Agribusiness Management Final- Study Guide Exam 100% Verified
True - ANSWER T/F The agrifood and fiber system includes the agribusiness firms that
are input suppliers, producers, commodity processors, food manufacturers, food
distributors, and food retailers.
Planning, Organizing, Controlling, Directing - ANSWER What are the four functions of
management?
a description of how the firm will gain its competitive edge in the marketplace -
ANSWER An agribusinesse's purpose and object should include.
- problem identification
- identify alternatives
- evaluate the alternatives
- select the best alternatives
- implement decisions
- follow through - ANSWER What are the 6 steps of the decision-making process?
- execute the 3 management functions: planning, organizing, controlling
- relies on good leadership skills and the ability of the manager to motivate the
employees - ANSWER The primary goal of the directing function is.
find the optimal position in relation to competition and consumer needs. - ANSWER The
key objective of the planning function is.
- gauge progress towards objectives and warns management of grave deviations
- encompasses measures of individual's progress and the progress of the whole
departments and the business - ANSWER What do the controls of the controlling
, function do?
- design of organizational scheme
- achievement company's mission and goals at minimal cost and with maximum
productivity
- choice of form of organization (proprietorship, partnership, etc) - ANSWER The
organizing function of management does what?
True - ANSWER T/F the function of marketing is to bridge the gap between the
conflicting needs of producers and consumers by completing the production process.
True - ANSWER T/F demand is a schedule of how much consumers are willing and able
to buy at various prices
Promotion, Price, Product, and Place - ANSWER The four P's of marketing are.
utility maximization - ANSWER when given a choice, consumers will always elect the
item that gives them the highest satisfaction because of the economic principle of:
diminishing marginal utility - ANSWER consumers consume a bundle of goods because
of the economic principle of:
- %ΔQ/ %ΔP
- The change in quantity demanded relative to changes in prices and income
- can be elastic, inelastic or unitary - ANSWER What is elasticity?
- for each 1% increase in price the quantity demanded of granola decreases by 1.5%.
- total revenue would rise if the firm reduced the price of granola.
- the demand of granola is elastic.
True - ANSWER T/F The agrifood and fiber system includes the agribusiness firms that
are input suppliers, producers, commodity processors, food manufacturers, food
distributors, and food retailers.
Planning, Organizing, Controlling, Directing - ANSWER What are the four functions of
management?
a description of how the firm will gain its competitive edge in the marketplace -
ANSWER An agribusinesse's purpose and object should include.
- problem identification
- identify alternatives
- evaluate the alternatives
- select the best alternatives
- implement decisions
- follow through - ANSWER What are the 6 steps of the decision-making process?
- execute the 3 management functions: planning, organizing, controlling
- relies on good leadership skills and the ability of the manager to motivate the
employees - ANSWER The primary goal of the directing function is.
find the optimal position in relation to competition and consumer needs. - ANSWER The
key objective of the planning function is.
- gauge progress towards objectives and warns management of grave deviations
- encompasses measures of individual's progress and the progress of the whole
departments and the business - ANSWER What do the controls of the controlling
, function do?
- design of organizational scheme
- achievement company's mission and goals at minimal cost and with maximum
productivity
- choice of form of organization (proprietorship, partnership, etc) - ANSWER The
organizing function of management does what?
True - ANSWER T/F the function of marketing is to bridge the gap between the
conflicting needs of producers and consumers by completing the production process.
True - ANSWER T/F demand is a schedule of how much consumers are willing and able
to buy at various prices
Promotion, Price, Product, and Place - ANSWER The four P's of marketing are.
utility maximization - ANSWER when given a choice, consumers will always elect the
item that gives them the highest satisfaction because of the economic principle of:
diminishing marginal utility - ANSWER consumers consume a bundle of goods because
of the economic principle of:
- %ΔQ/ %ΔP
- The change in quantity demanded relative to changes in prices and income
- can be elastic, inelastic or unitary - ANSWER What is elasticity?
- for each 1% increase in price the quantity demanded of granola decreases by 1.5%.
- total revenue would rise if the firm reduced the price of granola.
- the demand of granola is elastic.
