Ag Business Study Guide || A+ Graded.
What do Agribusiness companies provide to production farmers? correct answers Input
supplies
What do production farmers produce and take by agribusiness companies? correct answers
Outputs/Food and fiber
How do agribusiness companies "finish" products? correct answers Processing, marketing,
and distributing
What was the average life expectancy before agriculture? correct answers 25 years
What were among the first pieces of equipment to evolve from simple sticks with the early
development of agriculture? correct answers Hoes, plows and sickles
What vital pieces of equipment were developed after the American Revolution? correct
answers - The first one-piece cast iron plow
- Interchangeable parts
When was the cotton gin invented and by who? correct answers 1793; Eli Whitney
In the 1840s and 1850s the Industrial Revolution had many inventions what were they?
correct answers - Steam engine
- Railroads
- Sewing machine
- Loom for cloth weaving
The first workable seed was invented by who? correct answers Jethro Tull
Cyrus McCormick invented what? correct answers The mechanical reaper
What caused people to move away from farms to cities during the Industrial Revolution?
correct answers - Factories had many new machines that needed people to run them
- Most people grew their own food, but factory workers couldn't
- There was a larger market for farm products
During the Agricultural and Industrial Revolution John Deere made an improvement what
was it? correct answers A better one-piece steel plow
The Industrial Revolution started in 1928. It is also known as what? correct answers - Dirty
30s
- Great Depression
What was the Smith - Hughes Act? correct answers It established vocational education in
high schools
In 1929 the stock market crashed and we entered into what? correct answers The Great
Depression
, What agribusiness enterprises started establishing by the 1970s? correct answers - Hauling
- Processing
- Packaging
- Marketing
- Selling machinery
What is a Free Enterprise System? correct answers Freedom of private businesses to organize
and operate for profit in a competitive environment
What is scarcity? correct answers Not enough resources available to satisfy people's needs or
wants
What are the different types of resources? correct answers - Natural resources; land, water
- Human resources; labor
- Manufactured resources; capital
- Entrepreneurship; management
When do shortages typically exist? correct answers After natural disasters
What are the six types of economic systems? correct answers - Traditional
- Capitalism
- Fascism
- Socialism
- Command (communism)
- Mixed
How does Capitalism work? correct answers Individuals has free reign over their time and
resources
What is the basis of socialism? correct answers An economic system of public ownership of
all productive resources
What is economics? correct answers - The study of the distribution of scarce resources among
competing alternatives
- Study of how to get the most satisfaction for a given amount of money or to spend the least
money for a given need or want
- Study of the decisions involved in producing, distributing, and consuming goods and
services
What are the three Economic questions that should be asked? correct answers - What goods
should be produced, and how much of each?
- How should these goods be produced?
- Who should get what and how much?
What is Macroeconomics? correct answers The Study of the economy of a large scale or
nationally
What is Microeconomics? correct answers Considers the individual markets that make up the
economy and is concerned with the decisions made by small economic units
What do Agribusiness companies provide to production farmers? correct answers Input
supplies
What do production farmers produce and take by agribusiness companies? correct answers
Outputs/Food and fiber
How do agribusiness companies "finish" products? correct answers Processing, marketing,
and distributing
What was the average life expectancy before agriculture? correct answers 25 years
What were among the first pieces of equipment to evolve from simple sticks with the early
development of agriculture? correct answers Hoes, plows and sickles
What vital pieces of equipment were developed after the American Revolution? correct
answers - The first one-piece cast iron plow
- Interchangeable parts
When was the cotton gin invented and by who? correct answers 1793; Eli Whitney
In the 1840s and 1850s the Industrial Revolution had many inventions what were they?
correct answers - Steam engine
- Railroads
- Sewing machine
- Loom for cloth weaving
The first workable seed was invented by who? correct answers Jethro Tull
Cyrus McCormick invented what? correct answers The mechanical reaper
What caused people to move away from farms to cities during the Industrial Revolution?
correct answers - Factories had many new machines that needed people to run them
- Most people grew their own food, but factory workers couldn't
- There was a larger market for farm products
During the Agricultural and Industrial Revolution John Deere made an improvement what
was it? correct answers A better one-piece steel plow
The Industrial Revolution started in 1928. It is also known as what? correct answers - Dirty
30s
- Great Depression
What was the Smith - Hughes Act? correct answers It established vocational education in
high schools
In 1929 the stock market crashed and we entered into what? correct answers The Great
Depression
, What agribusiness enterprises started establishing by the 1970s? correct answers - Hauling
- Processing
- Packaging
- Marketing
- Selling machinery
What is a Free Enterprise System? correct answers Freedom of private businesses to organize
and operate for profit in a competitive environment
What is scarcity? correct answers Not enough resources available to satisfy people's needs or
wants
What are the different types of resources? correct answers - Natural resources; land, water
- Human resources; labor
- Manufactured resources; capital
- Entrepreneurship; management
When do shortages typically exist? correct answers After natural disasters
What are the six types of economic systems? correct answers - Traditional
- Capitalism
- Fascism
- Socialism
- Command (communism)
- Mixed
How does Capitalism work? correct answers Individuals has free reign over their time and
resources
What is the basis of socialism? correct answers An economic system of public ownership of
all productive resources
What is economics? correct answers - The study of the distribution of scarce resources among
competing alternatives
- Study of how to get the most satisfaction for a given amount of money or to spend the least
money for a given need or want
- Study of the decisions involved in producing, distributing, and consuming goods and
services
What are the three Economic questions that should be asked? correct answers - What goods
should be produced, and how much of each?
- How should these goods be produced?
- Who should get what and how much?
What is Macroeconomics? correct answers The Study of the economy of a large scale or
nationally
What is Microeconomics? correct answers Considers the individual markets that make up the
economy and is concerned with the decisions made by small economic units
