Agriscience Unit 35 Exam Rated A+
comparative advantage - Answer- the ability to produce a commodity with greater
returns than those of competitor because of a favorable condition such as climate
resource substitution - Answer- the use of a resource or item for another when the
results are the same
long term loan - Answer- loans with payment periods from 8 to 40 years
intermediate term loan - Answer- loan with payment periods that range from 1 to 7 years
capital investment - Answer- Money spent on commodities that are kept 6 months or
longer
short term loan - Answer- loan with a payment period of 1 year or less
federal land bank - Answer- lending institution that provides long term credit for
agriculture
agribusiness management - Answer- the human element that carries out a plan to meet
goals and objectives in an agriscience business
capital - Answer- money or property
price - Answer- amount received for an item that is sold
credit - Answer- money borrowed
diminishing returns - Answer- point at which each additional unit of input decreases the
output or returns
Production Credit Associations - Answer- lending institution that provides short term
credit for agriculture
Commodity Credit Corporation - Answer- institution that lends money for production of
farm commodities
Farmers Home Administration - Answer- government agency that assists farmers to
become landowners
Small Business Administration - Answer- institution that provides loans to agribusiness
simple interest loan - Answer- the full amount of a loan is received by the borrower and
paid back with interest after a short period
comparative advantage - Answer- the ability to produce a commodity with greater
returns than those of competitor because of a favorable condition such as climate
resource substitution - Answer- the use of a resource or item for another when the
results are the same
long term loan - Answer- loans with payment periods from 8 to 40 years
intermediate term loan - Answer- loan with payment periods that range from 1 to 7 years
capital investment - Answer- Money spent on commodities that are kept 6 months or
longer
short term loan - Answer- loan with a payment period of 1 year or less
federal land bank - Answer- lending institution that provides long term credit for
agriculture
agribusiness management - Answer- the human element that carries out a plan to meet
goals and objectives in an agriscience business
capital - Answer- money or property
price - Answer- amount received for an item that is sold
credit - Answer- money borrowed
diminishing returns - Answer- point at which each additional unit of input decreases the
output or returns
Production Credit Associations - Answer- lending institution that provides short term
credit for agriculture
Commodity Credit Corporation - Answer- institution that lends money for production of
farm commodities
Farmers Home Administration - Answer- government agency that assists farmers to
become landowners
Small Business Administration - Answer- institution that provides loans to agribusiness
simple interest loan - Answer- the full amount of a loan is received by the borrower and
paid back with interest after a short period
