The Basics
Amount of a product wanted at a specific time/price
demand
The value of an owner's assets minus their liabilities
Net Worth
Groups of producers who join together to market
Cooperatives
Agribusiness includes all of the activities of the ag, food and natural resource industry involved in the production of: A.Row crops and hay B. Fruit and vegetables C. Food and fiber D. Corn and soybeans
C. Food and fiber
True or False: Roughly 80% of the food produced in the world is consumed in the country that produces it
False (90%)
Quantity of a product that is available to buyers
supply
Putting a plan into action
Actuating
Marketing of a product through a middleman
Wholesale marketing
The level at which optimum output is received from an input
Production efficiency
The estimated amount of weight that an animal loses during transportation to market is referred to as ___________.
Pencil shrink
A person who owns and organizes a business or trade
Entrepreneur
Anything a business owns
Assets
The people who use a product
Consumers
The value of products and services that a nation produces in a year
Gross Domestic Product
One of the biggest trends in agriscience marketing is that .... A. cost per unit keeps going up B. Pricing is always based on cost C. Number of commodities is decreasing D. Marketing is more global
D. Marketing is more global
A fee for selling a product
Commission
Current and long-term debts
Liabilities
The American farmer now produced enough to feed and clothe how many people?
A. 200 C. 100
B. 75 D. 150
D 150
A fee that is charged for caring for animals at a sale location until they are sold.
Yard fee
A roadside stand would be considered a __________
market. A. wholesale B. terminal C. retail D. direct
C. retail
Preferences of the consumers categorized
Consumer demographics
A statement of the assets and liabilities of a business
Balance Sheet
Why do farmers sell commodities on the futures market
to try and maximize their profits
A commodity that is offered for sale at prices less than the cost level
Loss-leader pricing
Consumer demographics include which of the following: A. populations, preferences, product cost B. family size, eating preferences, and discretionary money C. customer location and tax rates D. Transportation costs
B. family size, eating preferences and discretionary money