AGEC 340- EXAM 1 CORRECT 100%
Understand the input supply, production, and food sectors of the food and
agribusiness industries. - ANSWERInput Supply Sector- A small number of firms
control most of the production in these industries.
Production Sector- Referred to as the farm sector, includes all firms directly involved
in agricultural production.
Food Sector- The largest Component of the food and fiber system
Explain why agribusiness managers must integrate rapidly changing technology with
business management skills in order to succeed in a volatile global market. -
ANSWERToday's agri-food system is the result of: The transformation of science
into technology and The application of effective business management. Due to
ongoing competitiveness by competing firms.
Appreciate the size, scope, and importance of the food production and marketing
system. - ANSWERAmericans consume an average of 1 ton of food each year
Consumers spend 11.3% of their disposable income on food
Each us farm worker feeds more than 150 people
Describe management's role in agribusiness. - ANSWERManagement role in
agribusiness is to DRIVE and DIRECT the firms in the good system.
Describe the unique characteristics of the food and agribusiness industries. -
ANSWER1) Food as a product
2) Biological nature of agriculture production
3) Seasonal nature of business
4) Uncertainty of the weather
5)Types of firms
6) Variety of market conditions
7) Rural ties
8) Government involvement
Describe the importance of agribusiness as a major employer in our economic
system. - ANSWERThe United States is a major food supplier for the world.
Understand the input supply, production, and food sectors of the food and
agribusiness industries. - ANSWERInput Supply Sector- A small number of firms
control most of the production in these industries.
Production Sector- Referred to as the farm sector, includes all firms directly involved
in agricultural production.
Food Sector- The largest Component of the food and fiber system
Explain why agribusiness managers must integrate rapidly changing technology with
business management skills in order to succeed in a volatile global market. -
ANSWERToday's agri-food system is the result of: The transformation of science
into technology and The application of effective business management. Due to
ongoing competitiveness by competing firms.
Appreciate the size, scope, and importance of the food production and marketing
system. - ANSWERAmericans consume an average of 1 ton of food each year
Consumers spend 11.3% of their disposable income on food
Each us farm worker feeds more than 150 people
Describe management's role in agribusiness. - ANSWERManagement role in
agribusiness is to DRIVE and DIRECT the firms in the good system.
Describe the unique characteristics of the food and agribusiness industries. -
ANSWER1) Food as a product
2) Biological nature of agriculture production
3) Seasonal nature of business
4) Uncertainty of the weather
5)Types of firms
6) Variety of market conditions
7) Rural ties
8) Government involvement
Describe the importance of agribusiness as a major employer in our economic
system. - ANSWERThe United States is a major food supplier for the world.
