KSU AGEC 318 - Exam 1 questions and
answers graded A+
The Core Industries - correct answer ✔✔supply, production, and value added
agribusiness vs business - correct answer ✔✔family oriented
initially tied to location or commodity
needs risk mitigation
produces highly perishable products
ingestible/wearable products
Wicked Problems - correct answer ✔✔Environmental degradation
Changing Income and diets
Minimal ecological footprints
food vs fuel
increasing urbanization
climate change
positive health outcomes
land and water constraints
What have we done to mitigate risk? - correct answer ✔✔Formation of commodity trading
industry
development of forward sales and hedge industry
introduction of "puts and calls" and derivatives
, 5 Characteristics in agribusiness firms - correct answer ✔✔family-orientation intent
location/commodity-based
risk-management/mitigation
indigestible/wearable product
relatively high perishability
Agribusiness Today - correct answer ✔✔Connection to agriculture
connection to the sciences
connection to financial structures
subject to political considerations
characterized as economic paradox
close ties to natural resources
Manager according to an economist - correct answer ✔✔the manager is one who directs
resources
Economics - correct answer ✔✔is a social science of mkaing decisions in the presence of scarce
resources
Managerial economics - correct answer ✔✔is the study of how to direct scarce resources in the
way that most efficiently and effectively achieves a managerial goal
Levels of Management - correct answer ✔✔Top, middle, and first line managers
Top Management - correct answer ✔✔Set overall organizing goals
determine strategy and operating policy
answers graded A+
The Core Industries - correct answer ✔✔supply, production, and value added
agribusiness vs business - correct answer ✔✔family oriented
initially tied to location or commodity
needs risk mitigation
produces highly perishable products
ingestible/wearable products
Wicked Problems - correct answer ✔✔Environmental degradation
Changing Income and diets
Minimal ecological footprints
food vs fuel
increasing urbanization
climate change
positive health outcomes
land and water constraints
What have we done to mitigate risk? - correct answer ✔✔Formation of commodity trading
industry
development of forward sales and hedge industry
introduction of "puts and calls" and derivatives
, 5 Characteristics in agribusiness firms - correct answer ✔✔family-orientation intent
location/commodity-based
risk-management/mitigation
indigestible/wearable product
relatively high perishability
Agribusiness Today - correct answer ✔✔Connection to agriculture
connection to the sciences
connection to financial structures
subject to political considerations
characterized as economic paradox
close ties to natural resources
Manager according to an economist - correct answer ✔✔the manager is one who directs
resources
Economics - correct answer ✔✔is a social science of mkaing decisions in the presence of scarce
resources
Managerial economics - correct answer ✔✔is the study of how to direct scarce resources in the
way that most efficiently and effectively achieves a managerial goal
Levels of Management - correct answer ✔✔Top, middle, and first line managers
Top Management - correct answer ✔✔Set overall organizing goals
determine strategy and operating policy
