Animal Science Unit 12

Result from changes in production and consumption during the year.

Livestock can be marketed in many ways such as cash and future markets.

Products have an inelastic demand if consumers ___.

The marketing system allows livestock and products to be transferred from producer to consumer.

Price variations can be long-term trends or short term changes.

Which type of livestock is most likely to be sold by private sales?

Reflect the producer's response to changes in prices.

Which marketing method are "contracts" bought and sold rather than the commodity itself?

The United States is only an exporter of livestock and livestock products.

A shift in the demand curve does not occur because of ___.

Seasonal price indexes show the months that prices are likely to be above or below the average.

Grain and vegetable crops have more elastic supply curves than other ag products.

What must occur for the supply curve to shift?

Where people buy and sell contracts at a set price for delivery on a future date.

When is the best time to sell market barrows and gilts?

Marketing livestock is not important to the livestock industry.

The law of demand states that the ___.

The intersection of the supply and demand curves.

The day-to-day variations in livestock prices.

Both producers and consumers affect price trends and cycles.

Hedging provides protection against price changes that could affect profit or loss.

Which method of livestock marketing establishes a final price for livestock in the future?

What method of livestock marketing uses hedging to reduce risk?

The future market gives an indication of the price projections of commodities.

An economic model used to determine the pricing of a product.

Which month typically has the lowest prices for sows?

When would you be able to receive the highest price for feeder lambs?

Which factor is most likely to affect long-term price trends?

What month should be avoided for marketing feeder pigs?

Which product has seen an increase in consumption, especially during the 1980s?

Seasonal variations are caused by changes in production and consumption during the year.

Producers can move in and out of a market easily.

Which product has a relatively higher retail price than other products?

For slaughter cattle, what factor has reduced the seasonal variations in the pricing?

Markets where participants buy and sell commodities at a set price for a future date.

Those trends which affect prices over a long period of time.

What is the point at which the quantity of goods being supplied is the same as demand?

International trade has become increasingly important in marketing livestock products.

Since the 1960s, there has been a general downward trend in livestock product prices.

Demand alone is used to determine a competitive market price.

Since the 1960s, in the United States per-person consumption of ____.

Markets where people buy and sell commodities which are sold for cash and delivered immediately

Measured by estimating the average price of consumer goods and services purchased.

If you purchase a breeding heifer and move it to your farm, what type of marketing is this?