AGEC 101 Exam 1 UWRF
Study online at https://quizlet.com/_gmzmrc
1. Economics Definition study of how society allocates scarce resources to best satisfy
consumers wants and needs.
2. Fields of Agricultural Econom- Macro (Global) and Micro (Individual/farm)
ics
3. Ag. Economics def. Application of economic theory to ag sector
4. Three Types of Resource Natural resources, Human resources, and capital resources
5. Natural resources ex. Land/water
6. Human resources ex. Labor/education
7. Capital resources ex. Machinery/equipment
8. Why are resources scarce? Demand for resources is greater than supply/Resources are
finite
9. Unique features of agriculture land input, weather dependent, seasonal, demand, pests
compared to other industries
10. Characteristics of Food De- Safe/nutritious
mand (Kinsey's Hierarchy) Taste/variety
Convenience
Promote health
Live well
Social causes
11. Percentage of GDP - Farm receipts are 1%
- Food & Fiber Industry is 4.8%
12. Percentage of Employment - Farm labor makes up 1% of US workforce
- Food & Fiber Industry make up 17% of US workforce
1/6
, AGEC 101 Exam 1 UWRF
Study online at https://quizlet.com/_gmzmrc
13. Change in Farm Structure -Number of farms decreasing
(number and size of farms) -Size of farm increasing
14. largest importers of US prod- China, Canada, and EU
ucts
15. Goals of Producers Profit; To sell the most products at the highest prices, and keep
costs as low as possible
16. Define profit the difference between total revenue and total costs
17. Goals of Consumers Buy the most products at the cheapest prices, assuming the
quality is good
18. Stages in the Food Supply 1.Input supplier: land, seed, labor
(corn) 2.Farm: Inputs transformed into corn
3.Grain elevator: Can sell later
4.Processing
5.Wholesale/retail: Distribution, consumable product
6.Consumer: Value-added, must be satisfied
19. Commodity Raw unbranded item
20. Evolution of the Marketing -Subsistence
System -Trade/specialization
-Central Markets
-Money/bartering
-Middlemen
21. subsistence farming farming in which only enough food to feed one's family is
produced
22. Trade/specialization Focusing on a few specific goods
2/6
Study online at https://quizlet.com/_gmzmrc
1. Economics Definition study of how society allocates scarce resources to best satisfy
consumers wants and needs.
2. Fields of Agricultural Econom- Macro (Global) and Micro (Individual/farm)
ics
3. Ag. Economics def. Application of economic theory to ag sector
4. Three Types of Resource Natural resources, Human resources, and capital resources
5. Natural resources ex. Land/water
6. Human resources ex. Labor/education
7. Capital resources ex. Machinery/equipment
8. Why are resources scarce? Demand for resources is greater than supply/Resources are
finite
9. Unique features of agriculture land input, weather dependent, seasonal, demand, pests
compared to other industries
10. Characteristics of Food De- Safe/nutritious
mand (Kinsey's Hierarchy) Taste/variety
Convenience
Promote health
Live well
Social causes
11. Percentage of GDP - Farm receipts are 1%
- Food & Fiber Industry is 4.8%
12. Percentage of Employment - Farm labor makes up 1% of US workforce
- Food & Fiber Industry make up 17% of US workforce
1/6
, AGEC 101 Exam 1 UWRF
Study online at https://quizlet.com/_gmzmrc
13. Change in Farm Structure -Number of farms decreasing
(number and size of farms) -Size of farm increasing
14. largest importers of US prod- China, Canada, and EU
ucts
15. Goals of Producers Profit; To sell the most products at the highest prices, and keep
costs as low as possible
16. Define profit the difference between total revenue and total costs
17. Goals of Consumers Buy the most products at the cheapest prices, assuming the
quality is good
18. Stages in the Food Supply 1.Input supplier: land, seed, labor
(corn) 2.Farm: Inputs transformed into corn
3.Grain elevator: Can sell later
4.Processing
5.Wholesale/retail: Distribution, consumable product
6.Consumer: Value-added, must be satisfied
19. Commodity Raw unbranded item
20. Evolution of the Marketing -Subsistence
System -Trade/specialization
-Central Markets
-Money/bartering
-Middlemen
21. subsistence farming farming in which only enough food to feed one's family is
produced
22. Trade/specialization Focusing on a few specific goods
2/6
