A
The fact that diamonds are valuable and water is relatively cheap reflects this economic concept.
The economic term used to describe the earnings forgone by attending college is known as ___.
What is opportunity cost?
Economics, as a social science, depends on the concepts of self-interest, scarcity, and ____.
What is choice?
____ is the science of allocation.
What is economics?
Market prices are determined by the interaction of these two economic factors.
What is supply and demand?
Nations with this type of economic structure often have a strong central planning authority that decides what is produced.
What is a command economy?
This economic term is used to describe satisfaction by consumers and producers.
What is utility?
The fact you have limited income results in the ____ of your income to purchasing items to maximize your utility.
What is allocation?
Name the economic factors of production.
What is land, labor, and capital?
____ is the phenomenon that occurs when rising prices occur in the overall economy.
What is inflation?
Name the three E's of success.
What are efficiency, effectiveness, and economic well-being?
What is identifying the problem?
This step of the decision-making process concerns giving management feedback on the firm's progress towards the goal previously set by management.
What is controlling?
This sector in the agribusiness food system is responsible for the rapid growth in production.
What is the input sector?
This is the number of jobs that are tied to the food and fiber industry.
What is 1 out of 6?
US farm sizes are shrinking in number, but are increasing in this category.
What is acreage (or size)?
The circular flow of income model displays these two distinct markets.
What are the input and product markets?
What is management?
In economics, we assume that most resources are _____ in quantity?
What is limited?
Economics is considered to be a ____ and ____ science.
What is social and soft?
The United States is an example of this type of economic system.
What is a mixed economic system?
This motivating factor causes most businesses to seek to maximize profits.
What is self-interest?
This type of market does not include any government intervention
What is a free market?
All economies need to answer how much of a ____ to produce.
What is a good?
These occur when markets create issues for market participants and cause negative externalities.
What are market failures?
Over the past 100 years, U.S. agricultural production has experience a _____ in output.
What is growth?
This function of management helps to convert plans into reality.
What is organizing?
Choosing a legal structure is included in this business function.
What is organizing?
Identifying the problem is often the most _____ part of the decision-making process.
What is difficult?
What is utility?
Capital in a business sense does not include ____.
What is money?
The production of most goods and services makes up this part of a nation.
What is an economy?
Market economies tend to ____ command economies.
What is outperform?
This sector is controlled by a small number of very large firms.
What is the farm input sector?
The ____ sector employs the most amount of people involved in the food and fiber industry.
What is the processing/marketing sector?
This is the last step in the decision-making process.
What is following up?
The field of management traces its origins to this revolution.
What is the Industrial Revolution?
This aspect of production allows the use of resources of an individual, region, or nation to produce one or fewer goods and services rather than an entire range of products.
What is specialization?
A nation's economy typically grows if they have increased amounts of _____ accumulation.
What is capital?
Economics focuses on allocating _____ resources among unlimited wants and desires.
What is limited?