Basic Economics
This phrase means "everything else remains constant".
What is ceteris paribus?
A change in the price of fertilizer would cause the supply curve of corn to ______.
What is a shift in the supply curve?
Price of substitute goods, price of complementary goods, consumer’s income, tastes and preferences, demographics, and expectations.
What are factors that shift the demand curve?
Those firms engaged in the production of raw food, fiber, and other agricultural products.
What is the producer sector?
This economic concept is demonstrated by diamonds being more valuable than water.
What is scarcity?
This exists at the disequilibrium (market not in equilibrium) price.
What is a surplus or shortage?
The social science that deals with the allocation of scarce resources among an unlimited number of wants.
What is economics?
Those firms that convert raw agricultural products into food products in the form that the consumer eventually buys.
What is the processor sector?
The economic term used to describe the earnings forgone by attending college is ___.
What is an opportunity cost?
Market prices are determined by the interaction of ____ and ____.
What is supply and demand?
Inputs whose use rate changes as the output level changes
What are variable inputs?
Those firms that produce and distribute the goods and services that farmers buy as a part of their business activities.
What is the farm service sector?
Economics is the social science that studies the ____ of resources.
What is allocation of resources?
What is price and quantity?
This type of market structure has a large number of buyers and sellers, homogenous products, and suppliers are free to enter and exit the industry.
What is a perfectly competitive market?
The group of firms that distribute food products from processors to the final consumer when and where the consumer wants it.
What is the marketers sector?
Elasticity is a concept that deals with this component of a good.
What is price responsiveness?
At the equilibrium price in a market ______.
What is quantity demanded equals quantity supplied?
This is a measure of how much of an earning opportunities foregone by using a resource in its current employment this is also used by economists to establish an economic value for those resources that do not have an expressed market price.
What is an opportunity cost?
This sector of the food industry receives the majority for the price consumers pay for food bought in the grocery store.
What is the marketing sector?