as

Popped a tire on the tractor. Cost of repair and maintenance was $ 564.35.

What does AVC stand for?

Ceteris paribus- all things considered different.

Goals are broad statements that show where you want to be after a period of time?

A trespasser is someone who is invited on to your land.

For your own personal landscape you spent $200.00 on plants.

You paid a custom harvester $47.00 per acre. The person hired, combined 140 acres of your corn.

Farmers are producers.

Perfectly competitive firm: includes various assumptions

A balance sheet shows net worth for a specific date.

In many developing countries, more than half of the labor force is engaged in agriculture.

Efficiency of the fixed factor increases as output increases.

You sold wheat for $12.00 a bushel.

In order to have a valid contract the individuals need to be of?

Food product processors = produce for retail & produce for food svc

What is a contract?

You see a trespasser on your land & do not ask them to leave they are no longer trespassing

Producers buy from the farm service sector and sell to the processor sector.

The food industry can be divided into four major sectors

Public sector businesses account for ___ of all goods and service sold in the United States.

Basic skills are the ability to make good decisions in a constantly changing economy?

Profit is defined as money that is spent.

Prices of complimentary goods, are normally consumed together or jointly.

Demand and supply are the same thing.

A demand curve is always upward sloping.

An example of a farm service sector would be Southern States.

EPA stands for:

You sold pigs to the local youth for $225.00 a piece.

Demand is the relationship between price and quantity demand

You sold the cattle for $400.00 a piece.

OSHA ensures safety and healthy working conditions.

A socially responsible business will enact product recalls of unsafe products

14% retired, 38 small farms, 8% are large farms 40% farm as a hobby

For Christmas you bought your wife a brand new diamond ring for $560.00.

Marketplace is a physical place were buyers and sellers come together.

A demand curve shows is always downward sloping

Farm mgmt- is concerned with decisions that affect profitability of farm business

Sold heifers for $600.00 a piece & bulls were sold for $560.00 a piece.

On a global basis the food industry is the smallest in terms of people employed.

An advantage is always higher in cost.

“No Trespassing” signs pertain to people who:

Demand is the relationship between price and quantity demanded.

Wal Mart is considered a marketplace.

There are about 2 million farms, a decrease of an estimated 4.5 million over 100 yrs

Production is an effective and efficient system that most consumers take it for granted.

3 categories of individuals coming on your land is invitees, licensees, and trespassers.

What does TC stand for?

What act protects the consumer from buying bad meat?

An example of a licensee is a postmaster.

You pay your children $7.50 a hour for farm work

Today roughly one-half of all spending on food is for food eaten away from home.

The marketing sector brings consumer what they want, where they want it.

According to this, certain agreements must be in writing.

The failure to use reasonable care under the circumstances.

Business plans are written proposals describing a prospective business

Equilibrium price = quantity demanded is equal to quantity supplied & market clear

Market is the actual integration between potential buyers and potential sellers.

A slaughter house is considered a processor.

Demand schedule identifies specific price quantity demanded

The EPA stands for the Ear Protection Act and pertains mostly to gun owners.

Law of diminishing marginal product = each added input will eventually decrease.

Point of profit max is at point of tangency btw TC curve & line drawn to TR curve

Perfectly competitive market is when all goods are perfect

You sold wheat for $11.00 per bushel and $13.00 per bushel.

There are 4 service types, business, professional, information, and internet.

Quantity is how many of an item they got and how many they will sell

Management levels are never eliminated and supervisors are reduced.

A market place is a physical place where buyers and sellers come together.

Food industry can be divided into 4 sectors: service, producers, processors, and marketers

Medical and Dental are types of professional services.

Food quality act never put harsher restrictions on food exposed to pesticides and fertilizers.

Of the 2 million farms in the US 85 percent are family farms

Perfectly competitive firm = market determines price per unit @ which firm can sell output

What does ATC stand for?

As long as you have supply you don’t need the demand.

The farmer feeds about 200 mouths

You have the duty to keep you buildings in good repair.

What does MC stand for?

Profit (x)=M-MC

The marketing sector creates value in the food industry by changing the type of food.

Approximately 1/5 of all jobs in the US are related to some aspect of the food industry.

Tastes and preferences, never change.

Exports and imports have increased, in similar fashion, in other countries around the world.

Marketplace is a physical place where buyers and sellers come together.

What does TFC stand for?

These rights are read to you before and arrest is made