Business Structures
Ten vegetable farmers learned that they can get bulk prices and discounts if they pool their orders for fertilizer and seed. They can also sell their produce for better prices if they fill larger orders from customers. What business structure is this?
Cooperative
What is the first step in the supply chain?
Primary Production
Give me an example of production agriculture
Apple Orchard
A transportable resource product with commercial value; all resource products that are articles of commerce.
Commodity
What is the difference between a need and a want?
Needs include food, water, and shelter.
Wants are not necessary for survival, but do contribute to better health, personal comfort, and entertainment.
Four neighbors own diverse farming enterprises of their own. They decided to build a dairy processing facility to process and sell milk and other dairy products. Each neighbor contributed a different amount of money to pay for the facility. To protect their farms in case of financial shortfalls in the dairy processing business, they set up a complex legal agreement according to state laws.
LLC
Processing
What does "Processing" mean?
Preparing food to be consumed by the consumer. Examples: Washing, sorting, heating, preparing
A person or organization that uses a commodity or service.
Consumer
What is the purpose of a business plan?
A business plan is used for decision making.
You recently purchased a breeding buck and doe with your money. You decide to breed them and sell the offspring.
Sole proprietorship
What is the third and fourth step of the supply chain?
Transport and Food Service
What part of the supply chain primarily deals with trucks?
Transporting/Transportation
Something that is owed or that one is bound to pay or perform for another.
Debt
_________ __________ is the process of farmers and ranchers raising commodities
Two students in your class have an opportunity to rent five acres of land for the upcoming growing season. The students decide to work together, make joint decisions, contribute equal payments for inputs, and work an equal number of hours for the enterprise.
What is the fifth and sixth part of the supply chain?
Retail and Consumer
What does Marketing mean?
Distributing/Prepared for consumption
The process of determining factors, conditions, and characteristics of a market.
Market Analysis
Define Risk
Exposure to the chance of injury or loss; a hazard or dangerous chance.
Many farmers in your community have animal enterprises and need feed for their animals. Three farmers decide to purchase feed in bulk amounts and resell it to other farmers at higher prices.
Corporation
What is the final part of the supply chain?
Disposal
The flow of products, from production to consumption
An individual or firm that commits resources to productive activities in pursuit of a profit; a risk taker and profit seeker.
What type of businesses include hunting guides, conservation, soil science, forestry, minerals
Natural Resources