Goals
Definition of Goals
What are "specific objectives that provide direction and motivation for a business that they aim to achieve?"
Definition of Profit
What is the financial gain when revenue exceeds expenses?
Definition of losses
What is when total expenses exceed total revenue?
Definition of Business Ethics
What are Moral principles and standards, emphasizing fairness, honesty, and responsibility, that guide business behvior
Environmental Stewardship meaning
What are sustainable farming practices that encourage the responsible use of natural resources and minimize pollution and environmental impact?
Great outline for creating Goals
What is the S.M.A.R.T goal outline?
The equation for profit
What is P=TR - TE
Loss equation
L = TE - TR
The 6 Ethical considerations Agribusiness must keep in mind
What are Environmental stewardship, Animal Welfare, Food Safety and quality, Fair Labor Practices, Impact on the community, and Genetic Modification and biotech?
Animal Welfare Meaning
What is the Humane treatment of livestock and providing proper living conditions and care?
4 areas of the business we discussed having goals
What are Production, Financial, Marketing, and Sustainability goals?
What are Increase revenue, Reduce expenses, and add Value added strategies?
What are Financial impacts, Operational Changes, and Legal and tax implications.
The first step to Following Business ethics in any business
Food safety and Quality Meaning
What is Ensuring products are safe for consumption, and ensuring all products are labeled correctly with transparency about production methods?
Breaking down larger goals into smaller, more manageable tasks is an example of this.
What is a strategy to achieve goals?
The 4 ways we discussed on what happens to profits
What are Reinvest in the business, Distribute to owners and shareholders, save as retained earnings, and Repay debts.
When a business suffers losses, it often means this of the business.
What are Financial difficulties and inefficiency of business operations?
Importance of ethics in business (there are 6 reasons in your notes, provide 1
Fair Labor Practices Meaning
Reduced Profitability, Loss of Market share or competitive advantage, Decreased employee morale and productivity, Potential loss of investors, and Business re-evaluation are examples.
What are Consequences of not meeting goals?
Consequences of not generating a profit (Name 2 of the 4 at least)
What is Difficulty maintaining operations and paying expenses, the inability to invest in growth or improvements, the reduced ability to attract investors and secure loans, and the potential for downsizing and business closure.
Long term consequences of Losses (Name 2 of the 4 we discussed
What are Bankruptcy, Loss of jobs for employees, Negative impact on local economy, Potential ripple effects in the related industries.
genetic Modification and Biotechnology meaning
What are Ethical considerations taken when breeding plants and livestock, having transparency about GMO use.
Community Impact Meaning
What is Supporting local communities and responsibly using land and developments?