AGEC 340 EXAM BOOKS CONCEPTS |LATEST 2025 UPDATE EXAM REVIEW| QUESTIONS AND
DETAILED ANSWERS| 100% CORRECT| GRADE A+ |100% PASS| ALL UNITS COVERED
What are the four key tasks of Agribusiness managers? - ANSWER Planning
organizing
directing
controlling
Definition of Planning - ANSWER Planning can be defined as forward-thinking about courses of action
based on a full understanding of all factors involved and directed at specific goals and performance
objectives.
Definition of organizing? - ANSWER Organizing represents the systematic classification and grouping of
human and other resources in a manner consistent with the firm's goals.
Definition of directing - ANSWER Directing is guiding the efforts of others toward achieving a common
goal.
Definition of Controlling - ANSWER Controlling represents the monitoring and evaluation of activities.
-Controlling plays a crucial role in determining the success or failure of the business and allows for earlier
interventions if standards are not being met and warrant investigation.
The study of economics involves - ANSWER Macroeconomics & Microeconomics
Macroeconommics focuses on - ANSWER focuses on the "big pictures" view of our economic system.•
Topics: national income, GDP, inflation, unemployment, and interest rates (affects everybody)
Microeconomics is.. - ANSWER is the application of basic economic principles to decisions within the
firm.
• Combining physical, human, and financial resources in production and marketing of foods and services
to meet customers' needs and generate a profit (affects more of a business)
, Economics studies.... - ANSWER studies how individuals, firms, and society choose to combine scarce
resources (land, labor, capital, and management) to satisfy unlimited wants and best meet the needs of
consumers.
Why do we use economic concepts? - ANSWER A professional manager understands and uses economic
concepts to interpret information, both to assess the broader marketplace and to improve the
effectiveness of their decision-making
What are the three economic concepts? - ANSWER • Profit
• Economics of Markets
• Elasticities of Demand
What does supply chain mgmt focuses on? - ANSWER focuses on quality, lower costs, changes in the
supply chain and general pressures to be more efficient while providing the tools managers need to
meet these operation and logistical challenges.
What does operations magmt focuses on? - ANSWER focuses on the direction and the control of the
processes used to produce the goods and services that we buy and use each day through strategic use
and movement of resources.
What does logistics mgmt involve? - ANSWER involves the set of activities around storing and
transporting goods and services.
• Shipping and inventory costs are HUGE; logistics management focuses on new ways to lower these
costs.
What is human resource management? and what is it about? - ANSWER -managment is about PEOPLE
-Human resources management encompasses managing two areas: the mechanics of the personnel
administration, and the finer points of motivating people to offer and contribute their maximum
potential.
• Issues: how to organize the firm, where to find people, how to hire them, how to compensate them,
and how to evaluate them
What makes agriculture unique? - ANSWER Food is vital to the health and survival of every individual.
, Biological nature of agriculture product brings rise to unique challenges.
Seasonality affects both supply and demand.
Weather uncertainty is a constant threat for most agribusinesses.
There is tremendous variety across the types of businesses in the food and agribusiness sectors.
There is a wide range of market conditions and structures.Ties to small towns and rural areasThe
government has a fundamental role in food and agribusiness.
Managment is both an _____ and a ____ of succesfully pursuing desire results with the resources
available to the organization - ANSWER Art and Science
what does Managment requires? - ANSWER • Technical knowledge about the organization's product
and/or function
-Good and effective communicators
-The ability to motivate people
-Proficient in technical skills, like accounting, finance, and
forecasting
-Strong understanding of biological and institutional factors surrounding the production of food and fiber
Two types of Profit - ANSWER accounting profit - economic profit
Accounting profit definition and formula - ANSWER a performance measure of firm success
accounting profit= total revenue- total measurable costs
Economic profit definition and formula - ANSWER Goes a step further to include the opportunity cost of
alternative uses for resources within the firm
economic profit= accounting profit-opportunity cost
Types of Costs - ANSWER explicit and implicit
DETAILED ANSWERS| 100% CORRECT| GRADE A+ |100% PASS| ALL UNITS COVERED
What are the four key tasks of Agribusiness managers? - ANSWER Planning
organizing
directing
controlling
Definition of Planning - ANSWER Planning can be defined as forward-thinking about courses of action
based on a full understanding of all factors involved and directed at specific goals and performance
objectives.
