Ag Business Test 1 - Review 2

Land, labor, and capital are examples of ____________________.

Institutes that enable buyers and sellers to exchange goods and services.

The time period in which farms began to commercialize is ______________________________.

Representative of most economic systems when put into practice.

Production is owned and controlled by a single, authoritarian political body

The field of science that includes gene splicing, cloning, and gene mapping is _______________.

Ownership is private and the factors of production are controlled by individuals.

Productive property if privately owned, but production is controlled by government.

The advent of agriculture led to the discovery of fire.

The American that gave birth to Agribusiness is ____________________.

The time of the terrible drought in the Midwestern United States is known as ________________.

Trade developed among people as a result of increased production rates during _________. (when)

Prior to the 1930s and the Great Depression, Keynesian economics was dominant in the US

Desirable characteristics of livestock are purposefully passed through generations through ____

“Scarcity” means the same as “shortage.”

Ag was not profitable and only used for sustenance in US until Rolfe shipped cotton to England.

Better product quality and lower prices are results of ____________________.

Based on customs, religious beliefs, and ways of doing things passed through generations

Own of all prod. res. is public with gov directing decisions regarding the utilization of res.

Crop rotation is essential for conserving soil __________ ________________.