Agribusiness Farm Management Final Review

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

A socially responsible business will enact product recalls of unsafe products

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

OSHA ensures safety and healthy working conditions.

A demand curve is always upward sloping.

Efficiency of the fixed factor increases as output increases.

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.

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

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

A market place is where you can get fruit.

Demand is the relationship between price and quantity demand

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

OSHA stands for:

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

What does MC stand for?

You sold wheat for $12.00 a bushel.

Ceteris paribus- all things considered different.

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

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

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

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

EPA stands for:

What does TC stand for?

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

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

Profit is defined as money that is spent.

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

What is a contract?

According to this, certain agreements must be in writing.

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

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

You sold the cattle for $400.00 a piece.

You pay your children $7.50 a hour for farm work

Tastes and preferences, never change.

Demand and supply are the same thing.

Management levels are never eliminated and supervisors are reduced.

The mission of the EPA is to only protect animals.

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

A balance sheet shows net worth for a specific date.

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

What does AVC stand for?

“No Trespassing” signs pertain to people who:

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

Wal Mart is considered a marketplace.

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

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

The farmer feeds about 200 mouths

The food industry can be divided into four major sectors

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

Perfectly competitive firm: includes various assumptions

A demand curve shows is always downward sloping

Income taxes plus some business analysis = records necessary

What does ATC stand for?

What act protects the consumer from buying bad meat?

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

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

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

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

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

The failure to use reasonable care under the circumstances.

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

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

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

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

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

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

A slaughter house is considered a processor.

Business plans are written proposals describing a prospective business

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

An advantage is always higher in cost.

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

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

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

Agriculture law is most often classified as

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

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

The Doctrine of Attractive Nuisance protects who?

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

Profit (x)=M-MC

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

An example of a licensee is a postmaster.

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

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

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

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

A big business is usually ______ or ______.

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

What does TFC stand for?

Farmers are producers.

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

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

What does AFC stand for?

Demand is the relationship between price and quantity demanded.

These rights are read to you before and arrest is made

Perfectly competitive market is when all goods are perfect

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

Demand schedule identifies specific price quantity demanded

Medical and Dental are types of professional services.

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