AGBM 102 exam 1 Question and
answers correctly solved
What is included in the food system? - correct answer ✔location of
production(Farm and processing)
Location of consumption
Paths to the consumer(direct,wholesale, retail)
Elements of the food system - correct answer ✔Products and services
value added
information
Important economic agents (generic bread) - correct answer ✔Farmer
Elevator operator
Miller
Baker
Retailer
Trucker
Share of money to function - correct answer ✔Farmer=around 4% for wheat
Elevator= <1%
Miller= 2%
Baker= 70%
Retailer= 18%
Trucker= 18%
Non farm ingredients= 2%
, Marketing - correct answer ✔the set of economic and behavioral activities
involved in coordinating the various stages of economic activity from
production to consumption
Marketing (simple terms) - correct answer ✔What occurs to farm products
from the time they leave the farm gate until they reach the consumer
Marketing provides... - correct answer ✔time, form and place utility
Utility - correct answer ✔Economists use utility as a measurement of
usefulness a consumer gets from any good.
Functions of marketing - correct answer ✔exchange, physical, enabling
Exchange - correct answer ✔Markets bring buyers and sellers together to
exchange product or something of value for a product.
Physical - correct answer ✔the parts of marketing process that deal with
product or input movement
Enabling - correct answer ✔are those that let the food system operate
smoothly but are less obvious.
Exchange Functions - correct answer ✔Buying
Selling
Physical functions - correct answer ✔Storage
answers correctly solved
What is included in the food system? - correct answer ✔location of
production(Farm and processing)
Location of consumption
Paths to the consumer(direct,wholesale, retail)
Elements of the food system - correct answer ✔Products and services
value added
information
Important economic agents (generic bread) - correct answer ✔Farmer
Elevator operator
Miller
Baker
Retailer
Trucker
Share of money to function - correct answer ✔Farmer=around 4% for wheat
Elevator= <1%
Miller= 2%
Baker= 70%
Retailer= 18%
Trucker= 18%
Non farm ingredients= 2%
, Marketing - correct answer ✔the set of economic and behavioral activities
involved in coordinating the various stages of economic activity from
production to consumption
Marketing (simple terms) - correct answer ✔What occurs to farm products
from the time they leave the farm gate until they reach the consumer
Marketing provides... - correct answer ✔time, form and place utility
Utility - correct answer ✔Economists use utility as a measurement of
usefulness a consumer gets from any good.
Functions of marketing - correct answer ✔exchange, physical, enabling
Exchange - correct answer ✔Markets bring buyers and sellers together to
exchange product or something of value for a product.
Physical - correct answer ✔the parts of marketing process that deal with
product or input movement
Enabling - correct answer ✔are those that let the food system operate
smoothly but are less obvious.
Exchange Functions - correct answer ✔Buying
Selling
Physical functions - correct answer ✔Storage
