Something used to produce an output. Ex. Fuel, seed, feed, equipment
What is input
100
The different quantities of a product that will be offered to consumers at various prices during a specific time period.
What is Supply
100
This is required by a lender when considering whether to grant a secured loan.
What is collateral.
100
A producer can grow corn for $3.60 per bushel. What would $3.60 be called?
What is break-even point.
100
Farms and ranches are part of the __________ sector.
What is production.
200
A process where there is interaction between potential buyers and potential sellers
What is a market
200
This law states that as the price of a good increases, the quantity of the good consumers are willing to consume will decrease.
What is the law of demand
200
Financial institutions expect their money to be paid back in full plus ____________.
What is interest.
200
Producers become more ___________ in order to increase output per unit of input and gain the largest return from the minimum amount of effort or expense.
What is efficient.
200
This is the amount of unsold products or inputs on hand at some point in time.
What is inventory
300
The study of the aggregate performance of all the markets in the national economy, and factors that affect those markets including gross domestic product, unemployment, inflation, monetary issues and trade
What is macroeconomics
300
If selling hot dogs, buns would be considered this type of good in relation to the hot dogs.
What is complementary
300
This is the original amount deposited, borrowed, or lent when taking out a loan.
What is principal.
300
These costs arise over time and remain the same each period, regardless of the level of production.
What is fixed costs
300
In this type of economic system, individuals have free reign over their time and resources and can determine how to use those assets with little interference from the government.
What is capitalism
400
The sector that includes businesses that provide services to producers such as equipment, crop scouting, insurance, lines of credit, and accounting.
What is farm services.
400
A measurement of the degree of consumers responsiveness to changes of prices and incomes.
What is elasticity
400
The main reason for borrowing money is to __________ net returns and make a profit.
What is increase.
400
A producer purchases 10 tons of fertilizer for $500 per ton. The bill for this purchase is $5000. What is the price of this input?
What is $5000
400
This is an expected pattern of economic behavior, or a conceptualization based on assumptions of how economic activity occurs.
What is an economic model
500
A commodity surplus or shortage would be the result of what economic condition?
What is disequillibrium
500
In order to increase a product's value, you must first increase that products ___________.
What is utility.
500
Financial obligation or debt is classified as this on the balance statement.
What is liability.
500
The change in a business's total costs per unit of change in output. The additional cost of producing one additional unit of output.
What is marginal cost.
500
What is this formula called? assets= liability + owners equity