Definition of organizing? - ANSWER Organizing represents the systematic classification and grouping of
human and other resources in a manner consistent with the firm's goals.
Definition of directing - ANSWER Directing is guiding the efforts of others toward achieving a common
goal.
Definition of Controlling - ANSWER Controlling represents the monitoring and evaluation of activities.
-Controlling plays a crucial role in determining the success or failure of the business and allows for earlier
interventions if standards are not being met and warrant investigation.
The study of economics involves - ANSWER Macroeconomics & Microeconomics
Macroeconommics focuses on - ANSWER focuses on the "big pictures" view of our economic system.•
Topics: national income, GDP, inflation, unemployment, and interest rates (affects everybody)
Microeconomics is.. - ANSWER is the application of basic economic principles to decisions within the
firm.
• Combining physical, human, and financial resources in production and marketing of foods and services
to meet customers' needs and generate a profit (affects more of a business)
, Economics studies.... - ANSWER studies how individuals, firms, and society choose to combine scarce
resources (land, labor, capital, and management) to satisfy unlimited wants and best meet the needs of
consumers.
Why do we use economic concepts? - ANSWER A professional manager understands and uses economic
concepts to interpret information, both to assess the broader marketplace and to improve the
effectiveness of their decision-making
What are the three economic concepts? - ANSWER • Profit
• Economics of Markets
• Elasticities of Demand
What does supply chain mgmt focuses on? - ANSWER focuses on quality, lower costs, changes in the
supply chain and general pressures to be more efficient while providing the tools managers need to
meet these operation and logistical challenges.
What does operations magmt focuses on? - ANSWER focuses on the direction and the control of the
processes used to produce the goods and services that we buy and use each day through strategic use
and movement of resources.
What does logistics mgmt involve? - ANSWER involves the set of activities around storing and
transporting goods and services.
• Shipping and inventory costs are HUGE; logistics management focuses on new ways to lower these
costs.
What is human resource management? and what is it about? - ANSWER -managment is about PEOPLE
-Human resources management encompasses managing two areas: the mechanics of the personnel
administration, and the finer points of motivating people to offer and contribute their maximum
potential.
• Issues: how to organize the firm, where to find people, how to hire them, how to compensate them,
and how to evaluate them
What makes agriculture unique? - ANSWER Food is vital to the health and survival of every individual.
, Biological nature of agriculture product brings rise to unique challenges.
Seasonality affects both supply and demand.
Weather uncertainty is a constant threat for most agribusinesses.
There is tremendous variety across the types of businesses in the food and agribusiness sectors.
There is a wide range of market conditions and structures.Ties to small towns and rural areasThe
government has a fundamental role in food and agribusiness.
Managment is both an _____ and a ____ of succesfully pursuing desire results with the resources
available to the organization - ANSWER Art and Science
what does Managment requires? - ANSWER • Technical knowledge about the organization's product
and/or function
-Good and effective communicators
-The ability to motivate people
-Proficient in technical skills, like accounting, finance, and
forecasting
-Strong understanding of biological and institutional factors surrounding the production of food and fiber
Two types of Profit - ANSWER accounting profit - economic profit
Accounting profit definition and formula - ANSWER a performance measure of firm success
accounting profit= total revenue- total measurable costs
Economic profit definition and formula - ANSWER Goes a step further to include the opportunity cost of
alternative uses for resources within the firm
economic profit= accounting profit-opportunity cost
Types of Costs - ANSWER explicit and implicit
