Macro
Study of the economy behaves as a whole or whole economies as they interact.
What is Macro economics?
Analyzes the market behavior of individuals and businesses.
What is Micro Economics?
All activities related to the agricultural industry in producing food and fiber.
What is Agribusiness?
Owned and managed by one person.
What is Sole-Proprietorship?
What is produced is decided by ancestors and tradition.
What is a Traditional Market?
A sustained increase in the price level of goods and services across an economy.
What is inflation?
Rewards or punishments that motivate people to behave in a certain way.
What is incentives?
What is the Production Sector?
A business with the right to use its name and sell its products.
What is a franchise?
An organized way of providing for the wants and
needs of a society’s people.
What is an Economic System?
An especially lengthy and deep decline in output.
What is Depression?
What an individual or household is willing and able to buy.
What is Individual Demand?
Supplies, equipment and services needed to produce plants and animals.
What is the Input Sector?
Partners are not liable for each others debts.
What is Limited Partnership?
Capitalism or a Free Enterprise System.
What is a Market Economy?
The value of the output of all goods and services produced within a country in a year.
What is Gross Domestic Product?
Scarcity, Supply and Demand, Costs and Benefits, Incentives
What is the 4 Economic Concepts?
Moving crops animals and their products to the consumer.
What is Marketing Sector?
An organization owned by many people but treated by law as a single person.
What is a Corporation?
Normally in a socialist or communist society.
What is Command Economy?
Involves changes in government spending/purchases and taxes.
What is Fiscal Policy?
Studies how consumers choose goods and services.
What is the Consumer Demand Theory?
Meet the nation’s demand for diverse food products.
What is Food Security?
A corporation formed to provide goods and services to members either at cost or as near cost as possible.
What is a Cooperative?
The struggle among sellers to attract consumers while lowering costs.
What is a Competition?