AGBM 102 exam 1 || 100% Errorless Answers.
What is included in the food system? correct answers location of production(Farm and
processing)
Location of consumption
Paths to the consumer(direct,wholesale, retail)
Elements of the food system correct answers Products and services
value added
information
Important economic agents (generic bread) correct answers Farmer
Elevator operator
Miller
Baker
Retailer
Trucker
Share of money to function correct answers Farmer=around 4% for wheat
Elevator= <1%
Miller= 2%
Baker= 70%
Retailer= 18%
Trucker= 18%
Non farm ingredients= 2%
Marketing correct answers the set of economic and behavioral activities involved in
coordinating the various stages of economic activity from production to consumption
Marketing (simple terms) correct answers What occurs to farm products from the time they
leave the farm gate until they reach the consumer
Marketing provides... correct answers time, form and place utility
Utility correct answers Economists use utility as a measurement of usefulness a consumer
gets from any good.
Functions of marketing correct answers exchange, physical, enabling
Exchange correct answers Markets bring buyers and sellers together to exchange product or
something of value for a product.
Physical correct answers the parts of marketing process that deal with product or input
movement
Enabling correct answers are those that let the food system operate smoothly but are less
obvious.
Exchange Functions correct answers Buying
Selling
, Physical functions correct answers Storage
Transportation
Processing
Enabling Functions correct answers Standardization
financing
Market intelligence
Risk bearing
Location of production correct answers -Depends on product
-Match product w/ resources, growing conditions, and demand(kinda)
agriculture is increasinly specialized correct answers -Regionally
-Individual farms
-Allows larger-scale production
Requires more infrastructure for many products correct answers -Equipment dealers
-Processors
-Requires transportation infrastructure (no more "market towns")
Specialization correct answers -Ag is specialized regionally
•Requires more infrastructure for many products.
•Requires more transportation
•Allows larger-scale production
Main Points correct answers •Marketing makes the food system work
•Regional specialization requires lots of transportation
•Diverse consumer needs require services (added value)
•Lots of services -all have to be paid for
•Each product has its own story
what do consumers really want? correct answers -Cheap food
-Highest quality
-Wherever theya re
-all year round
-ready to eat(so we dont have to think)
It does depend on... correct answers -generation
-income... sometimes
-Education and/or food IQ
-Life experiences
-Cultural cues and taboos
Consumers basically want correct answers -Value and security
-Experience
-social/economic balance
Value and security correct answers -$$ talks...different languages
-Starved for time
What is included in the food system? correct answers location of production(Farm and
processing)
Location of consumption
Paths to the consumer(direct,wholesale, retail)
Elements of the food system correct answers Products and services
value added
information
Important economic agents (generic bread) correct answers Farmer
Elevator operator
Miller
Baker
Retailer
Trucker
Share of money to function correct answers Farmer=around 4% for wheat
Elevator= <1%
Miller= 2%
Baker= 70%
Retailer= 18%
Trucker= 18%
Non farm ingredients= 2%
Marketing correct answers the set of economic and behavioral activities involved in
coordinating the various stages of economic activity from production to consumption
Marketing (simple terms) correct answers What occurs to farm products from the time they
leave the farm gate until they reach the consumer
Marketing provides... correct answers time, form and place utility
Utility correct answers Economists use utility as a measurement of usefulness a consumer
gets from any good.
Functions of marketing correct answers exchange, physical, enabling
Exchange correct answers Markets bring buyers and sellers together to exchange product or
something of value for a product.
Physical correct answers the parts of marketing process that deal with product or input
movement
Enabling correct answers are those that let the food system operate smoothly but are less
obvious.
Exchange Functions correct answers Buying
Selling
, Physical functions correct answers Storage
Transportation
Processing
Enabling Functions correct answers Standardization
financing
Market intelligence
Risk bearing
Location of production correct answers -Depends on product
-Match product w/ resources, growing conditions, and demand(kinda)
agriculture is increasinly specialized correct answers -Regionally
-Individual farms
-Allows larger-scale production
Requires more infrastructure for many products correct answers -Equipment dealers
-Processors
-Requires transportation infrastructure (no more "market towns")
Specialization correct answers -Ag is specialized regionally
•Requires more infrastructure for many products.
•Requires more transportation
•Allows larger-scale production
Main Points correct answers •Marketing makes the food system work
•Regional specialization requires lots of transportation
•Diverse consumer needs require services (added value)
•Lots of services -all have to be paid for
•Each product has its own story
what do consumers really want? correct answers -Cheap food
-Highest quality
-Wherever theya re
-all year round
-ready to eat(so we dont have to think)
It does depend on... correct answers -generation
-income... sometimes
-Education and/or food IQ
-Life experiences
-Cultural cues and taboos
Consumers basically want correct answers -Value and security
-Experience
-social/economic balance
Value and security correct answers -$$ talks...different languages
-Starved for time
